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英语翻译AbstractThe banking industry changed substantially in th

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英语翻译
Abstract
The banking industry changed substantially in the 1990s as the number of banks declined rapidly,and as we document,commercial banks dramatically shifted their assets to real-estate loans.The portfolio restructuring seems to be followed mainly by capital-constrained banks as real-estate bank shave lower risk-based-capital ratios relative to those of our benchmark group.Trading off credit risk for interest-rate risk is only one of the ways to arbitrage regulatory capital.We also show that real-estate banks keep higher ratios of fixed-rate loans to total assets and face higher probabilities of insolvency.The increasing proportion of banks specializing in real-estate lending,the incentives of regulatory discipline,and the weaknesses of risk-management strategies could stress the condition of the banking system during periods of large unexpected increases in interest-rates and are important issues for regulators and bank managers.
摘要
20世纪90年代银行数量的锐减,以及如文中所述的商业银行将资产转换为不动产贷款的显著举动,使得银行业发生了巨大的变化.银行重构资产组合后,接踵而来的主要是像不动产抵押贷款协会之类的受资本约束的银行为了向基准商业银行看齐,降低他们的低风险资产比率.而将信贷风险转换为利率风险只是众多套换监管资本的方法中的一种.文中指出,不动产的抵押款协会的固定利率贷款所占比例更高,其所面临的破产可能性也更高.在利率突然大幅提高的时期,不动产贷款所占比例的不断提高,监管条例的不断刺激以及在风险管理战略上的缺憾,都可能使这类银行处于更困难的境地,而这也是这类银行的监管层和经理层所面临的重要问题.
注:我把real-estate bank 译为“不动产抵押贷款协会”不知道准确否?