Page 4 - CCFA Journal - Tenth Issue

宏观经济 Macro Economy 加中金融

Bank Stresses Bubble to the Surface

银行挤压泡沫浮出水面

Eric Lascelles Daniel E. Chornous, CFA
Chief Economist RBC Global Asset Management Inc. Chief Investment Officer RBC Global Asset Management Inc.

Interest rates have soared over the past year as the world’s central banks combat problematic inflation. The purpose of the
monetary tightening is primarily economic in nature: to cool housing markets, slow economies and tame inflation. But there can
also be unintended pressure on the financial system, especially when the monetary tightening is as substantial as that of the past
year, and when interest rates were unusually low for an extended period of time beforehand.

But there can also be unintended pressure on the financial system, especially when the monetary tightening is as substantial as that
of the past year, and when interest rates were unusually low for an extended period of time beforehand.

过去一年，随着世界各国央行应对有问题的通货膨胀，利率飙升。

货币紧缩的目的在本质上主要是经济上的：冷却房地产市场、减缓经济发展和抑制通货膨胀。但也可能对金融体系造成意
想不到的压力，尤其是当货币紧缩幅度与去年一样大，并且利率在此前很长一段时间内异常低时。

There was a glimpse of this last fall when some British pension 去年秋天，当一些英国养老基金因英国债券收益率特别
funds buckled due to an especially sudden jump in British 突然的飙升而倒闭时，就可以窥见这一点。这最终通过
bond yields. That was ultimately resolved via government 政府干预得到解决。
intervention.

Now, some regional U.S. banks are under stress. These smaller 现在，美国一些地区性银行面临压力。与大型银行相比，
banks are less strictly regulated than their larger brethren and 这些规模较小的银行受到的监管不那么严格，并且通常
generally hold less capital as a buffer against adverse events.
持有较少的资本作为应对不利事件的缓冲。
As interest rates have risen, the bond holdings of financial
institutions have accordingly declined in value. Under normal 随着利率上升，金融机构持有的债券价值相应下降。在
circumstances, this doesn’t matter much because the bonds 正常情况下，这无关紧要，因为债券通常会一直持有到
are usually held until they mature, at which point the price of 到期，届时债券的价格会恢复到其全部票面价值。但如
the bond is restored to its full par value. 果一家银行的存款以异常快速的速度被提取，该银行可

But if a bank’s deposits are being withdrawn at an unusually 能需要提前出售部分债券，以便有足够的流动资金返还
rapid clip, the bank may need to sell some of its bonds early 给储户。此举会迫使债券损失兑现，侵蚀了银行的资本。
so as to have sufficient liquid funds to return money to
depositors. This crystallizes bond losses, eating into the bank’s 在正常情况下，这是令人不快的，但不是致命的。然而，
capital.
就少数美国银行（最突出的是硅谷银行）而言，问题已
Under normal circumstances, this is unpleasant but not fatal. 经证明无法恢复。存款人离开银行的速度如此之快，以
However, in the case of a small handful of U.S. banks – most
prominently, Silicon Valley Bank – the problem has proved 至于银行不得不亏本出售如此多的债券，使其资不抵债。
unrecoverable. Depositors left the bank at such a pace that 该银行已被联邦存款保险公司接管。
the bank had to sell so many bonds at a loss that its capital
was eroded, rendering it insolvent. The bank has since been
taken over by the Federal Deposit Insurance Corporation.

CCFA JOURNAL OF FINANCE March 2023
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