2014.04.22【英译中】1792: The foundations of modern finance①

猫四狗八 (ho) 路人甲
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发表于:2014-04-22 12:58 [只看楼主] [划词开启]

1792: The foundations of modern finance.

1792;现代金融的形成


If one man deserves credit for both the brilliance and the horrors of modern finance it is Alexander Hamilton, the first Treasury secretary of theUnited States. In financial terms the young country was a blank canvas: in 1790, just 14 years after the Declaration of Independence, it had five banks and few insurers.Hamiltonwanted a state-of-the-art financial set-up, like that ofBritainorHolland. That meant a federal debt that would pull together individual states’ IOUs.America’s new bonds would be traded in open markets, allowing the government to borrow cheaply. AndAmericawould also need a central bank, the First Bank of the United States (BUS), which would be publicly owned.

如果说有一个人既得到了现代金融的卓著功勋,同时又给人带来极大恐慌的话,那这个人一定是亚历山大汉密尔顿——美国第一任财政部长。1790年,美国独立宣言刚过去14年,这个新兴的国家在金融上仍是一片空白,在这个只有五个银行和极少承保人的国家里,汉密尔顿想要效仿英国和荷兰建立最新型的金融系统。这就意味着一种方便国家借债的联邦债券将取代个人债券。同时美国需要有一个像美国第一银行这样的公有的中央银行。


This new bank was an exciting investment opportunity. Of the $10m in BUS shares, $8m were made available to the public. The initial auction, in July 1791, went well and was oversubscribed within an hour. This was great news forHamilton, because the two pillars of his system—the bank and the debt—had been designed to support each other. To get hold of a $400 BUS share, investors had to buy a $25 share certificate or “scrip”, and pay three-quarters of the remainder not in cash, but with federal bonds. The plan therefore stoked demand for government debt, while also furnishing the bank with a healthy wedge of safe assets. It was seen as a great deal: scrip prices shot up from $25 to reach more than $300 in August 1791. The bank opened that December.

这家新的银行让许多投资者看到了机会。在美国银行每10美元的股份公众就能分到8美元。在1791年最初的标售非常成功,不到一个小时认购就已经超额了。这对汉密尔顿来说无疑是个好消息,因为他建立的体系的两项支撑—银行和债券—已经架好。为了持有美国银行400美元的股份,投资者需要买一张25美金的股票并用联邦债券支付剩下部分的3/4。这项计划很快让政府债券变得十分抢手,与此同时银行安全资产的良好开端也渐渐铺展开来。1791年八月这项伟大的交易让债券的价格一下子从25美金涨到了300美金甚至还多。于是银行就在那年12月正式运营了。


图解:大概就是比较联邦债券比起普通债券迅速上涨的势头。

Federal frothiness 

联邦泡沫

Security prices 100=par value of US bond,  

债券票价,100美金=美国债券的票面价值

HAMILTON’S BAIL-OUT 

汉密尔顿的跳伞(以优先股发给股东作为红利的行为)    楼主也不太明白是什么意思= =

First Bank of the United States—美国第一银行的债券

US debt 美国其他债券

Source: “America’s First Securities Markets, 1787-1863: Emergence, Development, Integration” by R.E. Sylla, J.Wilson, and R.E. Wright

图源:由R.E. Sylla, J.Wilson, and R.E. Wright 发表的“美国第一有价证券市场,1787-1863:出现,发展,集成。

分类: 英语
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