We have theories--mathematical theories-- that lead us to devise financial structures, which are complicated devices just like engines or nuclear reactors.

金融学中的理论,数学理论,能帮助我们构造金融工具,金融工具就像发动机,或者核反应堆一样,都是复杂的工具

耶鲁公开课 - 金融市场课程节选

I want to consider the market for homes and the market for mortgages, which are the instruments that finance homes.

我会关注房屋交易市场,和房贷市场,就是指房屋交易用到的金融工具

耶鲁公开课 - 金融市场课程节选

I think we're still in a precarious situation but I think we do have central bankers who are working effectively given the tools that they have.

我认为我们仍处于一个不稳固的情形之中,但是我们也有那些,用手中的金融工具有效率地工作的,中央银行主。

耶鲁公开课 - 金融市场课程节选

When people first devise some new financial instrument it typically has trouble.

当某种金融工具刚被设计出来时,它通常会存在问题

耶鲁公开课 - 金融市场课程节选

The financial situation is not as bad as it was in the 1930s but it's getting bad and as a result we're starting to see proposals for big change.

现在的金融衍生工具已经不像当年那么拙劣了,但是它却开始走下坡路,所以最后的结果是,我们不得不准备着新的变革。

耶鲁公开课 - 金融市场课程节选

Now, we're starting to see patent offices accepting financial devices.

不过现在我们渐渐发现,专利局也开始认可金融工具了。

耶鲁公开课 - 金融市场课程节选

A financial instrument is like an engineering device.

金融工具就像是,一种工程设备

耶鲁公开课 - 金融市场课程节选

Debt is the simplest of financial instruments.

债券是金融工具中最为简单的一种

耶鲁公开课 - 金融市场课程节选

So many of our financial institutions were created in the 1930s because that was a time when everything was being shaken up and it was a time when people were willing to consider something really different.

由于大萧条时期的动荡,和对人们生活的冲击,人们便愿意想一些与以往不同的东西,所以自那时之后,大量的金融衍生工具如雨后春笋般的出现了。

耶鲁公开课 - 金融市场课程节选

These mortgages were given out to people that couldn't afford them and today you have what you call subprime mortgages--subprime paper They issued against this paper stuff called mortgage-backed security. They securitized them and these things are all floating around now.

我们发放这些抵押贷款给那些买不起房子的人,所以现在你们看到了一种你们叫做,次级抵押贷款的金融工具--次贷票据,他们把这种票据叫做,有抵押证券，他们把有抵押证券证券化,这些证券现在在市场上被多次交易，广为流通。

耶鲁公开课 - 金融市场课程节选

As a matter of fact, it's so widely believed that asset allocation is the most important tool that I think some people have come to the conclusion that it's some sort of law of finance that asset allocation is the most important tool.

事实上,我们普遍相信,资产配置是最重要的工具,以至有人得出结论,资产配置是最重要的工具,已经算是一条金融学定理了

耶鲁公开课 - 金融市场课程节选

I would be looking at this--at the debt areas Student: You mentioned about the U.S. dollar falling in value recently. What kind of foreign currency vehicles or trading would you recommend to kind of hedge a bet against a dollar assuming that it continues to fall?

我会考虑这方面的投资--债务市场方面的机会,学生：你刚才提到美元,最近贬值的问题，那么哪些品种的外汇金融工具,或者外汇交易在你看来可以用来,对冲美元贬值的风险,如果我们假设美元还会将继续贬值？

耶鲁公开课 - 金融市场课程节选