道格拉斯·戴蒙德
銀行與金融危機(jī)研究
Deposit insurance changes the behavior of both banks and depositors.
存款保險(xiǎn)改變了銀行和儲(chǔ)戶的行為。
When everyone tries to sell at the same time, liquidity disappears.
當(dāng)每個(gè)人都試圖同時(shí)出售時(shí)，流動(dòng)性就消失了。
The interbank market is the circulatory system of modern finance.
銀行間市場(chǎng)是現(xiàn)代金融的循環(huán)系統(tǒng)。
Regulation should focus on reducing the likelihood of runs, not just preventing failures.
監(jiān)管應(yīng)側(cè)重于減少擠兌的可能性，而不僅僅是防止破產(chǎn)。
Confidence is the most precious commodity in the financial system.
The key function of banks is transforming illiquid assets into liquid liabilities.
銀行的關(guān)鍵功能是將非流動(dòng)性資產(chǎn)轉(zhuǎn)化為流動(dòng)性負(fù)債。
Short-term debt can be dangerous because it creates the possibility of sudden runs.
短期債務(wù)可能是危險(xiǎn)的，因?yàn)樗鼊?chuàng)造了突然擠兌的可能性。
A financial crisis is often a self-fulfilling prophecy driven by panic.
金融危機(jī)往往是由恐慌驅(qū)動(dòng)的自我實(shí)現(xiàn)預(yù)言。
The fragility of banks is a direct consequence of their role as liquidity providers.
銀行的脆弱性是其作為流動(dòng)性提供者角色的直接后果。
Banks exist because they help mitigate problems created by information asymmetries.
銀行的存在是因?yàn)樗鼈冇兄诰徑庑畔⒉粚?duì)稱造成的問題。