With intermediaries becoming reluctant to take on securities that are undesirable to hold during periods of financial instability, market corrections can compound sudden and dramatic price shifts, disrupting the orderly functioning of financial systems. So far, central banks have been willing and able to ensure that these periods are temporary and reversible.
随着中介机构越来越不愿持有在金融动荡期不吃香的证券，市场纠正可能导致剧烈的突发性价格变动，干扰金融体系的有序运行。目前，央行愿意和能够确保这类时期时间短、可逆转。但它们维持这样做的能力是有限的——特别是在对货币政策的过度信念助长杠杆头寸的情况下。