阿森纳对沃特福德比分预测: 沃特福德vs南安普顿

2013年經濟學人 該出手時就出手 Time for a bigger needle

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Finance and Economics; Canada's housing market; Time for a bigger needle; The latest attempt to prick1 a bubble;

財經;加拿大的住宅市??;該出手時就出手;戳破泡沫的最新舉措;

Canada's reputation for financial regulation is starry2. Its banks got through the crisis unscathed. According to Moody's, a ratings agency, Royal Bank of Canada sits alongside HSBC and JPMorgan Chase in the top tier of global banks. And Canadian policymakers are old hands at pulling “macroprudential” levers of the sort now in vogue3 among rich-world central banks.

加拿大的金融監管一向廣受贊譽。它的銀行業在這場?;兇齙攪碩郎破瀋?。根據評級機構穆迪的報告,加拿大皇家銀行與匯豐銀行以及摩根大通同列,躋身全球銀行界的第一梯隊。同時,加拿大的政策制定者也是運用宏觀審慎政策的老手,這一政策如今也常被其他富國的央行使用。

But questions still nag4. Some say that Canada's banks are flattered by a huge indemnity5 offered by Canada Mortgage and Housing Corp (CMHC), a public institution that insures mortgages with a loan-to-value ratio of more than 80%. CHMC's book grew to 567 billion Canadian Dollar(557 billion Dollar) in 2011, up from 345 billion Canadian Dollar four years earlier. And Canada's housing market looks very frothy on some measures: The Economist6's analysis of price-to-rent ratios suggests that Canadian properties were about 75% above their long-run “fair value” in the first quarter of 2012 (see chart). Although less than 0.5% of CHMC's mortgages are in arrears7, such exuberance8 is a worry. The central bank recently labelled housing as “the most important domestic risk to financial stability in Canada”.

但是,仍有問題纏身。部分人士認為,加拿大的銀行被加拿大抵押和住房公司(CMHC)提供的巨額補償金美化了,CMHC是一家為貸款估值比率超過80%的抵押貸款提供保險的公共機構。在2011年,CHMC的抵押貸款額從四年前的3450億增長到了5670億加元(合5570億美元)。并且,從一些指標來看,加拿大的房地產充斥著泡沫:《經濟學人》以房價租金比所做的分析顯示,在2012年第一季度,加拿大的物業價格高出它們的長期公允價值75%。縱然僅有低于0.5%的CHMC抵押貸款存在拖欠的情況,但這樣的繁榮仍讓人憂慮。最近,央行也冠以樓市 “危及加拿大金融穩定性的最大國內隱患”。

Repeated efforts by policymakers to take the heat out of housing have not had a noticeable effect. So on June 21st Jim Flaherty, the finance minister, had another go, his fourth in four years. Some of the new measures were cosmetic9. Buyers of homes worth more than 1m Dollar have been able to get mortgage-default insurance from CMHC with a downpayment of only 5%. In practice, it is hard to find buyers in this bracket who do not have lots of equity10 in their homes. But after July 9th mortgages for homes of this value will not be eligible11 for CMHC coverage12.

政策制定者們給樓市降溫的不斷嘗試并無明顯成效。于是,在6月21日,加拿大財長吉姆·費拉逖,在四年來第四次出臺了一些新舉措。新措施中的一些不過是表面功夫。價值過百萬美元住宅的買主能得到由CMHC擔保的債務違約保險以及首付僅付5%的優惠待遇。而事實上,很少有這類購房者在購房時不以大量自有資金支付價款的。不過,在6月9日之后,這類住宅將不再適用于CMHC的保險范圍。

Other measures have more teeth. The maximum amortisation period for a mortgage will now be 25 years, down from 30. That should hurt demand: last year about 40% of new mortgages were for terms longer than that. Refinancing a home will be allowed only up to 80% of its value, down from 85%. Homebuyers will have to demonstrate their housing costs are no more than 39% of their gross household income. On top of Mr Flaherty's measures, the Office of the Superintendent13 of Financial Institutions, Canada's banking14 regulator, slapped a loan-to-value limit of 65% on borrowing against home equity.

其他那些則更為有力。抵押貸款最長還貸期限如今將從30年降低至25年。這勢必將減少需求:去年約有40%的新貸款的期限是超過25年的。允許的房屋再融資的上限從房屋價值的85%降至只有80%。購房者還須證明他們的住房支出不超過家庭總收入的39%。費拉逖的舉措中,緊隨其后的是,加拿大的銀行監管部門,聯邦金融機構監督辦公室,將貸款和自有資金間的貸款估值比率的限制猛降至65%。

Craig Alexander, the chief economist for TD Financial Group, estimates all this will be the equivalent of about a 1% rise in mortgage rates for most homebuyers. He believes that will produce a slow unwinding of the housing market. If he is right, and Mr Flaherty's various interventions15 avoid the collateral16 damage that would be caused by an actual interest-rate rise, Canada's admirers will have another thing to swoon over.

