Prior research has shown that the maturity structure of a country’s external liabilities gets longer as a result of capital controls.

先前的研究一直表明，由于资本控制，一国的外债到期结构可以延续较长的时间。

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There is, says Mr Shin, a maturity mismatch in South Korea between long-term assets and short-term liabilities that makes it vulnerable to sudden bursts of deleveraging.

Shin说，长期资产和短期债务的错误结合使韩国容易受到债务减持突然爆发带来的损害。

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It refers to the mismatching between the assets and liabilities, the average maturity of liabilities is shorter than the average maturity of assets.

资产与负债的期限不一致，负债的平均期限短于资产的平均期限。

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As the famous theory of Diamond and Dybvig explained, institutions that have long-maturity assets with uncertain returns and short-maturity liabilities that are intended to be risk-free are innately subject to devastating runs.

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