商務(wù)知識(shí)導(dǎo)讀(雙語(yǔ))Unit-4-Playing-with-fire課件

Unit4PlayingwithfireUnit4Playingwithfire1PartILead-inWhyisthemobiledevicesoimportantforfinancialinnovation?1Watchthevideoclipanddiscussthequestionsgivenbelow.Themobiledevicecreatesthepossibilityofskippingalotofstepsthathavealwayscharacterizedtheprovisionoffinancialservices:thedevelopmentofexpensivebranches.Youcanfinishyourtransactionsjustonyourmobiledevice.Fiveyearsago,peoplejustcouldn’timaginethat.PartILead-inWhyisthemobil2PartILead-inWhyaretheauthoritiesworriedabouttheinnovation?2Watchthevideoclipanddiscussthequestionsgivenbelow.Marketstructurealwayschanges.Thefinancialinnovationbundlesandsecuritizestheloansforthepoor.Itcreatespotentialformoreeconomicactivitiesandatthesametimetheabilitytoharmtheeconomy.PartILead-inWhyaretheauth3

PartIITextVocabularyintact:notbroken,damaged,orspoiled.未受損傷的PartIITextVocabularyintact4

PartIITextVocabularypolemicist:someonewhoisskilledatarguingverystronglyfororagainstabelieforopinion.辯論家cum:

usedbetweentwonounstoshowthatsomethinghastwopurposes.連同

PartIITextVocabularypolemi5

PartIITextVocabularyrun-up:theperiodoftimejustbeforeanimportantevent.預(yù)備階段

CDSs:信用違約互換CDOs:擔(dān)保債務(wù)憑證

PartIITextVocabularyrun-up6

PartIITextVocabularyunimpeachable:sogoodordefinitethatcriticismordoubtisimpossible.無(wú)懈可擊的

vilify:tosayorwritebadthingsaboutsomeoneorsomething.貶低PartIITextVocabularyunimpe7

PartIITextVocabularyunderachieve:ifsomeoneunderachievesinsomethingsuchasschoolworkorajob,theydonotperformaswellastheycould.(學(xué)業(yè)、工作)表現(xiàn)不佳

Ramifications:maynothavebeenclearwhenyoufirstdecidedtodoit.衍生物

PartIITextVocabularyundera8

PartIITextVocabularycohort:agroupofpeopleofthesameage,socialclassetc,especiallywhentheyarebeingstudied.一群

burgeon:togrowordevelopquickly.迅速生長(zhǎng)

PartIITextVocabularycohort9

PartIITextVocabularyhusband:

tobeverycarefulinthewayyouuseyourmoney,suppliesetcandnotwasteany.節(jié)約地使用

rehabilitate:tohelpsomeonetoliveahealthy,useful,oractivelifeagainaftertheyhavebeenseriouslyillorinprison.恢復(fù)正常生活PartIITextVocabularyhusban10

PartIITextVocabularyalumpsum:

一次性付款

ostensible：

seemingtobethereasonfororthepurposeofsomething,butusuallyhidingtherealreasonorpurpose.表面的；假裝的PartIITextVocabularyalump11

PartIITextVocabularyalign:bring(componentsorparts)intoproperordesirablecoordinationcorrelation.匹配

securitisation:theuseofsuchsecuritiesaseurobondstoenableinvestorstolenddirectlytoborrowerswithaminimumofriskbutwithoutusingbanksasintermediaries證券化PartIITextVocabularyalign:12

PartIITextVocabularypremium：thecostofinsurance,especiallytheamountthatyoupayeachyear.保險(xiǎn)費(fèi)grapplewith:努力克服、解決……

PartIITextVocabularypremiu13

PartIITextVocabularytrigger:

tomakesomethinghappenveryquickly,especiallyaseriesofevents.觸發(fā)laud:topraisesomeoneorsomething.稱(chēng)贊PartIITextVocabularytrigge14