多倫多道明銀行金融集團首席經濟學家,克雷格·亞歷山大估計,所有這些措施對于購房者而言將等同于抵押貸款利率上升1%。他認為這將促使房產市場緩慢回歸。如果他的觀點正確,并且費拉逖的各種干預手段能夠避免可能引發實際利率上升的附帶傷害,那么如此一來,加拿大的崇拜者們又將有一個可以津津樂道的話題了。


點擊收聽單詞發音收聽單詞發音  

1 prick QQyxb     
v.刺傷,刺痛,刺孔;n.刺傷,刺痛
參考例句:
  • He felt a sharp prick when he stepped on an upturned nail.當他踩在一個尖朝上的釘子上時,他感到劇烈的疼痛。
  • He burst the balloon with a prick of the pin.他用針一戳,氣球就爆了。
2 starry VhWzfP     
adj.星光照耀的, 閃亮的
參考例句:
  • He looked at the starry heavens.他瞧著布滿星星的天空。
  • I like the starry winter sky.我喜歡這滿天星斗的冬夜。
3 Vogue 6hMwC     
n.時髦,時尚;adj.流行的
參考例句:
  • Flowery carpets became the vogue.花卉地毯變成了時髦貨。
  • Short hair came back into vogue about ten years ago.大約十年前短發又開始流行起來了。
4 nag i63zW     
v.(對…)不停地嘮叨;n.愛嘮叨的人
參考例句:
  • Nobody likes to work with a nag.誰也不愿與好嘮叨的人一起共事。
  • Don't nag me like an old woman.別像個老太婆似的嘮嘮叨叨煩我。
5 indemnity O8RxF     
n.賠償,賠款,補償金
參考例句:
  • They paid an indemnity to the victim after the accident.他們在事故后向受害者付了賠償金。
  • Under this treaty,they were to pay an indemnity for five million dollars.根據這項條約,他們應賠款500萬美元。
6 economist AuhzVs     
n.經濟學家,經濟專家,節儉的人
參考例句:
  • He cast a professional economist's eyes on the problem.他以經濟學行家的眼光審視這個問題。
  • He's an economist who thinks he knows all the answers.他是個經濟學家,自以為什么都懂。
7 arrears IVYzQ     
n.到期未付之債,拖欠的款項;待做的工作
參考例句:
  • The payments on that car loan are in arrears by three months.購車貸款的償付被拖欠了三個月。
  • They are urgent for payment of arrears of wages.他們催討拖欠的工錢。
8 exuberance 3hxzA     
n.豐富;繁榮
參考例句:
  • Her burst of exuberance and her brightness overwhelmed me.她勃發的熱情和陽光的性格征服了我。
  • The sheer exuberance of the sculpture was exhilarating.那尊雕塑表現出的勃勃生機讓人振奮。
9 cosmetic qYgz2     
n.化妝品;adj.化妝用的;裝門面的;裝飾性的
參考例句:
  • These changes are purely cosmetic.這些改變純粹是裝飾門面。
  • Laughter is the best cosmetic,so grin and wear it!微笑是最好的化妝品,所以請盡情微笑吧!
10 equity ji8zp     
n.公正,公平,(無固定利息的)股票
參考例句:
  • They shared the work of the house with equity.他們公平地分擔家務。
  • To capture his equity,Murphy must either sell or refinance.要獲得資產凈值,墨菲必須出售或者重新融資。
11 eligible Cq6xL     
adj.有條件被選中的;(尤指婚姻等)合適(意)的
參考例句:
  • He is an eligible young man.他是一個合格的年輕人。
  • Helen married an eligible bachelor.海倫嫁給了一個中意的單身漢。
12 coverage nvwz7v     
n.報導,保險范圍,保險額,范圍,覆蓋
參考例句:
  • There's little coverage of foreign news in the newspaper.報紙上幾乎沒有國外新聞報道。
  • This is an insurance policy with extensive coverage.這是一項承保范圍廣泛的保險。
13 superintendent vsTwV     
n.監督人,主管,總監;(英國)警務長
參考例句:
  • He was soon promoted to the post of superintendent of Foreign Trade.他很快就被擢升為對外貿易總監。
  • He decided to call the superintendent of the building.他決定給樓房管理員打電話。
14 banking aySz20     
n.銀行業,銀行學,金融業
參考例句:
  • John is launching his son on a career in banking.約翰打算讓兒子在銀行界謀一個新職位。
  • He possesses an extensive knowledge of banking.他具有廣博的銀行業務知識。
15 interventions b4e9b73905db5b0213891229ce84fdd3     
n.介入,干涉,干預( intervention的名詞復數 )
參考例句:
  • Economic analysis of government interventions deserves detailed discussion. 政府對經濟的干預應該給予充分的論述。 來自辭典例句
  • The judge's frequent interventions made a mockery of justice. 法官的屢屢干預是對正義的踐踏。 來自互聯網
16 collateral wqhzH     
adj.平行的;旁系的;n.擔保品
參考例句:
  • Many people use personal assets as collateral for small business loans.很多人把個人財產用作小額商業貸款的抵押品。
  • Most people here cannot borrow from banks because they lack collateral.由于拿不出東西作為抵押,這里大部分人無法從銀行貸款。
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