The growth of the financial markets’ sophistication has allowed risks to be sliced and diced and spread further than ever before. Indeed, the much-vaunted market for collateralized debt obligations, which divides risks into tranches and places the different risk levels in different places according to the willingness to accept them, has plausibly played a role in boosting asset prices.
然而另一种理论认为是因为我们应对风险的方式的改变减少了风险贴水。金融市场的高度发展允许风险被大快切割然后被散布到比以前更广泛的区域。事实上，被吹嘘得很厉害的债务抵押市场——把风险分割成一小份一小份，然后根据接收它们的意愿在不同的地方为它们赋予不同的风险水平，貌似有理地在抬高资产价格的过程中扮演了重要角色。但是这实际上是一种有关某些种类的产品——而不是“流动性”本身——的风险管理的理论。