This paper develops and tests a new Multivariate Cumulative Sum (MCS) model for assessing a countrys foreign debt risk.
本文提出了一个用于预警一国外债风险的动态模型，即多元累计和模型。
Borrowing in foreign currencies (as Brazil and other Latin American countries had done before the 1980s debt crisis) leaves original sinners at risk of default if their currency loses value.
如果本国货币贬值，那么像巴西和其他拉丁美洲国家上世纪80年代债务危机以前那样借入外汇就会存在债务违约风险。
To mitigate that risk, these countries eschew short-term debt and keep debt ratios low; some build up huge war chests of foreign currency.
为了缓和这一风险，这些国家避开短期债务并保持低负债率，其中有些国家筹备巨额的外币款项。
China is not at risk of an Italian-type crisis (or a Greek type) because it doesn't have foreign debt and it has exchange controls. So that's not going to happen.
中国不会出现意大利式的危机(或是希腊式危机)，因为它既没有外债，同时还实行汇率控制。所以这样的一幕不会上演。
The combination of concerns about competitiveness with risk aversion over foreign currency debt does much to explain Asian exchange-rate policies.
对失去竞争力以及对规避外币债务风险的关注，这两个因素加在一起，很大程度上可以解释亚洲国家的汇率政策。
We can reduce the debt risk through these measures such as reinforcing foreign loans manage, adjusting internal debt's term-structure and...
加强外债管理，调整内债期限结构、持有者结构，完善偿债基金制度，尝试增发地方国债等措施，是化解中央财政债务风险的现实选择。
Not all of the "new" debt was actually new; some represented a move out of foreign-currency loans and into local-currency borrowing (in order to reduce foreign-currency risk).
并非所有“新”贷款都是新的，一些贷款来自于外币贷款转换而来的当地货币贷款(为了减少外汇风险)。
China is not at risk of an Italian-type crisis (or a Greek type) because it doesn't have foreign debt and it has exchange controls.
中国不会出现意大利式的危机(或是希腊式危机)，因为它既没有外债，同时还实行汇率控制。
We can reduce the debt risk through these measures such as reinforcing foreign loans manage, adjusting internal debt's term-structure and holder-struc...
加强外债管理，调整内债期限结构、持有者结构，完善偿债基金制度，尝试增发地方国债等措施，是化解中央财政债务风险的现实选择。
We can reduce the debt risk through these measures such as reinforcing foreign loans manage, adjusting internal debt's term-structure and holder-struc...
加强外债管理，调整内债期限结构、持有者结构，完善偿债基金制度，尝试增发地方国债等措施，是化解中央财政债务风险的现实选择。
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