作业帮高人帮忙翻译一下···虽然多了点.
来源：学生作业帮 编辑：拍题作业网作业帮 分类：英语作业 时间：2024/05/19 01:24:19
高人帮忙翻译一下···虽然多了点.
The remaining question is whether the mortgage conduits themselves exercise market power. Here the issue is more complicated because the market for mortgage securities is currently segmented into two parts: "conforming" mortgages (which basically consist of all mortgages not exceeding a principal balance of $203,000 and "nonconforming" (or "jumbo" mortgages).
First consider the conforming mortgage market. The two government-related firms, FNMA and FHLMC, are legally restricted to securitizing only conforming mortgages, but within this market they have a major competitive advantage because there are implicit government guarantees on the mortgage securities they issue. Both Goodman and Passmore [1992] and Hermalin and Jaffee [1995] find that the two firms do exercise their market power, perhaps by acting as tacitly colluding duopolists. If the mortgage conduit firms have such market power, then the equilibrium illustrated in Figure 1 will be determined by the
marginal revenue and marginal cost curves, instead of the average revenue and average cost curves. Of course, this would result in a lower quantity of securitization, a higher price P for investors, and a lower price P for mortgage borrowers.
The remaining question is whether the mortgage conduits themselves exercise market power. Here the issue is more complicated because the market for mortgage securities is currently segmented into two parts: "conforming" mortgages (which basically consist of all mortgages not exceeding a principal balance of $203,000 and "nonconforming" (or "jumbo" mortgages).
First consider the conforming mortgage market. The two government-related firms, FNMA and FHLMC, are legally restricted to securitizing only conforming mortgages, but within this market they have a major competitive advantage because there are implicit government guarantees on the mortgage securities they issue. Both Goodman and Passmore [1992] and Hermalin and Jaffee [1995] find that the two firms do exercise their market power, perhaps by acting as tacitly colluding duopolists. If the mortgage conduit firms have such market power, then the equilibrium illustrated in Figure 1 will be determined by the
marginal revenue and marginal cost curves, instead of the average revenue and average cost curves. Of course, this would result in a lower quantity of securitization, a higher price P for investors, and a lower price P for mortgage borrowers.
剩下的问题是,是否按揭导管,行使自己的市场力量.这里的问题更复杂,因为市场对按揭证券是目前分割成两部分："顺应"按揭（基本上包括所有抵押贷款不得超过本金余额203000美元和"非协调" （或"宽体客机"抵押） .
首先考虑顺应按揭市场.两国政府有关的公司,fnma和fhlmc ,在法律上只限于证券化不仅符合抵押的,但在这个市场上,他们有一个重要的竞争优势,因为有政府的隐性担保按揭证券,他们的问题.双方古德曼和passmore [ 1992 ] ,并埃尔马兰和jaffee [ 1995 ]找到这两家公司做运动,其市场力量,也许作为默认勾结,duopolists .如果按揭管道公司有这样的市场力量,那么,平衡图1显示,将取决于所
边际收益和边际成本曲线,而不是平均收入与平均成本曲线.当然,这将导致出现一个较低的数量,证券化,更高的价格p的投资者,并以较低的价格p的抵押贷款借款人.
可以帮你!
首先考虑顺应按揭市场.两国政府有关的公司,fnma和fhlmc ,在法律上只限于证券化不仅符合抵押的,但在这个市场上,他们有一个重要的竞争优势,因为有政府的隐性担保按揭证券,他们的问题.双方古德曼和passmore [ 1992 ] ,并埃尔马兰和jaffee [ 1995 ]找到这两家公司做运动,其市场力量,也许作为默认勾结,duopolists .如果按揭管道公司有这样的市场力量,那么,平衡图1显示,将取决于所
边际收益和边际成本曲线,而不是平均收入与平均成本曲线.当然,这将导致出现一个较低的数量,证券化,更高的价格p的投资者,并以较低的价格p的抵押贷款借款人.
可以帮你!