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To some extent, the subprime crisis is a failure of Basel II, which is not even fully born yet.
从某种程度上讲,次贷危机就是新巴塞尔协议的一次失败,该协议甚至还没有正式生效
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and a lot of the framework of the international conventions that have come down is,
还有各国达成的一系列国际协议的框架，
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So even without there being an Attorney General, somebody might be awake in the justice department and notice that that's actually illegal.
就算是司法部长不知情,司法部门也会有人会发现,这样的协议是违法的
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The Basel Accord was in 1988 and you can read about this in detail in Fabozzi, et al.
988年签订了巴塞尔协议,你们可以在法博齐的书中读到详细的内容
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Now, you may not think that implied consent is as good as the real thing.
不过你可能认为默认的同意不如白纸黑字的协议。
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Potidaea every year received magistrates who governed their city from Corinth and this was not imposed, this was not by force, this was by mutual agreement.
迁徙地每年都会有科林斯派来,管理城市的行政官,但这并非强制之举,它并不靠武力维持,只是双方的协议
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So we're not having you sign the release forms Two things, one thing is personally, I have to remind myself not to use profanity 'Cause children maybe watching.
所以没有让各位签署授权协议,两点需要说明,第一,就我而言,我会尽量注意自己的言辞,因为可能会有孩子观看
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After the French Revolution and Napoleon, and Napoleon makes peace with the church, there is,all of a sudden, a revival with people forming religious confraternities, of people paying to rebuild churches that have been vandalized during the Revolution, where they're melting down church bells to use as cannon and things like that.
在法国大革命和拿破仑时代,与教会达成和解协议之后,突然间,出现了宗教团体的复兴,人们斥资重建那些,在大革命中被肆意毁坏的教堂,当时人们把教堂大钟熔化了,去造大炮之类的东西
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Suppose they have a written contract, or even an unwritten contract, what enforces the contract for colluding firms or crooks in jail?
假如他们签了一份书面协议,或干脆口头的,他们怎么强制履行呢
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So it's going to be pretty difficult for us to sustain this joint monopoly output, this collusive agreement.
因此说想要通过私下协议来,维持垄断产量,是非常困难的
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So Patrick, our manager of Pepsi believes that Coca-Cola is going to produce this quantity and he's agreed to produce this quantity.
百事的经理帕特里克认为可口可乐,会按照协议产量来生产,他也会这么做
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Everybody--all of this is voluntary on both sides of every agreement.
所有人,所有事情,都是以双方自愿为协议的
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A contract is more then communication, a contract is communication with teeth. It actually changes the payoffs.
协议的效力大于口头约定,协议是有违约责任的,它影响收益
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In practice, when firms try and have these agreements, which are not contracts, to try and produce joint monopoly output, what else goes wrong?
现实中,公司想要达成这样的协议,而非合同,想要维持垄断产量,还会遇到什么问题呢
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So basically, we're stuck with this verbal agreement and we both have an incentive to cheat and produce more whatever it is, sugar water.
但不管怎样,在这个口头协议不起作用,我们都有违约,生产更多这种糖水的动机
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I'm sorry, half the monopoly quantity and that would produce this much each.
我说错了,是垄断产量的一半,这样双方都按照这样的协议生产
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So there are various reasons why it's hard to maintain this collusive agreement.
这样的私下协议难以维系,是有多方面原因的
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Companies did produce agreements to restrict, for example, the production of paper and the production of rubber, and the production of steel, and the production of iron, and the production of railway lines, actually, even quite complicated things.
公司之间的签署了限制产量的协议,比如说有造纸业,橡胶制造业,炼钢业,冶铁业,铁路运输行业,当然还有更复杂的行业
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Yeah, so maybe even among your roommates, maybe you don't need a contract because you can manage to achieve the same ends, by the fact that you're going to be interacting with the same person, over and over again during your time at Yale.
没错,就算你和室友没有书面协议,你们一样能达到预期的目的,因为在耶鲁大学上学期间,你们总要碰面
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I did consider this sort of noble work because I think companies should honor their agreements.
我的确认为这算是一种高尚的工作,因为我认为公司应该履行它们的协议。
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It was an international convention that gave, what they called, risk-based capital requirements and recommended risk-based capital requirements to bank regulators around the world.
巴塞尔协议是一个国际公约,它制定了,风险资本要求,并且向各国的银行监管者,推荐风险资本要求
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In the Basel I there were Tier I capital requirements and they defined Tier I capital as capital in a certain form -it's stockholders equity plus preferred stock.
第一次巴塞尔协议提出了一级资本要求,他们将一级资本定义为,一种特定形式的资本金,就是股东权益加上优先股
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We know the early example in sort of Golden Age America, but where else did we see a competitive fringe enter when there was a collusive agreement to keep quantities down?
我们知道美国全盛时期有这样的先例,还有什么行业原来也有产量协议,但新公司进入后却导致协议瓦解呢
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One way to think about Nash equilibria is that they are self-enforcing agreements, so provided that everyone believes that everyone is going to go along with this agreement, then everyone in fact will.
我们可以这样理解纳什均衡,把它们想象成自我实施的协议,假设每个人都相信,大家都会遵守协议,那么大家就都会遵守
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They're two water companies, so they're Poland Spring and Coca-Cola I guess these days, sign this agreement saying that each one's going to produce half monopoly quantity and what's going to go wrong with that agreement?
有两家瓶装水公司,比如说波兰泉和可口可乐,他们签署了协议规定,每家都只生产垄断产量的一半,这个协议有什么问题吗
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Gets off Scott free in five years when the other guy gets out, he might run into a situation where Yeah, so a short version of that is, it's a different kind of contract.
其中一个跑掉了,但是五年后,坐牢的就会回来报复,对,简而言之,这不是一般的协议
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So if the firms wanted to make more money, the only thing they could do is they could sign an agreement saying, why don't each of us produce not our Cournot quantity, but produce half monopoly profits.
所以如果你们想多赚钱,唯一能做的就是签协议,我们不要按古诺产量生产了,各自生产垄断利润的一半多好呢
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Basel 1988 was an effort to make sophisticated risk management requirements for banks that relied on more modern, as of 1988, financial theory.
988年的巴塞尔协议就是致力于,在当时最新的金融理论基础之上,建立成熟完善的银行风险管理制度
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It's illegal to sign an agreement, to sign a contract saying you're going to restrict quantities.
签订这样限制产量的协议,属于违法行为
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