流动性风险与当前的次贷危机：向下流动性螺旋曲线理论。
Liquidity risk and the current crisis: downward liquidity spirals.
利率期限结构是指在某个时点上具有相同的风险和流动性，不同期限的利率所组成的一条利率曲线。
ABSTRACT The interest rate term structure is the curve formed by interest rates of the same risk and liquidity, but the different maturities at any point.
市场流动性不足和债券收益率曲线缺乏代表性是当今中国债券市场的主要缺陷。
Deficiency of market fluidity and shortage of representative bond yield are main defectiveness of Chinese bond market.
在第二种情况下，可能发生相反如果经济流动性匮乏：收益曲线与短期利率的移动方式相比，作为长期利率的反转。
In the second instance, the reverse can happen if the economy is starved of liquidity: the yield curve inverts with short-run interest rates moving way up as compared to long-term interest rates.
但是，流动性和收益性之间存在着替代性的关系，通过无差异曲线的分析说明银行为了保证效用最大化，必须在流动性和收益性之间选择一个均衡点。
However, as the substitutable relationship between liquidity and profitability, the bank should choose a equilibrium point so as to maximize profit, which is analyzed by indifference curve.
但是，流动性和收益性之间存在着替代性的关系，通过无差异曲线的分析说明银行为了保证效用最大化，必须在流动性和收益性之间选择一个均衡点。
However, as the substitutable relationship between liquidity and profitability, the bank should choose a equilibrium point so as to maximize profit, which is analyzed by indifference curve.
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