PartIITextVocabularyspeculation:whenyouguessaboutthepossiblecausesoreffectsofsomethingwithoutknowingallthefacts,ortheguessesthatyoumake.投機(jī)

interest-rateswaps:利率互換PartIITextVocabularyspecul15

PartIITextVocabularyhedge：totrytoprotectyourselfagainstpossibleproblems,especiallyfinancialloss.對(duì)沖contentious:involvingorlikelytocausecontroversy.引起爭(zhēng)論的PartIITextVocabularyhedge：16

PartIITextVocabularyculpability:astateofguiltshortfall:thedifferencebetweentheamountyouhaveandtheamountyouneedorexpect.PartIITextVocabularyculpab17

PartIITextVocabularylament:toexpressannoyanceordisappointmentaboutsomethingyouthinkisunsatisfactoryorunfair.demonise:makeintoademon.PartIITextVocabularylament18

PartIITextVocabularytranche:aportionofsomething(especiallymoney)inminiature:

exactlylikesomethingorsomeonebutmuchsmaller.PartIITextVocabularytranch19

PartIITextVocabularyrisk-averse:風(fēng)險(xiǎn)規(guī)避的peripheral：notasimportantasotherthingsorpeopleinaparticularactivity,idea,orsituationPartIITextVocabularyrisk-a20

PartIITextVocabularysubprimeloans：次級(jí)貸款gold-plated：coveredwithaverythinlayerofgoldPartIITextVocabularysubpri21

PartIITextVocabularyblinkered:havingalimitedviewofasubject,orrefusingtoacceptorconsiderdifferentideas.underwrite:Ifaninstitutionorcompanyunderwritesanactivityorunderwritesthecostofit,theyagreetoprovideanymoneythatisneededtocoverlossesorbuyspecialequipment,oftenforanagreed-uponfee.PartIITextVocabularyblinke22

PartIITextVocabularyfroth:formbubbles.

plumpup:filloutripple:

topassfromonepersontoanotherlikeawave.

PartIITextVocabularyfroth:23Notes:PaulVolcker,aformerchairmanofAmerica'sFederalReserve,whoemergedfromthe2007-08financialcrisiswithhisreputationintact,oncesaidthatnoneofthefinancialinventionsofthepast25yearsmatchesuptotheATM..PartIIText在07到08金融危機(jī)中名譽(yù)尚在的前美聯(lián)儲(chǔ)主席保羅·沃克爾曾說(shuō)過(guò)去二十五年的金融創(chuàng)新沒(méi)有能ATM機(jī)的。Notes:PaulVolcker,aformerc24

Butthedebate—andhencethisspecialreport—focusesmainlyonwholesaleproductsandtechniques,bothbecausetheyarelessobviouslyusefulthanretailinnovationsandbecausetheyweremoreheavilyimplicatedinthefinancialcrisis:thinkofthoseevilcredit-defaultswaps(CDSs),collateralised-debtobligations(CDOs)andsoon.PartIITextButthedebate—andhencethis25但是這場(chǎng)爭(zhēng)論（包括這個(gè)特別報(bào)告）主要把目光集中在批發(fā)產(chǎn)品和技術(shù)上，既是因?yàn)樗麄儾蝗绠a(chǎn)品創(chuàng)新看起來(lái)那么有用，還因?yàn)樗麄兏鹑谖C(jī)牽連很大——想想那些邪惡的信用違約互換和債務(wù)抵押債券等產(chǎn)品。PartIIText但是這場(chǎng)爭(zhēng)論（包括這個(gè)特別報(bào)告）主要把目光集中在批26Notes:Reconvictionratesamongtheprisonersrecruitedtotheschemewillbemeasuredagainstanationaldatabaseofprisonerswithasimilarprofile,andinvestorswillgetpayoutsfromtheMinistryofJusticeifthePeterboroughcohortdoesbetterthantherest.PartIIText該計(jì)劃中招募的這批煩人的重判決率將會(huì)和國(guó)家服刑人員數(shù)據(jù)庫(kù)中具有類(lèi)似特征的服刑人員的重判決率相比，如果招募的這批人判決率更低則投資者可以從彼得伯勒司法部獲得支付。Notes:Reconvictionratesamong27Notes:OnlythebravestarepreparedtodefendthemoreexoticmortgageproductsthatsproutedattheheightofAmerica'shousingbubbleaslendersfoundevermorecreativewaystobringunaffordablehouseswithinreach.

