实证检验之后，进一步探寻了货币市场流动性黑洞产生的理论渊源。
After empirical testing, this paper explored the theory sources of liquidity black hole in money market.
正是这种正反馈的交易机制，自我增强了预期归一化的速度与程度，导致流动性黑洞的出现。
It is the positive feedback trading and self-reinforcing mechanism, which enforced the expectations normalized speed and degree. So the liquidity black hole appears.
在交易循环到达一定的极限值时，一旦有刺激因素，市场流动性就会瞬间崩溃，流动性黑洞出现。
Once the transaction cycle to reach a certain limit, if some incentives happen, market liquidity will instantly collapse, liquidity black hole appears.
从时间纵向角度来看，市场的波动性也越来越大，市场流动性出现极端短缺的概率越来越大，流动性黑洞现象更加频繁。
From the time of vertical perspective, the volatility of the market is also growing. The probability of liquidity black hole phenomenon is increased more frequent.
从时间纵向角度来看，市场的波动性也越来越大，市场流动性出现极端短缺的概率越来越大，流动性黑洞现象更加频繁。
From the time of vertical perspective, the volatility of the market is also growing. The probability of liquidity black hole phenomenon is increased more frequent.
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