【正文】 Asset Liquidity Management (or Asset Conversion) Strategies—this strategy calls for storing liquidity in assets, predominantly in cash and marketable securities. 資產(chǎn)流動(dòng)性管理 (或資產(chǎn)轉(zhuǎn)換 )策略 : 主要在于保持資產(chǎn)的流動(dòng)性，特別強(qiáng)調(diào)現(xiàn)金和可出售證券。 Advantages:優(yōu)勢(shì) ? A bank can choose to borrow only when it actually needs funds.靈活性高，需要時(shí)才會(huì)選擇去借 ? Using borrowed funds permits a bank to leave the volume and position of its asset portfolio unchanged. 運(yùn)用借款資金不會(huì)銀行銀行的資產(chǎn)結(jié)構(gòu)。 (3) A bank must give high priority to meeting demands for liquidity. To fail in this area may severely damage public confidence in the institution. 滿足流動(dòng)性需求必須優(yōu)先考慮，因?yàn)槿舨荒芗皶r(shí)償付將會(huì)極大影響公眾的信心。 (2) Borrowed Liquidity (Liability) Management strategies ? The principal sources of borrowed liquidity for a bank. ? 銀行借入性流動(dòng)資金主要來(lái)源 : Federal funds borrowings, CDs, repurchase agreement. 聯(lián)邦基金 , 存款單 (Certificates of Deposit), 回購(gòu)協(xié)議 ? Borrowing liquidity is the most risky approach to solving bank liquidity problems because of the volatility of money market interest rates and the rapidity with which the availability of credit can change. ? 借入流動(dòng)資金來(lái)緩解短期需求是風(fēng)險(xiǎn)比較大的方法 , 因?yàn)樨泿攀袌?chǎng)利率和信用會(huì)隨時(shí)變化 . ? Remember: a bank is liquid only if it has access, at reasonable cost, to liquid funds in exactly the amounts required at the time they are needed. （只有在金融機(jī)構(gòu)能以合理的成本在需要時(shí)獲得所需數(shù)量的流動(dòng)性資金時(shí)，才可以說(shuō)它是具有流動(dòng)性的） (3) Balanced (asset and liability) liquidity management strategies 綜合流動(dòng)性 (資產(chǎn)和負(fù)債 )管理策略 ? Due to the risks inherent in relying on borrowed liquidity and the costs of storing liquidity in assets, most financial firms promise by using both asset and liability management. Under a balanced liquidity management strategy, some of the expected demands for liquidity are stored in assets( principally holdings of marketable securities), while other anticipated liquidity needs are backstopped by advanced arrangements for lines of credit from potential suppliers of funds. ? 因?yàn)榻枞肓鲃?dòng)資產(chǎn)的風(fēng)險(xiǎn)高，而轉(zhuǎn)換已有