PartIIText只有最勇敢的投資者才會(huì)準(zhǔn)備去捍衛(wèi)那些更奇特的抵押貸款產(chǎn)品，這些產(chǎn)品產(chǎn)生于美國(guó)房地產(chǎn)泡沫的頂峰，因?yàn)榻杩钊税l(fā)現(xiàn)了更有創(chuàng)意的讓買(mǎi)不起房的人輕輕松松貸款買(mǎi)房的辦法。Notes:Onlythebravestarepre28Notes:TherealproblemwiththeCDOsthatblewupwasthattheywerestuffedfullofsubprimeloans

buttreatedbybanks,ratingsagenciesandinvestorsasthoughtheyweregold-plated.PartIITextCDO破滅的真正問(wèn)題在于他們的內(nèi)部構(gòu)成都是些次級(jí)貸款，但是銀行和評(píng)級(jí)機(jī)構(gòu)以及投資者卻把他們當(dāng)做金飯碗。Notes:Therealproblemwithth29Ina2011paperfortheNationalBureauofEconomicResearch,JoshLernerofHarvardBusinessSchoolandPeterTufanoofSaidBusinessSchoolalsoarguethatinatypical“S-curve”pattern,inwhichtheearliestadoptersofaninnovationarethemostknowledgeable,awidelyadoptedproductismorelikelytohavelotsofuserswithaninadequategraspoftheproduct'srisks.PartIIText在2011年一篇由哈佛大學(xué)商學(xué)院的JoshLerner和賽德商學(xué)院的PeterTufano為NBER撰寫(xiě)的論文中，他們認(rèn)為存在“S曲線”模式，最早接觸創(chuàng)新產(chǎn)品的一批人是最聰明的，而那些被廣泛接納的產(chǎn)品的使用者中往往有很多人難以充分掌握產(chǎn)品中的風(fēng)險(xiǎn)。Ina2011paperfortheN30BusinessTerms：:CDSs：信用違約互換AfinancialswapagreementthattheselleroftheCDSwillcompensatethebuyerintheeventofaloandefaultorothercreditevent.ThebuyeroftheCDSmakesaseriesofpayments(theCDS"fee"or"spread")tothesellerand,inexchange,receivesapayoffiftheloandefaults.PartIITextBusinessTerms：:CDSs：信用違約互換Pa31信用違約互換是將參照資產(chǎn)的信用風(fēng)險(xiǎn)從信用保障買(mǎi)方轉(zhuǎn)移給信用賣(mài)方的交易。信用保障買(mǎi)方在合同期限內(nèi)愿意向承擔(dān)風(fēng)險(xiǎn)保護(hù)的賣(mài)方支付一筆固定的費(fèi)用；信用保障賣(mài)方在接受費(fèi)用的同時(shí)，則承諾在合同期限內(nèi)，當(dāng)對(duì)應(yīng)信用違約時(shí)，向信用保障買(mǎi)方賠付違約的損失。***信用違約互換示意圖PartIIText

賣(mài)方

買(mǎi)方標(biāo)的資產(chǎn)違約時(shí)支付一定比例的費(fèi)用信用違約互換是將參照資產(chǎn)的信用風(fēng)險(xiǎn)從信用保障買(mǎi)方轉(zhuǎn)移給信用賣(mài)32CDOs：擔(dān)保債務(wù)憑證Atypeofstructuredasset-backedsecurity(ABS)withmultiple"tranches"thatareissuedbyspecialpurposeentitiesandcollateralizedbydebtobligationsincludingbondsandloans.Eachtrancheoffersavaryingdegreeofriskandreturnsoastomeetinvestordemand.CDOs'valueandpaymentsarederivedfromaportfoliooffixed-incomeunderlyingassets.CDOsecuritiesaresplitintodifferentriskclasses,ortranches,whereby"senior"tranchesareconsideredthesafestsecurities.Interestandprincipalpaymentsaremadeinorderofseniority,sothatjuniortranchesofferhighercouponpayments(andinterestrates)orlowerpricestocompensateforadditionaldefaultrisk.PartIITextCDOs：擔(dān)保債務(wù)憑證PartIIText33

