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澳洲essay代写:Funding liquidity

2017-04-20 来源: 51due教员组 类别: Essay范文

这篇澳洲essay代写讲了资金流动性是银行承担责任和解决债务的能力。资金流动性根据国际货币基金组织的另一个定义是贷款机构能够立即付款。对市场交易者和投资者而言,资金流动性是短期融资的能力(Drehmann,6)。在实践中,应该将预算约束作为基金流定义来理解。这意味着资金流入至少大于或等于外流。相反,如果银行无法及时履行义务,银行就不流动。本篇澳洲代写由51due论文代写机构整理,供大家参考阅读。
Funding liquidity is the ability bank assumes liability and settles obligations. Another definition of Funding liquidity according to IMF is the ability lending agency agrees payment with immediacy. To market traders and investors, funding liquidity is the ability of short-term financing (Drehmann, 6). In practice, it should be understood based on budget constraint as a fund flow definition. That means inflow of fund is greater than or equal to outflow at least. In contrast, a bank is illiquid if it is unable to settle obligations in time. These definitions are consistent. 
Considering sources of bank liquidity is the key to funding liquidity. The first source is depositors. And the second one is market. Banks always can sell assets or make liquidity by securitization, Syndicated Loan and secondary market mortgage as sponsor or distributor in capital market. In addition, banks can gain liquidity through inter-bank market which is the most important origin for liquidity. Finally, bank can get fund-raising direct from Central Bank. 
Funding liquidity and market liquidity
Funding liquidity, market liquidity and the degree of their correlation are significant measurements to evaluate the development of financial market. Both funding liquidity and market liquidity are definitions which reflect movement of market. Good market liquidity means financial assets can become assets realization following market price in time. That leads to a good funding liquidity that investors or speculators raise fund from financial market smoothly.
Funding liquidity and market liquidity are two sides to describe the efficiency of financial asset transformation. If market can well transform assets of insufficient liquidity into more fluidly monetary assets and the market fully absorbs it, the market liquidity is good enough. If debit and credit from bank go well, and the measure of financing is transfer rights and interests of demander partially in order to get fund from supplier, that indicates the funding liquidity goes well. 
The difference between funding liquidity and market liquidity is that liquidity is about degree of freedom and economical efficiency for borrowing financial assets but market liquidity is for selling financial assets.            
Funding liquidity risk 
As the possibility that over a specific horizon the bank will become unable to settle obligations with immediacy, funding liquidity risk is another significant definition to describe economic ability (Drehmann, 8). According to IMF, funding liquidity risk means latent of possible that financial intermediary is unable to repay the liability in expiration of obligation. Funding liquidity risk relies on the four liquidity sources above. The features of funding liquidity risk and market liquidity risk are similar. For most time, Funding liquidity risk is low and stable, and occasionally makes great shook.
Influences of risk and profit of funding liquidity 
1) Funding liquidity and risk. The liquidity is stronger, the period of conversion of funds is shorter, the period of risk is smaller; the liquidity is stronger, the risk of liquidity and interest rate is smaller. 
(2) Funding liquidity and profitability. The liquidity and profitability of the funding are changing in opposite direction. If cash is the most liquid assets, but a kind of non-profit assets at the same time, it cannot bring any benefits to enterprise.
References
Brunnermeier, M. K., & Pedersen, L. H. (2009). Market liquidity and funding liquidity. Social Science Electronic Publishing, 22(6), 2201-2238.
Chiu, J., Chung, H., Ho, K. Y., & Wang, G. H. K. (2012). Funding liquidity and equity liquidity in the subprime crisis period: evidence from the etf market. Journal of Banking & Finance, 36(9), 2660-2671.
Drehmann, M., & Nikolaou, K. (2009). Funding liquidity risk: definition and measurement. Ssrn Electronic Journal, 37(7), 2173–2182.
Drehmann, M., & Nikolaou, K. (2009). Funding liquidity risk: definition and measurement. Ssrn Electronic Journal, 37(7), 2173–2182.

Haan, L. D., & End, J. W. V. D. (2013). Banks’ responses to funding liquidity shocks: lending adjustment, liquidity hoarding and fire sales. .Journal of International Financial Markets Institutions & Money, 26(1), 152-174.


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