While financial crises can be triggered by a number of causes, runs on short-term liabilities are at the heart of all financial crises with the recent 2007-2009 financial crisis being no exception. Given the unpredictability of crisis triggers and the overwhelming predictability of short-term funding’s role in financial crises, legislative and regulatory responses to the recent financial crisis should focus on controlling the problem of short-term funding in the financial system. However, in addressing the problem of short-term funding in the financial system, it is important to recognize the social benefits afforded by short-term liabilities and not simply the costs. To this end, this Article provides a brief overview of short-term funding in the U.S. financial system, while also highlighting the tradeoff between the costs and benefits of short-term liabilities. The Article proceeds with an analysis of various proposals aimed at addressing the short-term funding issue.

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控制短期资金的长期问题

尽管金融危机可能由多种原因触发，但短期债务的冲动是所有金融危机的核心，最近的2007-2009年金融危机也不例外。鉴于危机触发因素的不可预测性以及短期融资在金融危机中的作用具有不可预测的可预测性，针对近期金融危机的立法和监管对策应集中在控制金融体系中的短期融资问题上。但是，在解决金融系统中的短期资金问题时，重要的是认识到短期债务所带来的社会利益，而不仅仅是成本。为此，本文简要概述了美国金融系统中的短期资金，同时还强调了短期负债成本与收益之间的权衡。该条继续分析旨在解决短期资金问题的各种建议。