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The third involves liquidity.
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So the phenomenon of liquidity is wholly dependent on phenomena that do not in themselves involve liquidity.
And as more investors became involved, their liquidity duly improved.
The risks can therefore involve less liquidity, having to manage the property and finding suitable tenants, as well as fluctuations in high street property values.
Increasingly the Fund is being drawn into the area of structural reform while the Bank is getting involved in liquidity support.
"Three, we need liquidity!
You need liquidity.
"The government saw everything in real time involving Lehman's liquidity, funding, capital, risk management and marks — and never expressed any concerns about collateral or a hole in the balance sheet".
No details were published about the scale of the operation, or which banks had been involved, but the liquidity injection evoked memories of the crisis measures taken by central banks in Europe and the US in the wake of the collapse of Lehman Brothers, as markets threatened to dry up altogether.
Even if the hosts didn't own their real estate, the liquidity involved is "hugely valuable and motivating to them".
There is little evidence that new regulations, involving capital and liquidity rules, could ever contain the circumvention instinct.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com