In reality, the most effective discipline has been external-the financial market.
实际上，最有效的纪律存在于外部的金融市场。
As a result, the financial market is imposing some discipline on our behavior, and it's painful.
造成的结果就是，金融市场正在对我们的行为加以约束，这的确很痛苦。
For example, it is important not to sacrifice financial stability and efficiency in order to mitigate the social costs of restructuring by shielding companies from market discipline and pressure.
例如，很重要的一点是，不能为了减少重组的社会成本而牺牲金融体系的稳定和效率，比如通过对企业提供保护以便使之规避市场的约束和压力。
Indeed, regulation can serve to strengthen market discipline, for example, by mandating a transparent disclosure regime for financial firms.
的确，管理是为了强化市场规则，例如，要求金融机构实行透明的公示制度。
Astrong financial system needs market discipline.
一个稳固的金融体系需要市场自律。
But the IMF disagrees. It argues, in new papers released on Friday March 6th, that the "main culprit" was deficient regulation of the financial system, together with a failure of market discipline.
但是国际货币基金组织对此持有异议在其3月6日周五公布的文件中声称导致金融危机的罪魁祸首是缺乏监管的金融体系以及无序的市场。
When these investors to enter the financial market, human emotions often cause investors to become unstable, and lacking self-discipline.
当这些投资者进入金融市场后，人类的情绪往往使得投资者变得不稳，缺乏自律。
In order to decrease the possibility of financial crisis and ease the shock on economy, market discipline has been put on the agenda again.
为了降低银行发生危机的可能性及其对经济的负面影响，市场约束在银行业监管中的地位又被提上了议事日程。
Theoretically, SND has more significant market discipline effect than other financial instruments due to its characteristics of unsecured position, juniority and longer maturity.
从理论上分析，次级债由于偿还上的次级性、无担保和存续期限较长等的特征，比其他银行资产具有更加强烈的市场约束作用。
Theoretically, SND has more significant market discipline effect than other financial instruments due to its characteristics of unsecured position, juniority and longer maturity.
从理论上分析，次级债由于偿还上的次级性、无担保和存续期限较长等的特征，比其他银行资产具有更加强烈的市场约束作用。
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