金融英语,比较长,帮忙翻译下,谢谢,翻译好的可以加分,别用在线翻译

金融英语,比较长,帮忙翻译下,谢谢,翻译好的可以加分,别用在线翻译
If the International Monetary Fund is right, the credit crisis that began last year could turn out to be the most expensive financial crisis in history, measured in dollar terms.
The Fund estimates that expected losses and writedowns on US assets could total $945bn (€600bn, £480bn), compared with roughly $750bn in losses from the Japanese economic crisis of the 1990s.
IMF officials caution that these numbers are not strictly comparable. The figure for Japan in the 1990s represents actual realised losses; the $945bn figure for the US credit crisis is an estimate of expected losses and writedowns, based on market prices in mid-March.
Since that point financial markets have recovered some ground. Moreover, the IMF's cash-flow based analysis suggests that the ultimate losses on some securities could be less than market prices suggest even after this rebound.
Nonetheless, the estimate highlights the fact that the current crisis and the Japanese crisis a decade ago are at least of a similar order of magnitude in dollar terms.
The Fund points to three main differences between the two crises. First, relative to the size of the US economy, the likely losses in the current crisis are substantially smaller - about 7 per cent of gross domestic product compared with about 15 per cent in Japan.
Second, in the case of Japan, banks bore almost all the losses. This time, the IMF believes that nearly half the ultimate losses will be taken by non-bank financial institutions - including pension funds, insurance companies, government-sponsored enterprises and hedge funds.
Third, unlike in the case of Japan, a substantial - if hard to estimate - proportion of the total losses will be borne by financial institutions outside the US.
The IMF estimates that European banks' expected losses on subprime loans, securities and off-balance sheet investments total about $120bn, only about $20bn less than US banks' losses on this set of exposures.
In principle, the diversification of losses across institutions and around the world should make it easier for the financial system to digest them. However, it also increases the danger that damage to bank balance sheets could result in a credit squeeze extending beyond the US.
Moreover, the degree of leverage in the system has increased dramatically in recent years, making banks and other institutions more vulnerable to the credit shock, the IMF says.
It says the total assets of the top 10 banks in the US and Europe nearly doubled from mid-2004 to mid-2007, as banks made increasing use of off-balance sheet vehicles and trading portfolios to hold highly rated structured credit products with low risk-weightings.
Over the same period their risk-weighted assets - the basis of regulatory capital assessments designed to ensure that banks hold sufficient capital to meet their obligations - increased by only about 20 per cent.

如果国际货币基金组织是对的,始于去年的信贷危机就可能变成历史上以美元计价的最昂贵的金融危机.
据该组织估计,预计美国资产损失和减值总数可能达到9450亿美元（6000亿欧元,4800亿英镑）,与之相比,1990年代日本的经济危机损失约为7500亿美元.
国际货币基金组织（IMF）的官员提醒,这些数字严格来说不具可比性.1990年代日本的数字代表的是已实现的实际损失；而美国信贷危机中的9450亿美元是基于三月中旬的预期损失和减值的估算值.
从那时起,金融市场的元气有所恢复.而且,IMF基于现金流的分析说明,有些证券的最终损失可能少于市场价格所显示的那样,甚至少于反弹后的市场价格损失.
然而,该估算说明了一个事实,即目前的危机与十年前的日本危机在美元计价上至少处于同一个数量级.
该基金指出了两个危机之间的三点不同.首先,相对于美国的经济规模,目前的危机所可能产生的损失将较少——约为国民生产总值的7%,而日本是15%.
第二,当年日本的情况是,银行承担了所有损失.而此次,IMF认为最终损失的近半将由非银行金融机构承担——包括养老基金,保险公司,政府赞助的公司以及对冲基金.
第三,与日本的情况不同,有相当一部分（如果难以估算的话）损失将由美国之外的金融机构承担.
IMF估计,欧洲各银行的次贷损失、证券损失和表外投资损失预计总计1200亿美元,在这类损失中仅比美国各银行的损失少200亿美元.
原则上,损失在机构和全球的分散应使金融体系更易于消化它们.然而,这也提高了一个风险,即,对银行资产负债表的伤害可能导致信贷紧缩延伸到美国以外.
另外,IMF表示,金融体系中的杠杆程度近年来大幅上升,使银行和其他机构更易受信贷冲击的打击.
该基金组织说,随着银行越来越多地使用表外金融工具和交易组合持有高级别而低风险的结构信贷产品,美国和欧洲的十大银行的资产从2004年中到2007年中几乎翻了一倍.
同期,这些银行的风险性资产——监管资本估值基础,设计用于确保银行持有足以抵债的资本——只增加了约20%.