Survive the droughts, I wish you well: Principles and cases of liquidity risk management
本文阐述了流动性风险管理的基本原则，包括压力情景分析、业务计划制定、资本充足和流动性储备，并通过北岩银行、贝尔斯登等历史失败案例说明实施要点，对银行和金融机构的风险管理者有参考价值。
Abstract Short‐term, liquid assets are highly valued by lenders, but pose liquidity risk management challenges to borrowers. Basic principles to meet those challenges are to conduct liquidity stress scenario analysis; to form business plans for each stress scenario; to hold enough capital to sustain the planned, post‐shock balance sheet; and to hold a large enough liquidity reserve to survive the transition from the pre‐ to the post‐shock balance sheet. Historical failures, like Northern Rock, Bear Stearns, and MF Global have a lot to teach about implementing these principles. While regulatory frameworks constrain liquidity positions, they are no substitute for firm‐specific liquidity risk management.