Worse, they lack discipline because of the implicit guarantee.
更坏的是因为完全的担保他们缺乏纪律。
Banks' other activities would lose the implicit guarantee that lets them borrow cheaply.
银行的其他活动失去了万无一失的保证，也让其他业务更便宜。
From a specific viewpoint, this paper analyzes the impact of central bank's implicit guarantee on the banking industry.
从一个特定的角度分析了中央银行对商业银行提供隐含担保的影响。
There are two possible responses to it: regulate Banks to try to make them safer, and attempt to limit the implicit guarantee.
对此有两种可能的反应：监管银行使得他们变得更安全，试图限制绝对的担保。
Assume that America's top five investment Banks would pay two percentage points more on unsecured borrowings without an implicit guarantee.
假设美国前五大投资银行会支付不含隐性担保的信用借款的2%。
The implicit guarantee distorts the market, providing them a competitive advantage and giving rise to a dynamic of ever-increasing size and concentration.
暗含的保证会扭曲市场，给他们提供竞争优势，给不断增强的道德影响力带来风险。
Under the shelter of government implicit guarantee, guaranteed economic agencies' risk preference was increased, which caused serious moral hazard and adverse selection.
在隐性担保的庇护下，受保经济主体的风险倾向增加，道德风险和逆向选择问题蔓延。
We conclude that the crux of successful withdrawal of state implicit guarantee lies in whether we can find the balance point between maintaining financial stability and guarding against moral hazard.
本文的讨论表明，国家隐性担保退出的关键在于能否找到维护金融稳定与防范道德风险的平衡点。
Banks capture these by being able to borrow cheaply, because of their implicit state guarantee.
因为这些银行存在隐性的国家担保，所以银行通过成本很低的借贷创造了利润。
These institutions have an implicit, or explicit, federal guarantee on their debt that lowers their cost of capital, giving them a permanent competitive advantage.
这些机构的债务拥有隐性和显性联邦担保，这降低了其资金成本，从而赋予了它们永久性的竞争优势。
All the Banks benefited from an implicit state guarantee.
所有的银行都受益于隐性的国家担保。
All the Banks benefited from an implicit state guarantee.
所有的银行都受益于隐性的国家担保。
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