并且征税将损害金融市场的流动性，使资产价格波动加剧。
And a levy would harm the liquidity of financial markets, making asset prices more volatile.
第六章分析资产价格波动对银行系统稳定性的影响。
Chapter 6 analyse the impact of asset prices fluctuates on banking system stability.
本文主要研究资产价格波动与银行系统稳定之间的关系。
This article is to investigate the relationship between asset prices volatility and banking system stability.
量度期权标的资产价格波动率的变动如何影响期权价值的指标。
The measure of change in the value of the option compared with a change in volatility.
第三部分，资产价格波动对金融系统稳定的影响，包括第六和第七章。
Section 3, from chapter 6 to chapter 7, study the relationship between asset prices fluctuation and financial system stability.
而金融界已经使用各式各样的方法来提供多重保障，尽量降低资产价格波动带来的影响。
Derivatives of various stripes have traditionally been used in the financial world to provide some level of insurance against the fluctuation in an asset's price.
有关金融危机的理论研究表明，资产价格波动与银行脆弱性之间存在很强的相关性。
The literature concerning the financial crises shows that asset price volatility and banking fragility have strong correlation.
与日俱增的风险以及流动性降低引起了资产价格波动性，对于那些高保证金的非流动性资产尤其如此。
The increased risk and illiquidity has also lead to a spike in volatility, contributing to the higher margins.
其次，在了解了资产价格波动的形成后将具体分析基于预期机制的资产价格波动对宏观经济的影响。
Secondly, after understanding the formation of asset price volatility it will be a concrete analysis of the mechanism which based on the expected asset price fluctuations on the macroeconomics.
随后对资产价格传导机制进行了研究，认为银行拆借利率和贷款额在资产价格波动中扮演着重要角色。
Then, this paper researches the transmitting mechanism of assets price. And we consider that the bank's interest rate and loan forehead play an important role in assets price fluctuation.
资产价格波动，尤其是资产价格泡沫的产生、膨胀和崩溃，已经成为一个影响宏观经济稳定的新因素。
The great volatility of asset price, especially the asset bubble and its collapse has become a new and important shock source to macroeconomic stability.
该文介绍了中介的现代理论，介绍了资产市场和资产价格波动的原因，并讨论了银行和市场的互动关系。
The text presents the modern theory of intermediation, introduces asset markets and the causes of asset price volatility, and discusses the interaction of Banks and markets.
由于货币供应量对银行拆借利率和贷款额都有显著影响，因此我们认为它是引起资产价格波动的发动机。
Because the money accommodation quantities will affect the bank's interest rate and loan forehead, we believe the money accommodation quantities are the engine of assets price fluctuation.
不仅有利于加强sdr的作用，也能有效减少因使用主权储备货币计价而造成的资产价格波动和相关风险。
This will help enhance the role of the SDR, and will effectively reduce the fluctuation of prices of assets denominated in national currencies and related risks.
《超越机械的市场：资产价格波动、风险和国家的角色》，罗曼·弗莱德曼和迈克尔·哥德堡合著，普林斯顿大学出版社。
“Beyond Mechanical Markets: Asset Price Swings, Risk and the Role of the State”, by Roman Frydman and Michael Goldberg. Princeton University Press
《超越机械的市场：资产价格波动、风险和国家的角色》，罗曼·弗莱德曼和迈克尔·哥德堡合著，普林斯顿大学出版社。
"Beyond Mechanical Markets: Asset Price Swings, Risk and the Role of the State", by Roman Frydman and Michael Goldberg. Princeton University Press.
本文通过对服从有限马尔可夫链的标的资产价格波动率进行分析，得出了在未来时刻波动的预测模型，并给出了相应的期权定价方法。
By analyzing asset price vibration rate following limited Markov chain, prediction model of future time vibration rate and related pricing method of stock option are made.
资产价格波动主要是通过收入、产出和财政援助三个渠道对财政账户产生影响的，并且这种影响随资产价格波动呈现非线性和非对称特征。
Asset price swings of influence fiscal accounts exert influence through three channels: revenue, output and bailout costs. And this kind of influence is nonlinear and asymmetric during boom and bust.
资产价格波动主要是通过收入、产出和财政援助三个渠道对财政账户产生影响的，并且这种影响在资产价格高涨和低迷时期是非线性和非对称的。
Asset price swings influence fiscal accounts mainly through three channels: revenue, output and bailout costs. And the influence is non-linear and asymmetric during boom and bust.
绝大多数期权直到过期都没有执行；因为资产的价格的波动不足以让它值得执行。
The vast majority of options expire without being exercised; the asset price never moves sufficiently to make it worthwhile.
我们亦关注一旦资金逆转或利率回升，资产价格会有大幅的波动。
We are also concerned that if capital flows were to reverse or interest rates rebound, asset prices would become more volatile.
正确资产价格的随机波动，醉酒者无法预测的踉跄步伐，两者之间的差异难以辨别。
The difference between the random walk fluctuations of correct asset prices and the unpredictable wanderings of a drunk are not discernable.
债券具有提供稳定收益的优点，目前的债券收益率非常高；债券和股票相比，其价格波动小；而且对公司资产具有更高的法律索偿权。
Bonds have the merit of providing steady income, at rates that are now very high; they tend to be less volatile than stocks; and they have a higher legal claim on a company's assets.
用有形的政策加上无形的手，制造资产价格非理性剧烈波动。
With tangible policies coupled with the invisible hand, manufacturing assets of the violent and irrational price fluctuations.
其次，是企业并购中的标的资产价格具有波动性。
Secondly, the price of the assets of the target enterprises is fluctuant.
商业银行直接或间接地参与股票市场，就会因股票价格的波动影响银行资产质量进而影响银行资产负债表和银行稳定。
When commercial Banks get involved in stock market directly or indirectly, the fluctuation of stock price will affect their assets' quality and consequently their balance sheet and stability.
商业银行直接或间接地参与股票市场，就会因股票价格的波动影响银行资产质量进而影响银行资产负债表和银行稳定。
When commercial Banks get involved in stock market directly or indirectly, the fluctuation of stock price will affect their assets' quality and consequently their balance sheet and stability.
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