资产货币

Long an unexciting province within asset management, money funds have played a big role in the crunch.

长期以来，货币基金都是资产管理内一个死气沉沉的领域，在危机关头却发挥了巨大作用。

Emerging markets represent more than a third of world output at market prices today and may represent as much as half within the next 10 years, while their currencies are virtually unrepresented in central banks' international reserve portfolios.

以当前的市价计算，新兴经济体在全球经济总产出中的比重超过三分之一，且在未来10年内，这一比例可能提高到二分之一，然而在各国央行的国际储备资产组合中，几乎看不到这些国家的货币。

Assets are the economic resources of the business that can usefully be expressed in monetary terms.

资产是企业可以有效的用货币来表示的经济资源。

The European Central Bank plans to revamp its system for guiding interest rate policy to take better account of credit and money supply data, as well as threats posed by asset price bubbles.

欧洲央行计划修改其指导利率政策的机制，以便更充分地考虑到信贷和货币供给数据，以及资产价格泡沫构成的威胁。

In this model the generic existence of general economic equilibria is discussed.

在Arrow-Debreu经济的基础上引入货币或债券所形成的不完全资产经济是主要流派之一。

According to Joachim Fels, an economist at Morgan Stanley, for the first time since 2000 the growth of GDP in the world's top five economies is outstripping the growth of the money supply, so that less excess liquidity is available "to churn asset prices".

费尔斯的观点，自2000年世界前5大经济体首次增长以来，GDP的增长导致了货币的超额供给，所以减少过剩流动性将会&搅动资产价格&。

The ratio of global money supply to gross domestic product has never been higher, according to Morgan Stanley economists Joachim Fels and Manoj Pradhan -- supporting what they call a 'global liquidity cycle' that puts cash into the hands of investors who bid up assets.

摩根士丹利经济学家费尔斯和普拉德汉说，全球货币供应量与国内生产总值的比率目前处于前所未有的高水平，这支持了他们所说的&全球流动性周期&，让现金流入到推高资产价格的投资者手中。

For a long time, the US has slack monetary policy and loose invigilation on derivatives, leading to the rocketing of asset price and excessive liquidity. When the Subprime crisis triggered investors to re-value risks and de-leverage, the financial crisis within the US has emerged as global financial crisis.

由于美国长期奉行宽松的货币政策和对金融衍生产品创新的监管放任，导致资产价格过快上升和流动性过剩，当次贷危机引发投资者对风险重新估价和去杠杆化行为后，美国单一市场的金融危机演化为全球金融危机。

And hard currency shortages, and for competitive bidding on major nonmilitary government procurements.

它的出现为金融资产项目和商品共享企业提供了一种工具，确保了投资者对被外债和严重货币短缺困扰的国家的投资利益的回收，并为政府竞标主要的非军事采购。

We are observing an accelerated run on the shadow banking system that is leading to its unravelling.

第四步是货币市场的恐慌。基金展开激烈的资产竞争，同时，为了提供较高的收益率以吸引投资者，一些基金投资于流动性不好的工具。

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。