外文翻译---重新考虑资本的二次回路-全球化与美国房地产
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1、本科毕业论文(设计) 外 文 翻 译 原文 : The Secondary Circuit of Capital Reconsidered: Globalization and the U.S.Real Estate Real estate is a unique commodity that is immoveable, relatively durable, costly, and that has its own market. Because commercial and residential real estate involves a relatively high-risk a
2、nd sometimes longterm investment, real estate itself is a commodity in tension that stands in sharp contrast to the market ideal of an immediate-turnaround, highreturn investment (Bartelt 1997, pp. 126, 128). Hommels (2000) andWeber (2002) note that real estate has an obdurate quality that resists f
3、requent modification and is therefore much more sensitive to devalorization than machinery and other forms of fixed capital. Unlike cash, which is liquid and homogeneous, real estate is illiquid and heterogeneous, involves high transaction costs upon sale, and lacks transparency. Several sources of
4、illiquidity define the real estate commodity. First, real estate possesses a variety of residential use values. Different kinds of actors within the real estate sectorreal estate agents, developers and builders, and owners and consumerscan use the same piece of land or house in a variety of ways dep
5、ending upon the social context. While some individuals are interested in rapid profit and turnover (e.g., speculators and builders) others can wait years before making a profit by investing in real estate and housing. In the real estate market ,multiple financial risks are associated with the buying
6、 and sellingof different types of real estate, including fluctuations in capital availability for financing, competition in the local real estate market, limited liability protection, and changing tax laws (for an overview, see Geltner,MacGregor, and Schwann 2003).Real estate is considered to be a s
7、uperior hedge against inflation, real estate assets are an investment opportunity for corporations to diversify out of stocks and bonds, and real estate assets provide greater tax benefits in comparison to other investments(Haila 1991, 1998; Downs 1986; Pyrke 1994; Coakley 1994). In the U.S. mortgag
8、e market and the global securities market shifts the locus of credit risk away from local lenders and provides a conduit for linking home buyers with global finance. Before the expansion of the secondary mortgage market, investment in home mortgages was low because of the lack of standardization and
9、 uniformity in underwriting, appraisal,and legal documentation for conventional mortgages. In 1984, Congress passed the Secondary Mortgage Market Enhancement Act (SMMEA) which removed statutory restrictions on investments in private MBSs by federal chartered depository institutions.Provide stability
10、 in the secondary mortgage market, increase the liquidity of mortgage investments, improve the spatial distribution of investment capital available for residential mortgage financing, and provide assistance to residential mortgages on housing for low- and moderate-income families. That enable econom
11、ic actors to leverage capital from other capital markets to finance housing in the United States. Both Fannie Mae and Freddie Mac have played a catalytic role in the growth of global financial markets and networks of housing finance. Since the 1960s, these two principle GSEs have been the main secon
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- 外文 翻译 重新 从新 考虑 斟酌 资本 二次 回路 全球化 美国 房地产
