贬值的

By describing the economic situation in Vietnam, this essay analyzes the reasons which caused the crisis on the base of Kuli-Portfolio model. The conclusion is that the trade deficit on current account for a country may cause its exchange rate devaluating and make the long-term capital outflow if its long-term policy of expansion causes too much liquidity and it invest in domestic enterprises blindly without the improvement of actual competition. It isn't suitable for a country to open its capital account if its financial system is not healthy enough.

本文在对越南危机现状描述的基础上，基于库里资产组合模型对危机的原因进行了深度剖析，得出结论：如果伴随着长期扩张政策带来的是流动性过剩和对国内企业的盲目注资而没有实际生产力的提升，一国经常项目的逆差可能引起本国汇率贬值和长期资本外流；若一国的金融体系不健全，不宜轻易开放资本项目。

An excessive concentration of power in the Kremlin that has wiped out regional autonomy and fostered corruption; The so-called peace in Chechnya has been won by handing control of the republic to a former rebel, Ramzan Kadyrov; the competitiveness of the non-oil economy has eroded sharped since the devaluation of 1998; The concept of manufactory for export scarcely exist, outside the arms industry; The long-dram-out Yukos affairs, which began in mid 2003 presaged not only an assault on property rights and the rule of law and also a resurgence of state control over, and interference in the economy.

第一，克里姆林宫的高度集权剥夺了地区的自主权同时也滋生了腐败问题；第二，所谓的车臣和平实际上是把共和执政权交给了昔日的车臣叛军首领卡狄羅夫；第三，俄国这个无油国家的竞争力已经从98年的货币贬值开始踱步下降；第四，除了武器出口，基本上没有制造业的出口；第五，从2003年中年开始的尤科斯事件，不仅预示了这是对个人所有权的侵害，而且还是对国家法律和管理权利产生了负面影响，同时也干涉了经济。

Financing at different stages of financial institutions must ensure the safety of their investments to recover, it is necessary to keep the lower reaches of the refinancing; developers to ensure that the project development, construction and pre-sales of capital adequacy, it must maintain its credibility, then is necessary to guarantee the high quality of the project itself; the public real estate funds and bonds to buy, they must ensure that their investment is not devalued, it will strengthen the developer community supervision, and select the item truly trustworthy, finally, to left behind are the essence of the benefit the consumer; At the same time, real estate financing, construction, sales of the various sectors of society as a whole will also be placed under the line of sight, an increase of transparency and credibility.

在不同阶段融资的金融机构必须确保安全的投资收回，有必要保持下游的再融资；开发，以确保该项目的开发，建设和预售的资本充足率，它必须保持其信誉，则是必要的，以保证高质量的项目本身；公共房地产基金和债券的购买，但他们必须确保他们的投资不贬值，这将加强发展社区监督，并选择了这个项目真正值得信赖的，最后，留下的是精华，造福消费者；与此同时，房地产融资，建设，销售的各个部门的社会作为一个整体也将置于视线，增加了透明度和信誉。

NPAs can be classified financial NPAs and economic NPAs according to their original causes. Financial NPAs are originated frorn the fictitious nature of NPAs and the relatively independent movement of NPAs. The financial bubble or loss is the gap between the price of financial assets and the value of their corresponding real assets. The economic NPAs are resulted from devaluation of corresponding real assets, and the economical bubble or loss is the gap between the face value of the financial assets and the value of their corresponding real assets.

不良资产按其形成于内因还是外因，分为金融性不良资产和经济性不良资产，金融性不良资产是由于金融资产本身的虚拟性以及金融资产自身相对独立运动形成的，相应的金融性泡沫或损失是金融资产的价格超过与其对应的实际资产的名义价格部分；经济性不良资产是经济原因导致的对应实际资产贬值而形成的不良资产，经济性不良资产的泡沫或损失是对应实际资产价值低于金融资产帐面原值部分。

They could suffer catastrophic losses if the treasuries are repriced. The 10-year treasury is yielding 4 per cent, against 4.1 per cent inflation in the US last year, and probably higher this year. The market still doesn't believe the current inflation rate will stick. When it wakes up to the inflation reality, the 10-year treasury may yield over 6 per cent and its nominal value could decline by 40 per cent.

一旦外汇资产价格波动，那将会给这三个国家带来不可估量的损失。10年之间，持有的外汇资产可能会带来4％的收益，但这相对于美国4.1%或者更高的通货膨胀率来说，实在是不太划算，并且从市场运行状况来看，通货膨胀继续恶化的趋势似乎没有听下来的迹象，当真正面对实际通货膨胀率时，10期间的外汇资产带来的收益也就是6％左右，但通货膨胀引发外汇资产的贬值额度却达40％之多。

They could suffer catastrophic losses if the treasuries are repriced. The 10-year treasury is yielding 4 per cent, against 4.1 per cent inflation in the US last year, and probably higher this year. The market still doesn't believe the current inflation rate will stick. When it wakes up to the inflation reality, the 10-year treasury may yield over 6 percent and its nominal value could decline by 40 per cent.

一旦外汇资产价格波动，那将会给这三个国家带来不可估量的损失。10年之间，持有的外汇资产可能会带来4％的收益，但这相对于美国4.1%或者更高的通货膨胀率来说，实在是不太划算，并且从市场运行状况来看，通货膨胀继续恶化的趋势似乎没有听下来的迹象，当真正面对实际通货膨胀率时，10期间的外汇资产带来的收益也就是6％左右，但通货膨胀引发外汇资产的贬值额度却达40％之多。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。