市场风险隐患:月球漫步熊与水下冰山

Moonwalking Bears and Underwater Icebergs:Hidden Risks in Markets

金融市场存在两种风险隐患:隐藏在显眼处的月球漫步熊和潜伏于水面下的冰山。本文对债务资本市场风险(熊)及衍生品杠杆和流动性错配风险(冰山)进行了考察,指出应对债务扩张进行审视,并评估抵押品管理和大规模赎回对市场复原能力以及实体经济的影响。

There are two kinds of risks in the financial market - those hiding in plain sight and those lurking unseen below the surface. This article examines the debt market risks as well as leverage in derivatives where risk hides in plain sight, and liquidity mismatch risks, where we see just the tip of the iceberg. The article notes that the expansion of debt levels needs to be monitored closely. It also assesses the management of collateral and the potential impact of mass redemptions on market resilience and ultimately the real economy.