擔(dān)保債務(wù)憑證是一種固定收益證券，其現(xiàn)金流量的可預(yù)測(cè)性較高，不僅提供投資人多元的投資管道以增加投資收益，更強(qiáng)化了金融機(jī)構(gòu)的資金運(yùn)用效率，轉(zhuǎn)移不確定風(fēng)險(xiǎn)。凡是具有現(xiàn)金流的資產(chǎn)，都可以作為證券化的標(biāo)的。***簡(jiǎn)單的擔(dān)保債務(wù)憑證PartIIText

發(fā)起銀行（發(fā)起人）

特殊目的公司（spv）

次級(jí)票據(jù)

股票優(yōu)先票據(jù)現(xiàn)金資金資產(chǎn)息票和本金CDO中各部分擔(dān)保債務(wù)憑證是一種固定收益證券，其現(xiàn)金流量的34interest-rateswaps：利率互換Afinancialderivativeinstrumentinwhichtwopartiesagreetoexchangeinterestratecashflows,basedonaspecifiednotionalamountfromafixedratetoafloatingrate(orviceversa)orfromonefloatingratetoanother.Soitcanbeusedtotransformafloating-rateliability(asset)intoafixed-rateliability(asset)andviceversa.PartIITextinterest-rateswaps：利率互換PartI35subprimeloans:次級(jí)貸款Loansmadetopeoplewhomayhavedifficultymaintainingtherepaymentschedule.Theseloansarecharacterizedbyhigherinterestratesandlessfavorabletermsinordertocompensateforhighercreditrisk.PartIITextsubprimeloans:次級(jí)貸款PartIITe36SupplementaryInterpretationSovereignCreditDefaultswaps（主權(quán)債務(wù)

信用違約互換）SCDSdevelopedinresponsetotheneedtouseflexibleinstrumentstohedgeandtradesovereigncreditrisks.Threemainpurposesare:Hedging.OwnersofsovereigndebtbuySCDStoprotectthemselvesagainstlossesarisingfromadefaultorothercrediteventaffectingthevalueoftheunderlyingdebt.SCDSarealsousedwidelyinso-calledproxyhedging,thatis,tohedgerisksofotherassets(suchasthoseofdomesticbanksorutilitycompanies)whosevalueiscorrelatedwiththecreditworthinessofthesovereign.PartIITextSupplementaryInterpretationSo37

Speculating.SCDScontractscanbeusedtobuy(orsell)protectiononanakedbasis—thatis,withoutanoffsettingpositionintheunderlyingreferenceassets—toexpressanegative(orpositive)opinionaboutthecreditoutlookoftheissueroftheunderlyingbonds.Hence,althoughSCDSandotherCDSareoftencalled“defaultinsurance,”theyclearlydifferfromtraditionalinsuranceinthatthepurchasersneednotownorhaveafinancialinterestinthereferenceasset.Expressinganopinionaboutprospectivechangesinthecreditworthinessofasovereignentitycanbeexecutedusingothermarkets(e.g.,interestratefutures,cashbondmarkets,andotherderivatives),buttheyreflectothertypesofrisksinadditiontosovereigncreditrisk.PartIITextSpeculating.SCDScontr38Basistrading.SCDSareusedtoprofitfrompricingdifferencesbetweenSCDSandtheunderlyingdebtobligationsbytakingoffsettingpositionsinthetwo(“basistrading”).ThisstrategyisbasedontheprinciplethatCDScanbeusedtoreplicatethecashflowsofunderlyingobligations.Inthisregard,whenCDSspreadsarenarrowerthanthecreditspreadsoftheunderlyingdebt(i.e.,the“basis”isnegative),arbitragersmaybeabletoprofitablybuytheobligationsandbuyCDSprotection—andviceversaifthebasisispositive.Intheory,thebasisshouldalwaysbeclosetozeroasaresultofthisarbitrageactivity,butinpracticetherearevariouscostsandfrictionsthatcanaltertheprofitabilityofthesetransactions.PartIITextPartIIText39SocialImpactBond(SIB)SIBs—alsoknownas“socialinnovationfinancing”or“payforsuccess”—offergovernmentsarisk-freewayofpursuingcreativesocialprogramsthatmaytakeyearstoyieldresults.Usually,governmentsdecidewhatproblemstheywanttoaddressandthenenteracontractualagreementwithanintermediary(orbond-issuingorganization)thatisresponsibleforraisingcapitalfromindependentinvestorsincludingbanks,foundations,andindividuals,andforhiringandmanagingnonprofitserviceproviders.PartIITextSocialImpactBond(SIB)PartI40Iftheprojectachievesitsstatedobjectives,thegovernmentrepaystheinvestorswithreturnsbasedonthesavingsthegovernmentaccruesasaresultoftheprogram’ssuccess.(Taxpayersalsoreceiveaportionofthebudgetgainsintheformoffreed-uppublicresources,thoughtheinvestorsmayneedtobefullypaidfirst.)Aneutralevaluator,agreedonbybothparties,ishiredtomeasuretheoutcomesandresolveanydisputesthatarise.PartIITextPartIIText41***Howsocialinnovationfinancingworks***Howsocialinnovationfina42Post-ReadingReview

Words&ExpressionsmatchuptobeknownformeasureagainstalumpsumgrapplewithhedgeagainstinfavourofblowupplumpuptakeholdFillintheblankswiththewordsandexpressionsgivenbelow.Makechangeswherenecessary1)Thesearesomeofthechallengeswefacewithsocialmediaandwe

themeveryday.2)Ifyou'rewillingtosettleforalowerincome,youcanensurethatyourheirswillreceive

orseriesofpayments.grapplewith

alumpsumPost-ReadingReview

Words&Ex433)WhileLondoncould

itscreativetalent,whatIt'stilllacksiscommercialclout.4)Hisperformancedidnot

theglowingaccountwehadreceivedofhim.5)

Europe'spopulationtoday,theBlackDeathtooktheequivalentofalmosttwobillionlives.6)Nowmycheeksarebeginningto

.7)Alargenumberofidlefundstoseek

inflation,value-addedmeans,resultinginover-investment.8)Authoritiessaythebomber

himself

atasecuritycheckpointatthemall'sentrance.9)Whetherthemarketwill

ofthislonger-termisuncertainbutatleastthemarkethassomethingtoacceptorreject.10)Let‘sputittothequestion.Howmanypeoplehereare

unilateraldisarmament？beknownformatchuptoMeasuredagainstplumpuphedgeagainstblewuptakeholdinfavourof3)WhileLondoncould44a)Anasset-backsecuritywhichusesaportfolioofbondsorloansascollateral,orsecurity.consentorstatutoryprovisionb).Adebtinvestmentinwhichaninvestorloansmoneytoanentity(corporateorgovernmental)thatborrowsthefundsforadefinedperiodoftimeatafixedinterestrate.c)Afundestablishedbyanemployertofacilitateandorganizetheinvestmentofemployees'retirementfundscontributedbytheemployerandemployees.d)Aswapdesignedtotransferthecreditexposureoffixedincomeproductsbetweenparties.e)Inthecontextofstocks,aninfluentialinvestorwhocreatesdemandforasecuritybecauseoftheirpositiveoutlookonit.TranslationWordMatching

1CDS2CDO3bond4sponsor5pensionfunda)Anasset-backsecuritywhic45Translation

TranslatethefollowingpassagesintoChineseTheproblemoframpantgrowthandmutationhastwoanswers.Oneisawillingnessonthepartofregulatorstoraiseredflags.Agoodexampleofthisapproachcamelastyear,whentheIMFandothersvoicedconcernsabouttherapidevolutionoftheETFmarketand,inparticular,acorneroftheindustrythatusesderivativestoachievedesiredreturns.Thewarningssparkedaboutofintrospectionwithintheindustryandledtobetterdisclosurepractices.Translation

