On the other hand, a recent paper by researchers at the European Central Bank says part of the problem with CDSs is that they are used for speculation, as well as hedging.

另一方面，由欧洲央行的研究人员近期提出的一份报告指出大额定期存单的部分问题在于它们被用于投机，而不单是保值。

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The central bank has already started buying private-sector assets, such as commercial paper, in an attempt to get credit flowing again.

中央银行已经准备好购买私人机构的资产，从而使存款再次流动起来，比如商业债券。

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'the liquidity support for the fund is aimed at helping to smooth liquidity flow in the corporate bond and commercial paper' markets, said Lee Ju-yeol, a deputy governor at the central bank.

韩国央行副行长Lee Ju - yeol说，为该基金提供流动性支持旨在帮助公司债券和商业票据市场上的资金实现顺利流动。

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Now banks are forcing their counterparties to pay a much higher price to roll the paper over, and it is not clear how quickly central-bank injections of liquidity will ease the squeeze.

ECONOMIST: The crisis in the debt markets

On Tuesday the U.S. central bank said it would begin purchasing the short-term corporate debt known as commercial paper from American issuers.

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The less charitable interpretation is that the central bank has softened the penalty for banks that have funded purchases of very illiquid assets with short-term paper.

ECONOMIST: The Fed lowers its discount rate