流动性足够了吗?

每一周美国联邦储备委员会和欧洲中央银行都向全球银行系统注入更多的流动资金。美国隔夜储备金的平均利率远远低于美联储依然公开表态要实现的5.25%这样的目标。

但是现在隔夜储备金市场似乎被划分成了三块。运行健康的银行可以以远低于5.25%的利率借到钱。而面临可能的流动性问题的银行——即美联储希望以5.25%的利率进行借贷的银行,像一些希望获得更多的流动资金但是认为这样做可能会扰乱市场的大银行一样,正以5.75%的利率从美联储借钱。

这种在金融市场向“受管制的银行”收取的价格的差异是一种市场可能发生崩溃的迹象。到目前为止,收取的利息是很低的:对于一笔1亿美元的隔夜贷款来说,利率上即便一个百分点的差价也只有3000美元。这表明市场爆发破产和银行倒闭这样的全面金融危机的可能性很小。然而,在正常情况下,根本就没有这种差价存在。

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