一、金融稳定与国债市场流动性1、影响国债市场流动性的原因及表现。国债市场的流动性出现危机主要可能有两方面原因,一方面可能由于金融机构投资者的行为;另一方面可能由于银行及其他金融机构的流动性收紧。机构投资者需要最后贷款人的保护,2007年美国次按危机爆发后,美联储和欧洲央行就对金融 First, the financial stability and bond market liquidity 1, the impact of bond market liquidity reasons and performance. The liquidity crisis in the bond market may mainly result from two reasons, one may be due to the behavior of financial institutional investors; the other may be due to the liquidity tightening in banks and other financial institutions. Institutional investors need the protection of the lender of last resort. After the U.S. subprime crisis broke out in 2007, the Federal Reserve and the European Central Bank