70 年代初期,在全球性固定汇率制度崩溃和各国金融市场已高度发达的背景下,不少经济学家发展出了一种新的汇率决定学说。由于这种学说侧重于从金融市场均衡这一角度来考察汇率的决定,因此,被称为资产市场说或金融市场投资组合说(Portfolio Balance)。
市场参与者说,在其他资产类别中,一些交易员面临着追加保证金的要求。
Some traders faced margin calls, or demands for more cash collateral, in other asset classes, market participants said.
有关官员对获得这个利润拍手喝彩,但是告诫说,当美联储不再需要经济刺激措施而出售这些资产时,不断改变的市场情况可能会使这个赢利在今后成为亏损。
Officials applaud the profit, but caution that changing market conditions could turn that into a loss in the future as the Fed sells the assets when economic stimulus is no longer needed.
然后,作为我的告诫说,也有高估的情况下是很难承认以同样的方式,在抵押担保资产的市场价值高估是很难看到的。
And then, as my caveat says, there are those instances of overvaluation that are hard to recognize in the same way that overvaluation in the mortgage-backed asset market was tough to see.
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