2015年外文翻译--利率自由化或经济控制：中国银行系统的案例分析（节选）

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1、2100 英文单词， 11500 英文字符， 3450 汉字 文献出处： Mihaiyiannaki S, Riosmorales R. Interest Rates Liberalization or Economy Control: The Case of the Chinese Banking SystemJ. Journal of Transnational Management, 2015, 20(2):87-106. Interest Rates Liberalization or Economy Control: The Case of the Chinese Banking S

2、ystem SIMONA MIHAI-YIANNAKI； RUTH RIOS-MORALES The Chinese Central Bank decided on June 8 and July 6, 2012, on the duplication and consecutive cut of the deposit and loan interest rates, together with the simultaneous loosening of the interest rate floating range of their financial institutions. Unq

3、uestionably, these measures resulted in a drastic change of the operating strategies of the whole banking system, for both nationalized and the private commercial banks. The article follows up on the causes and effects of these decisions in the Chinese banking arena, predicting a higher possible lev

4、el of bad loans and followed by a higher systemic risk due to the three major banks reactions and copy-cat decisions in fixing interest rates. The research methodology uses the GARCH (1,1) model and the VaR to identify the way the interests are adjusted and study if this decision indicated a real li

5、beralization or rather a controlled interest rate change by the authorities. Eventually, the Chinese interest rate liberalization brought good and bad news to the economy, while the essence remains in how such liberalization is handled and what is intended for the entire economy. KEYWORDS： central b

6、ank, China, commercial banking, economic models, emerging economy, GARCH model, interest rates liberalization, risk management, VaR INTRODUCTION The term structure of interest rates, determining the relationship between yields on a bond and time to maturity, but also access to credit and monetary policies, plays a fundamental role in economics and finance, including derivatives pricing, hedging, and risk management (Hong, Lin, & Wang, 2013). The BOC (Bank of China) was the third of four pro