When they take on debt, borrowers fail to take into account the effect of their actions on the collateral constraints faced by others.

在贷款买房时，贷款者并未考虑到自身的行为对抵押品限制的影响，而这一影响的最终后果又会影响到其他人。

youdao

They normally have no effect on a firm's overall leverage: the borrowed cash and the obligation to repurchase the collateral balance each other out.

通常，回购对一家公司的总体财务杠杆没有影响，因为借来的现金资产与回购抵押品的债务是相互抵消的。

youdao

That has a side effect: The European Central Bank has made clear it wouldn't accept defaulted bonds as collateral for its lending operations.

这样会产生一个副作用：欧洲央行已明确表示，在它提供贷款时，不会接受违约债券作为抵押。

youdao

With Cyprus and the other Eurozone wrecks looking for any path out of their morass, the gold market may well be reflecting an expectation not that the Euro states will liquidate their gold holdings, but that they will post them as collateral which can have a similar effect on the market.

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