Worse still, because derivatives and repo investors jump to the head of the repayment line in so many ways, they have less incentive to foster market discipline by closely monitoring their counterparties’ solvency and carefully rationing their exposure to any single counterparty. They typically get repaid, regardless.
更糟的是，因为衍生品和再购协议投资者能以各种方式获取优先取回其资本，因此也缺乏足够的诱因去培育市场纪律——比如密切注意合作方的偿还能力，以及小心安排自己对任何单一另一方的信息披露。因为他们知道不管怎样，自己的钱都能拿得回来。