면책 고지: CFD는 복잡한 금융상품으로, 레버리지로 인해 빠르게 손실이 발생할 수 있는 높은 위험을 수반합니다.
CFD의 작동 방식을 이해하고 있는지, 그리고 자금 손실의 높은 위험을 감당할 수 있는지 신중히 고려하시기 바랍니다.
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Financial Instability Hypothesis
The Financial Instability Hypothesis is Hyman Minsky’s idea that financial stability itself generates the conditions for future instability. As the good times roll, confidence builds, credit standards soften, and borrowing structures slowly move from conservative to precarious. The longer the good times last, the more leverage builds up, the more fragile the system becomes.
At the point of greatest fragility, the unwind can be swift and brutal when sentiment finally reverses. This forced deleveraging was later dubbed a Minsky Moment by economists.
Example: the US mortgage market in the mid-2000s was Minsky-esque to the letter. Years of soaring prices promoted ever-riskier lending – no-income, no-asset mortgages became popular, and complex instruments backed by those loans were deemed secure.
As the price spike eased and defaults began, the structure unfolded rapidly, creating just the sort of cascading calamity Minsky had been describing decades before anyone in the mainstream was listening.
Financial Institution (FI)
A financial institution is any organization whose core activity is accepting deposits, making loans, processing payments, managing investments, or providing insurance. The category is very broad. It includes commercial banks, investment banks, credit unions, insurance companies, pension funds, asset managers, and broker-dealers.
What they share is that they sit between people who have money and those who lack it, moving money around the economy in ways that individuals and businesses cannot easily do on their own. Regulation of financial institutions is thorough because a failure of an institution can have repercussions far beyond its walls.
Example: A mid-sized regional bank hit by a problem impacts far more than its shareholders. Credit lines are cut off for local businesses, depositors are uncertain, and the consequences of such events permeate the community.
That systemic quality, that any problem that occurs at one institution becomes a problem at all of them, is one of the reasons why financial institutions are the most regulated institutions in any economy.
Financial liability
Financial liability is a commitment to pay cash or a monetary amount to someone at some time in the future. It is located on the right side of a balance sheet, indicating the amount of debt an entity has – loans, bonds outstanding, accounts payable, and derivatives currently off-balance sheet.
Understanding liabilities is important because they’re claims on future cash flows. The company can comfortably service its obligations when its liabilities are not too large relative to its assets and earnings. The one that’s too heavily burdened – especially with short-term loans that it’s not easily able to refinance – is susceptible.
For accounting purposes, a liability is not recognized unless it is likely to occur and is measurable, which is why why contingent liabilities – things that might be owed depending on how a lawsuit or regulatory investigation turns out – require separate disclosure.
Example: A property developer may have a large amount of money owed on construction loans and bonds issued to finance current projects. Those obligations are easily controlled, provided sales remain strong, and refinancing can be obtained. During a period of cooling and restrictive lending, those are the liabilities that keep the CFO awake at night.
Financial market
Any marketplace where asset or security trading takes place, including forex, shares, cryptocurrencies, indices, commodities and others.
Financial risk
Financial risk is the risk of financial loss when an investment, business decision, or financial position turns out worse than expected, potentially resulting in a complete loss of the money involved. There are many different varieties.
Market risk is the risk that prices move in the wrong direction. Credit risk is the risk of not being paid if the counterparty fails to pay what he owes.
Liquidity risk is the risk of being unable to dispose of an asset at a significant loss, while operational risk is the risk of breakdowns in systems, processes, and people.
There is no such thing as a safe financial transaction, and there is no purpose in trying to eliminate risk. It is about managing it.
Example: If a fund manager has all his interests in one area, he could be exposed to enormous market risk if a legislative change or a stunning occurrence in the business could influence all his funds.
Diversification across industries reduces that particular risk but creates additional risks. The objective is not to find a risk-free portfolio but one that incorporates known, quantifiable risk and is rewarded for the returns it delivers.
Financial Stability Board
The Financial Stability Board is an international group of financial stability experts responsible for ensuring systemic stability and providing recommendations to the world. It was founded in 2009 following the global financial crisis and includes central banks, finance ministries, and regulators from the G20 countries.
The FSB has no legal authority to compel anyone to do anything. But it has influence because the people in it have the legal authority to create rules. Among other things, it addresses the problems of bank capital requirements, the regulation of crypto assets, and the dangers posed by non-bank financial intermediaries.
Example: The FSB pioneered the push for higher capital requirements for banks and greater regulation of systemically important banks – those whose failure would be too big to ignore – in the wake of the global financial system’s catastrophic exposure during the 2008 crisis. They would not be a cure for risk, but they would make the system considerably more resilient than it was when the crisis started.
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