最近美債的不穩定，會導致高杠杆的流動性風險

最近美債的不穩定，會導致高杠杆的流動性風險

 

 

High leverage can significantly increase liquidity risk in the market.

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High Leverage Leads to Liquidity Risk

1. Leverage Amplifies Exposure:

   • When firms or investors use leverage, they're borrowing to increase their market exposure.

   • That means even a small drop in asset prices can lead to outsized losses, forcing rapid liquidation.

2. Forced Selling Under Stress:

   • If a leveraged position moves against the holder, margin calls kick in.

   • Investors often have to sell assets quickly to meet margin requirements, creating fire-sale pressure.

3. Market Liquidity Dries Up:

   • If many players are deleveraging at once (e.g., during a market correction), there may not be enough buyers.

   • This leads to widening bid-ask spreads, falling prices, and a liquidity crunch.

4. Systemic Risk:

   • If leverage is widespread (e.g., among hedge funds or banks), the unwinding process can ripple across markets.

   • We saw this during the 2008 financial crisis and more recently with the Archegos Capital collapse in 2021.