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英国应向加拿大学什么?Britain should learn from Canada as well as Carney

来源:www.en369.cn  作者:英语作文网  时间:2012-12-04  

英国应向加拿大学什么?Britain should learn from Canada as well as Carney

Canada’s financial system emerged from the global crisis with a strong international reputation. Its banks avoided the all-out panic that struck in some jurisdictions. While they received important and timely liquidity assistance from government agencies during the worst months of the meltdown (through a C$200bn “Extraordinary Financing Framework”), no banks failed or needed to be taken over by the state. This relative stability has been an important strength for Canada’s economy in subsequent years.
Now the man who oversaw the Canadian system during this turbulent period is crossing the Atlantic to become the next governor of the Bank of England. Mark Carney took the reins of the Bank of Canada in February 2008 – just as the world system was sliding into crisis. By importing a Canadian central banker, will Britain also import Canadian financial stability?
在这段动荡时期负责监督加拿大金融体系的人如今将穿越大西洋,前往英国出任英国央行(BoE)的下一任行长。马克•卡尼(Mark Carney)于2008年2月开始掌管加拿大央行(Bank of Canada),当时全球金融体系正在陷入危机。英国在引进一位加拿大央行家的同时,是否也将“引进”加拿大的金融稳定性?
Mr Carney is respected for both his credibility and his creativity(a rare combination in the staid world of central banking). However, Canada’s relatively positive experience in recent years ultimately owes more to the structure of Canadian banking regulation than to the traits of its top overseer. It is from this that Britain should learn.
Canada’s banking industry is highly concentrated, dominated by five large full-service banks that control more than 85 per cent of national bank lending. This market power translates into dependable profit margins. Canadian banks never fully embraced the credit-fuelled derivatives that brought down so many other banks – precisely because they were not so desperate for unconventional trading profit given the consistent profitability of their traditional asset portfolios.
This private-sector success owes a great deal to an extensive web of state regulation, protection and support. It depends especially on the following five aspects.
First, longstanding limits on asset-to-capital leverage, which cap leverage at about 20-to-1 and go well beyond Basel requirements. The proven success of these leverage caps underpins Mr Carney’s support for similar global limits in debates at the Financial Stability Board (which he chairs) and other forums.
首先,长期的杠杆限制措施,把资产对资本比率上限控制在20比1左右,远高于《巴塞尔协议》(Basel)的要求。这些杠杆上限被证明是成功的,为卡尼在金融稳定委员会(Financial Stability Board)及其他论坛的相关辩论中支持在全球采取类似限制措施提供了依据。
Second, a system of universal deposit insurance, managed by the publicly owned Canada Deposit Insurance Corporation, that prevented any substantial outbreak of depositor anxiety, even during the worst months of the crisis.
其次,通用存款保险制度防止了储户中间爆发大规模恐慌,即使在危机最严重的时期也是如此。该制度由公有性质的加拿大存款保险公司(Canada Deposit Insurance Corporation)管理实施。
Third, most mortgages written by Canadian banks are insured by another state-owned body, the Canadian Mortgage and Housing Corporation. This insurance stopped a sudden drop in investor confidence in Canada’s widely collateralised mortgages. Then, during the crisis, the Canadian government instructed CMHC to buy back about C$70bn of the mortgages it had already insured, injecting liquidity into the banks at a crucial moment.
第三,加拿大银行发放的多数抵押贷款由另一家国有机构——加拿大抵押贷款和住房公司(Canadian Mortgage and Housing Corporation,CMHC)承保。这项保险防止了投资者对加拿大广泛担保的抵押贷款突然失去信心。而且,在危机期间,加拿大政府指示CMHC回购它已担保的约700亿加元抵押贷款,在关键时期为银行业注入了流动性。
Fourth, through the CMHC’s insurance system, the state regulates the quality of new mortgages. To qualify for insurance, mortgages must meet minimum standards regarding downpayments and amortisation. This will help Canada to avoid a future free-fall in housing prices. Canadian property is clearly overvalued, especially in Vancouver and Toronto, after four years of near-zero interest rates. But the superior quality of most Canadian mortgages means the market, already cooling off, is less likely to suddenly freeze.
Fifth, the major banks are protected against hostile takeover through government rules that require dispersed Canadian ownership of their equity. This further insulated Canadian banks from global pressure during the acquisition frenzy of the early 2000s.
In short, Canada’s banking system demonstrates the virtues of interventionist and flexible government regulation and public ownership. These features long predate the election of Canada’s current Conservative government in 2006. Conservative officials, ironically, now muse about selling off the very assets (such as CMHC) that helped to keep the system resilient.
These strengths also predate Mr Carney’s tenure at the Bank of Canada. He has been creative and flexible in steering the Canadian financial system. As chairman of the FSB, he has doggedly pursued the global regulation agenda, overriding sometimes loud objections from self-interested bankers. He is talented, dedicated and approachable; Britain’s gain is clearly Canada’s loss.
However, if Britons are truly interested in emulating the relative stability of Canada’s financial systemthey will need to do more than poach our central banker. They will need to copy our use of state regulation and public ownership to stabilise a system that, left to its own devices, would likely collapse again.
The writer is an economist for the Canadian Auto Workers union and the founding chairperson of the Progressive Economics Forum
本文作者是加拿大汽车工人工会(Canadian Auto Workers union)的经济学家、进步经济学论坛(Progressive Economics Forum)创始主席