張銀升 的英文怎麼說
中文拼音 [zhāngyínshēng]
張銀升
英文
zhang yinsheng-
After 1989, the increase of demand slowed down and facing the complexion of low degree of industrial concentration of product market and financial strain of medi um and small - sized enterprises caused by the circulating trap of " credit squeeze - - - bad loan ", the advantageous enterprises " " wallow in money ", specifically, those listed companies that could finance from the stock market, began to take predatory pricing strategy in succession and tried to enlarge market share and obtain high return by squeezing medium and small - sized enterprises out of the market after 1998, the vicious circle of deflation and " credit grudging " of banks in product and credit markets, overcapacity, the difficulty of retreating of loss - incurring enterprises in some industries from the market for institutional reasons and over - competition in some industries, led to the incessant decrease of enterprises " global income, persistent increase of rate of debts and constant rise of ratio of bad assets of banks, which further intensified the vicious circle of deflation and " credit grudging " of banks
如在改革開放初期，在產品市場需求旺盛和信貸市場預算軟約束的情況下，各類企業的最優決策就是採用高負債、高擴張的「負債的有限責任效應」策略來搶占市場並獲得高回報； 1989年以後，需求增速開始放緩，面臨產品市場產業集中度較低和信貸市場「信貸緊縮-不良貸款」循環陷阱導致的中小企業資金緊張的局面， 「錢袋鼓鼓」的優勢企業（尤其是那些可以通過股票市場融通資金的上市公司）紛紛採用掠奪性定價策略，試圖通過把中小企業擠出市場來擴大市場份額並獲得高收益； 1998年以後，產品市場和信貸市場形成了通貨緊縮和銀行「惜貸」惡性循環的狀況。產品市場上部分行業生產能力嚴重過剩，且由於體制等原因導致虧損企業無法退出，因此這些行業中出現了過度競爭的現象，企業總體收益的不斷下滑、負債率不斷提高以及銀行不良資產率的持續上升，又進一步加強了通貨緊縮和銀行「惜貸」的惡性循環。All the expansionary monetary policies are introduced, intending to stimulate domestic demand and offset the negative affect of international economic recession for keeping a relative higher econo mic growth. however, the expansionary policies did not succeed as originally expected. neither investment nor consumer showed a clear rising trend
但是，擴張性的貨幣政策實施的效果並沒有達到預期的效果，無論是投資還是消費總體上都沒有出現明顯的回升，銀行出現了普遍的「惜貸」現象，除了政府為了拉動經濟增長進行積極的投資之外，民間投資和消費的增長速度很慢。On august 9th, following a sudden liquidity squeeze and a spike in interbank lending rates, the ecb injected [ euro ] 94. 8 billion ( $ 131 billion ) in a special refinancing operation
8月9日，面對突然的來臨的流動性緊張和銀行隔夜拆借率的陡然提升，歐洲央行採取特別操作投放了948億歐元（ 1310億美元）進行干預。Compared with october 1997, the interest rate hike in january 1998 was much more moderate, helped by the clarification of the definition of repeated borrowers in the use of laf, which prevented an over - reaction by the banks in response to sudden tightening in money market conditions
雖然一九九八年一月利率也曾上升至高位，但是與一九九七年十月比較，上升幅度相當輕微，這是因為金融管理局澄清了重復使用流動資金調節機制的定義，因此，即使貨幣市場突然出現緊張狀況，銀行也沒有作出過度反應。分享友人