Translatethefo46Translation

TranslatethefollowingpassagesintoChineseThesecondimperativeistomakesurethattheinfrastructureoffinancekeepspacewithitsingenuity.Whenthereisdemandforaproduct,salesteamscanpumpoutalmostunlimitedsupply.Thebackofficeislefttrailing.InsidersshuddertothinkwhatthecrisiswouldhavelookedlikeifregulatorshadnotactedtoclearupamassivepaperworkmessintheCDSmarketin2005,forinstance.Eventhen,supervisorsmissedthehugeexposuresbeingtakenonbyAIG,aninsurer,inover-the-countertrades.Dataonsuchtransactionsarenowbeinggatheredandmadeavailabletoregulators,whichshouldmakeitharderforvulnerabilitiesofthissorttogounnoticed.Translation

Translatethefo47Translation

TranslatethefollowingpassagesintoChinese（金融產(chǎn)品）野蠻增長(zhǎng)和變異的難題有兩個(gè)答案。一個(gè)是監(jiān)管者愿意豎起紅旗來(lái)警示。一個(gè)很好的例子是在去年，當(dāng)IMF等機(jī)構(gòu)表示了對(duì)快速進(jìn)化的ETF市場(chǎng)的關(guān)切特別是其中利用金融衍生品來(lái)達(dá)到想要獲得的收益的部分。這樣的警告引發(fā)了行業(yè)內(nèi)部的自省，并且采取了更多的披露信息的做法。Translation

Translatethefo48Translation

TranslatethefollowingpassagesintoChinese第二種方法是讓金融基礎(chǔ)設(shè)施和其創(chuàng)新保持同步。當(dāng)一種產(chǎn)品的需求產(chǎn)生的時(shí)候，銷(xiāo)售團(tuán)隊(duì)幾乎可以立即提供無(wú)限制的供應(yīng)。后臺(tái)部門(mén)卻被落在后面。業(yè)內(nèi)人士顫抖著假象如果監(jiān)管部門(mén)在2005年沒(méi)有去清理大量的CDS的文件會(huì)是什么樣的后果。即便如此，監(jiān)管者依然忽略了保險(xiǎn)公司AIG的OTC交易的風(fēng)險(xiǎn)暴露。如見(jiàn)這些交易的數(shù)據(jù)被收集起來(lái)并且提供給監(jiān)管者，這將會(huì)使得一些缺陷不會(huì)難以被發(fā)現(xiàn)。

Translation

Translatethefo49Paraphrasing

Paraphrasethesentencesinyourownwords.（1）Buteveninnovationsthataredirectedtounimpeachably“good”endsoftenbearsubstantialresemblancestothosethatarenowvilified.（2）Amixtureofsocialandfinancialreturnsiscentraltoaburgeoningassetclassknownas“impactinvesting”.（3）Third,evenatthisearlystagethesocial-impactbondisgrapplingwiththedifficultiesofmeasurementandstandardisation.（4）Themuch-criticisedCDO,whichpoolsandtranchesincomefromvarioussecurities,isreallyjustacapitalstructureinminiature.（5）Infinance,thatisautomaticallyworrying,becausetheconsequencesofanyfailurecanripplesowidelyandunpredictably.Paraphrasing

Paraphrasethe50ClassDebatePartIIICaseStudyHomelessnessisacomplexsocialproblemthatsocietiesoftentreat,butrarelyfix.Existingsocialservicesdolittletoremedytheunderlyingcauses,andgovernmentstoooftenlacktheresourcesandlong-termcommitmenttoinvestinpreventiveapproachesthatcouldimprovelivesandreducesociety’sburdeninalastingway.Andtherearemanysimilarproblems,fromchronicunemploymenttojuveniledelinquency,thatimposeongoingcostsongovernmentsandtaxpayers.Butanewfundingmechanism—socialimpactbonds(SIBs)—mayofferaninnovativemeansofharnessingprivatecapitaltoachievemeasurablegainsonsomeofthemostpersistentsocialills.WeinerprofessorofpublicpolicyJeffreyLiebmanisspearheadinganeffortatHarvardKennedySchooltoacceleratetheiradoption.ClassDebatePartIIICaseStud51ClassDebatePartIIICaseStudyLiebmanbecameintriguedbytheSIBmodelafterlearningaboutaBritishprojectthatistestingitinanefforttoreducere-imprisonmentratesamongadultmalesintheEnglishcityofPeterborough.Hespentsixmonthsstudyingtheissueandin2011,withtheCenterforAmericanProgress,publishedareportonhisfindings.ThepaperlaysoutSIBs’potentialtoovercomeinstitutionalbarrierstosocialinnovation,butLiebmanwasconvincedthatAmericanstateandlocalgovernmentslackthenecessarystaff,time,andexpertisetogetsuchprojectsofftheground.“IrealizedthatifIdidn’tfindawaytosolvethegovernment-capacityproblem,”heexplains,“thispromisingapproachtocontractingforsocialserviceswouldn’tgettested.”

