By offering to lend freely against collateral, they “liquify” assets and prevent banks from being forced to unload loans or securities at fire-sale prices. Anticipating such liquidity insurance, banks can make illiquid long-term loans or hold other illiquid financial assets.
在周期性衰退中，央行可以起到重要作用。降低利率可以提振借贷——从而提振投资和消费支出。央行还可以在金融市场冻结时挺身而出。通过提供不需抵押的贷款，它们可以让资产“流动”起来，防止银行被迫削减贷款或以跳楼价甩卖证券。由于存在这类流动性保险，银行可以发放低流动性的长期贷款或持有其他低流动性金融资产。