身边的经济学·社会常识英语精读30篇（6）
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Batch-0008-038: Monetary Transmission Through Nonbank Financial Intermediaries
非银行金融中介机构中的货币政策传导
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Central bank policy rates increasingly influence economic activity through money market funds and corporate bond ETFs rather than traditional lending.央行政策利率正越来越多地通过货币市场基金和公司债ETF影响经济活动，而非传统放贷。
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Repo market liquidity conditions now serve as a more sensitive transmission channel than commercial bank loan officer surveys.回购市场流动性状况如今比商业银行信贷员调查更能灵敏反映政策传导。
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Shadow banking entities absorb rate shocks via duration mismatches, amplifying volatility in long-end yields.影子银行机构通过久期错配吸收利率冲击，加剧长端收益率波动。
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Securitization pipelines respond faster to forward guidance than deposit-funded balance sheets, altering policy lag estimates.证券化渠道对前瞻性指引的反应快于存款支持的资产负债表，从而改变政策时滞预估。
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Margin call cascades during volatility spikes reveal how nonbank leverage magnifies monetary tightening effects.波动飙升期间的追加保证金连锁反应，揭示了非银杠杆如何放大货币紧缩效应。
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Corporate treasury departments actively arbitrage cross-currency basis swaps, weakening conventional exchange rate pass-through models.企业财务部门积极套利交叉货币基差互换，削弱传统汇率传导模型。
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ETF creation/redemption mechanics transmit Fed balance sheet adjustments directly into equity valuations without bank intermediation.ETF申赎机制将美联储资产负债表调整直接传导至股市估值，无需银行中介。
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Money market fund reforms post-2014 have redirected liquidity demand toward prime funds, increasing sensitivity to overnight index swaps.2014年后货币市场基金改革使流动性需求转向优质型基金，提升其对隔夜指数互换的敏感性。
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Nonbank mortgage originators adjust underwriting standards proactively based on secondary market pricing signals, not primary rate announcements.非银房贷机构依据二级市场价格信号主动调整承贷标准，而非依赖基准利率公告。
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Regulatory capital buffers for banks contrast sharply with leverage ratios in hedge fund credit strategies, creating asymmetrical transmission paths.银行监管资本缓冲与对冲基金信用策略的杠杆率形成鲜明对比，导致政策传导路径不对称。
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Derivatives clearinghouses now hold systemic weight rivaling central counterparties in traditional markets, reshaping collateral flow dynamics.衍生品清算所如今具备堪比传统市场中央对手方的系统重要性，重塑抵押品流动格局。
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Monetary policy credibility hinges increasingly on coordination with securities regulators, not just prudential supervisors.货币政策可信度日益取决于与证券监管机构的协调，而不仅是审慎监管机构。