ClassDebatePartIIICaseStud52PartIIICaseStudyHethereforeestablishedtheHarvardSocialImpactBondTechnicalAssistanceLab(SIBLab).FundedbytheRockefellerFoundation,thelabservesasahands-onthink-tankforhelpinggovernmentsfosterinnovationandimprovetheresultsoftheirsocial-servicespending.TheRockefellergrantsupportscurrentstudentsandrecentgraduatesoftheschool’smaster’sinpublicpolicyprogramwhoprovideprobonoassistanceingovernmentofficesonallaspectsofaSIBstart-upphase.MassachusettswasthefirststatetowelcomeSIBLabsupport.(NewYorkquicklyfollowed.)RyanGillette,M.P.P.’12—oneofLiebman’s“governmentinnovationfellows”—hasworkedfulltimeintheCommonwealth’sbudgetofficesinceJune2012,helpingputtogethertwoinauguralSIBdeals.PartIIICaseStudyHether53PartIIICaseStudyOnewilladdresshomelessnessbycontractingwiththenonprofitMassachusettsHousingandShelterAlliancetofindstablehousingforseveralhundredpeople.Theotherwilladdressyouthrecidivism,providingarangeofinterventionsandsupportstothemorethan750youngpeoplewho“ageout”ofthejuvenilejusticesystemeachyear.GillettenotesthattheSIBfinancingstructureallowsgovernmentstoidentifysavingsacrossagencies,whichencouragesinteragencycooperationtowardacommongoal.“Thesavingsweprojectfortherecidivismproject,forinstance,areduenotonlytoreducedincarcerationsandotheradjudicationexpenses,”heexplains,“butalsotoimprovedemploymentandeducationaloutcomes.”P(pán)artIIICaseStudyOnewilla54Questionsfordiscussion:

WhatarethedifficultiestoissueSIBs？2.CanyouraiseothersocialissuesthatmightbefundedbySIBs?Ifpossiblepleasewritedownyourdetailedplan?Questionsfordiscussion:

What55Thankyou

Thankyou56

Unit4PlayingwithfireUnit4Playingwithfire57PartILead-inWhyisthemobiledevicesoimportantforfinancialinnovation?1Watchthevideoclipanddiscussthequestionsgivenbelow.Themobiledevicecreatesthepossibilityofskippingalotofstepsthathavealwayscharacterizedtheprovisionoffinancialservices:thedevelopmentofexpensivebranches.Youcanfinishyourtransactionsjustonyourmobiledevice.Fiveyearsago,peoplejustcouldn’timaginethat.PartILead-inWhyisthemobil58PartILead-inWhyaretheauthoritiesworriedabouttheinnovation?2Watchthevideoclipanddiscussthequestionsgivenbelow.Marketstructurealwayschanges.Thefinancialinnovationbundlesandsecuritizestheloansforthepoor.Itcreatespotentialformoreeconomicactivitiesandatthesametimetheabilitytoharmtheeconomy.PartILead-inWhyaretheauth59

PartIITextVocabularyintact:notbroken,damaged,orspoiled.未受損傷的PartIITextVocabularyintact60

PartIITextVocabularypolemicist:someonewhoisskilledatarguingverystronglyfororagainstabelieforopinion.辯論家cum:

usedbetweentwonounstoshowthatsomethinghastwopurposes.連同

PartIITextVocabularypolemi61

PartIITextVocabularyrun-up:theperiodoftimejustbeforeanimportantevent.預(yù)備階段

CDSs:信用違約互換CDOs:擔(dān)保債務(wù)憑證

PartIITextVocabularyrun-up62

PartIITextVocabularyunimpeachable:sogoodordefinitethatcriticismordoubtisimpossible.無(wú)懈可擊的

vilify:tosayorwritebadthingsaboutsomeoneorsomething.貶低PartIITextVocabularyunimpe63

