Let me start by--the way-- the kind of institution that you probably know relatively little about -or commercial real estate.
首先我要,讲一种,你们不太熟悉的金融机构,或者叫商业地产
A couple of you, well this could be-- In fact, some engineering schools offer courses in finance, did you know that?
有几位,好的,事实上,有些工程类院校,也开金融学的课,你们知道吗
So, all of these financial obstructions that we had built up were suddenly being swept away.
所以我们所有的金融障碍,都忽然消失了。
And some fortunes will begin to be made in simple financial speculation.
一些机遇会开始于,简单的金融投机买卖
I think what we do in America whatever people might say about we're on a way up or we're on a way down, we still have vast power in team influence on what's going in this world Absolutely. -with the kind of financial and leadership role.
我认为我们在美国所做的,无论人们如何评价,我们在前进或在倒退,我们仍然拥有巨大的力量,对于世界的发展有着极大的影响,绝对是,-因为我们拥有巨大的金融实力,以及领导作用。
Would it be the finicial crisis of 2008?
是2008年的金融危机吗?
But then you come to the third part of this sort of triangular absurdity, and what you get to is big financial institutions with extremely well-paid individuals, in the presumably pure free market.
接着您提到了第三方,在这个怪诞的迷局中,您提到的是,大的金融机构,他们员工本身收入极高,在人们都认为,的纯市场经济机制下。
I know I've done that in my life and so I think it gives a different perspective on finance.
我就做过这样的事情,我认为,这也给我们提供了审视金融的另一个角度
The idea that I want to develop is that the history of finance is a history of discrete inventions.
我想详述的观点是,金融学的历史由一项又一项技术发明组成。
He is also a PhD candidate in Economics at Yale and he's been doing research on financial markets in developing countries.
他正在耶鲁攻读经济学博士学位,他目前正在研究,发展中国家的金融市场
Engineers find it congenial because they have a way of thinking constructively about the world that is kind of parallel to finance.
工程师会觉得学金融很得心应手,因为他们的思考方式,和金融学的思考方式很相似
Those are institutions that arrange for or manage the buying and selling of financial assets, such as the New York Stock Exchange.
经纪机构是指那些安排或,管理买卖的,金融资产的机构,比如说纽约股票交易所
It looked like aristocracy coming back in the form of rich financial successes and we don't like that.
看上去就像贵族制度卷土重来了,只是这次披上了,财富与金融的外衣,所以我们不喜欢这种事情
.. In the capital asset pricing model, in finance-- this is the most famous model in finance.
金融学里的资本资产定价模型-,是金融学里最有名的模型。
The only reason I believe that we have financial markets that work is because we have regulations.
之所以我相信金融市场能够,维持良好运转的唯一原因,就是金融监管的存在
Instead it deals with financial institutions and it gets involved in underwriting securities for financial institutions.
投资银行的业务对象是金融机构,业务涉及,金融机构的证券包销
They're spending money on concrete, and bricks, and machinery, and they could be doing that wisely or unwisely and that's beyond finance to evaluate.
他们花钱买混凝土,砖块和机器,这个决策可能明智也可能不明智,但这不是金融学的讨论范畴
The problem with finance is that it's a beautiful -financial institutions are beautiful structures but they only are as good as the people who use them.
金融业的问题是...,金融机构的结构十分巧妙,但它们的优劣取决于从业人员
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。
They understand something about human nature and how human nature interacts with our institutions.
他们深谙人性,明白我们的金融机构如何与之互动
The financial assets that Yale had, at that time, were about one billion dollars.
在那时,耶律拥有的金融资产,大概有十亿美元
The problem is that not everyone is nice and not everyone is high-minded so financial markets--the success of financial markets is, in many ways, a success of regulation.
问题是并非所有人都是好人,并非所有人都是高尚的人,于是金融市场...,金融市场的成功,很大程度上来说,是监管制度的成功
The market stability is going to be the Fed, the Fed's role would be broadened so that it's not just a banking regulator, it's the whole financial system.
市场的稳定将成为联邦政府的工作,政府的职责将会扩大,那么政府将不再仅仅是银行业的调控者,而变成了整个金融系统的调控者。
Traditionally, financial inventions were not granted patent rights, but now in the United States and in a number of other countries it has become possible to patent financial inventions.
传统的金融产品,是没有专利的,但现在,在美国,和其他的一些国家中,金融产品也拥有了专利
I feel like I have to introduce concepts like variance and co-variance and correlation in order to talk about finance; so that's what we'll do in Lecture Two.
我会讲到像方差,协方差,相关系数,这样的概念,为金融学的内容作一些铺垫,我们会在第二课讲到
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。
Then I will move to portfolio diversification and supporting financial institutions.
再之后我会讲讲投资组合的多元化,和辅助的金融机构
I think maybe in the next year I'll do that to offset I'm bringing in a lot of very successful finance practitioners and I don't have any regulators this year.
我认为也许在明年,我能够做一些补偿,我会引进很多,非常成功的金融开业者,并且今年我没有任何调节器。
One is that -there's a literature in finance about options and stock price performance, which goes back ten years, that shows that something is not quite right with the way companies issue options.
其中之一是,有一部关于期权与股票价格表现,的金融文献,讲述的是十年前,关于公司发行期权的,一些不太正确的做法
It is true that we're seeing some people thrown out of their houses, in some cases, because of some rather questionable financial practices that got people into mortgages that they shouldn't have gotten into.
确实我们看到有些人,被赶出他们的房子,在有些案例中,确实是有些有问题的金融操纵,使人们背上,本不该背负的债务。
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