当音乐停止之后

• Kevin Lee

  2022-07-29
  INSOLVENCY VERSUS ILLIQUIDITYThe distinction between insolvency and illiquidity is one of those lessons that both economists and financial market participants probably learned too well. The crisis made us all rethink it.In principle, the difference is stark. A firm is insolvent when the value of its liabilities exceeds the value of its assets, making its net worth negative. Its next stop is probably bankruptcy court. A firm is illiquid when it is short on cash, even if its balance sheet displays a healthy net worth. In such cases, the firm needs short-term credit, not euthanasia. Insolvency is a fatal disease; illiquidity is a bad cold, perhaps a very bad cold. It was exactly this distinction that Walter Bagehot had in mind in 1873 when he counseled central banks to lend freely (to rel...
• 严寒2015

  2016-06-16
  举两个非随机的例子，财政部长汉克保尔森曾在2007年4月的一次演讲中表示，次贷问题已经基本得到控制。一个月以后，美联储前主席本伯南克在美联储会议上表示，我们预期次贷市场将不会给其他经济领域或金融系统带来明显的溢出效应。