PartIITextVocabularyunderachieve:ifsomeoneunderachievesinsomethingsuchasschoolworkorajob,theydonotperformaswellastheycould.(學(xué)業(yè)、工作)表現(xiàn)不佳

Ramifications:maynothavebeenclearwhenyoufirstdecidedtodoit.衍生物

PartIITextVocabularyundera64

PartIITextVocabularycohort:agroupofpeopleofthesameage,socialclassetc,especiallywhentheyarebeingstudied.一群

burgeon:togrowordevelopquickly.迅速生長(zhǎng)

PartIITextVocabularycohort65

PartIITextVocabularyhusband:

tobeverycarefulinthewayyouuseyourmoney,suppliesetcandnotwasteany.節(jié)約地使用

rehabilitate:tohelpsomeonetoliveahealthy,useful,oractivelifeagainaftertheyhavebeenseriouslyillorinprison.恢復(fù)正常生活PartIITextVocabularyhusban66

PartIITextVocabularyalumpsum:

一次性付款

ostensible：

seemingtobethereasonfororthepurposeofsomething,butusuallyhidingtherealreasonorpurpose.表面的；假裝的PartIITextVocabularyalump67

PartIITextVocabularyalign:bring(componentsorparts)intoproperordesirablecoordinationcorrelation.匹配

securitisation:theuseofsuchsecuritiesaseurobondstoenableinvestorstolenddirectlytoborrowerswithaminimumofriskbutwithoutusingbanksasintermediaries證券化PartIITextVocabularyalign:68

PartIITextVocabularypremium：thecostofinsurance,especiallytheamountthatyoupayeachyear.保險(xiǎn)費(fèi)grapplewith:努力克服、解決……

PartIITextVocabularypremiu69

PartIITextVocabularytrigger:

tomakesomethinghappenveryquickly,especiallyaseriesofevents.觸發(fā)laud:topraisesomeoneorsomething.稱(chēng)贊PartIITextVocabularytrigge70

PartIITextVocabularyspeculation:whenyouguessaboutthepossiblecausesoreffectsofsomethingwithoutknowingallthefacts,ortheguessesthatyoumake.投機(jī)

interest-rateswaps:利率互換PartIITextVocabularyspecul71

PartIITextVocabularyhedge：totrytoprotectyourselfagainstpossibleproblems,especiallyfinancialloss.對(duì)沖contentious:involvingorlikelytocausecontroversy.引起爭(zhēng)論的PartIITextVocabularyhedge：72

PartIITextVocabularyculpability:astateofguiltshortfall:thedifferencebetweentheamountyouhaveandtheamountyouneedorexpect.PartIITextVocabularyculpab73

PartIITextVocabularylament:toexpressannoyanceordisappointmentaboutsomethingyouthinkisunsatisfactoryorunfair.demonise:makeintoademon.PartIITextVocabularylament74

PartIITextVocabularytranche:aportionofsomething(especiallymoney)inminiature:

exactlylikesomethingorsomeonebutmuchsmaller.PartIITextVocabularytranch75

PartIITextVocabularyrisk-averse:風(fēng)險(xiǎn)規(guī)避的peripheral：notasimportantasotherthingsorpeopleinaparticularactivity,idea,orsituationPartIITextVocabularyrisk-a76

PartIITextVocabularysubprimeloans：次級(jí)貸款gold-plated：coveredwithaverythinlayerofgoldPartIITextVocabularysubpri77

PartIITextVocabularyblinkered:havingalimitedviewofasubject,orrefusingtoacceptorconsiderdifferentideas.underwrite:Ifaninstitutionorcompanyunderwritesanactivityorunderwritesthecostofit,theyagreetoprovideanymoneythatisneededtocoverlossesorbuyspecialequipment,oftenforanagreed-uponfee.PartIITe