流动性

In one hand, the liquidity preference of those nations without international currency issuance rights has reversed by the rise of their economic strength; on the other hand, the nations with international currency issuance rights have the rigid needs to release extra liquidity due to the upgraded competition for international seignorage.

一方面，不具备国际货币发行权的国家因无法获得外部融资而导致的强烈的流动性偏好已经因自身经济实力的积累发生了逆转，另一方面，掌握国际货币发行权的国家却因国际铸币税争夺的升级有着多释放流动性的刚性需要。

Theoretically, there is liquidity premium in the stock market, that is to say, to compensate liquidity risk, stocks with low liquidity would sell at a lower price and they would have higher return than higher liquidity stocks.

理论上说，在股票市场中，存在流动性溢价：如果股票流动性低，其交易成本就越大，投资者对持有该资产的预期收益就越高。

When policies change and important events occur:(1) The test result with turnover ratio as the measure of liquidity reveals that policy changes and the occurrence of important events have little impact on the stability of liquidity premium in Chinese stock market.

针对不同政策和重大事件，得到如下结论：(1)以换手率作为流动性因子的检验结果表明，有政策或重大事件，对流动性溢价的稳定性有影响，但影响不大。

Rather, it's the corrupting effects of excess liquidity which, as Mr Tasker observes, is "the fuel that enables manias to blaze strong and longer than anyone expects".

相反，真正值得关心的是流动性过剩带来的破坏性结果，正如塔斯克发现的那样，流动性过剩是"促使狂热情绪猛烈爆发而且持续得比任何人预计的都更持久的动力"。

In this paper, the theory of trilemma is studied and quarterly data from 1998~2006 are testified empirically.

本文通过对"三元悖论"理论的解读和1998～2006年各季度数据的实证检验，揭示了我国商业银行流动性过剩与汇率制度之间存在密切相关性，即在我国现行的汇率制度下，外汇储备的不断增加直接导致了商业银行存差的扩大，造成金融系统乃至整个社会的流动性过剩。

By the same token, taxes on things that cannot be moved easily, such as property, are less distortive than taxes on mobile economic agents, particularly firms.

同样的，对流动性较弱的资产征收要比向流动性资产征税更好。

Because we use the two factors,γ1 andγ2, to explain monetary policy and another two factors, m and n, to explain market volatility exogenously, these results can characterize the relationships in government bond market between volatility and monetary policy, liquidity and returns well.

实证结果表明，模型中引入利率调整因子γ1、准备金率调整因子γ2及流动性因子m和n作为外生解释变量，能够较好地刻画我国货币政策对国债市场波动的冲击、市场流动性对国债收益率波动的影响及国债收益率波动与收益率的关系。

The sovereign crisis has pushed the ECB into flooding the system with even more liquidity,' Morgan Stanley economist Joachim Fels wrote in a note this week.'Global excess liquidity should grow by even more, lifting the prices of commodities and other risky assets and adding to global inflation pressure s.

摩根士丹利经济学家菲尔斯本周在一份研究报告中说，主权债务危机促使欧洲央行为系统注入更多流动性，全球流动性过剩的局面应会进一步加剧，这将推高商品及其他高风险资产的价格，并加大全球通胀压力。

The sovereign crisis has pushed the ECB into flooding the system with even more liquidity,' Morgan Stanley economist Joachim Fels wrote in a note this week.'Global excess liquidity should grow by even more, lifting the prices of commodities and other risky assets and adding to global inflation pressures.

摩根士丹利经济学家菲尔斯本周在一份研究报告中说，主权债务危机促使欧洲央行为系统注入更多流动性，全球流动性过剩的居民应会进一步加剧，这将推高商品及其他高风险资产的价格，并加大全球通胀压力。

The sovereign crisis has pushed the ECB into flooding the system with even more liquidity,' Morgan Stanley economist Joachim Fels wrote in a note this week.'Global excess liquidity should grow by even more, lifting the prices of commodities and other risky assets and adding to global inflation pressures.

摩根士丹利经济学家菲尔斯本周在一份研究报告中说，主权债务危机促使欧洲央行为系统注入更多流动性，全球流动性过剩的局面应会进一步加剧，这将推高商品及其他高风险资产的价格，并加大全球通胀压力。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。