That, let's just say, they must be equally illiquid and safe.

这么说吧，它们必须同样缺乏流动性和安全性。

The debt of property developers is too high, because they must hold expensive illiquid assets like land.

房地产开发商的债务，为他们必须持有土地等昂贵的非流动资产。

These gave banks more freedom to use models to value illiquid assets and more flexibility in recognizing losses on long-term assets in their income statement.

这些修改使得银行在使用模型评估非流动资产方面用有更大的自由，同时使得它们确认收益表中长期资产损失时更为灵活。

But that may be an illusion: illiquid assets are rarely marked-to-market, and are exposed to the same underlying economic forces as stocks and bonds.

非流动性资产很少按市值计价，可能受到的经济响还与股票和债券相同。

These gave banks more freedom to use models to value illiquid assets and more flexibility in recognizing losses on long-term assets in their income statements.

这些修改赋予银行在使用模型评估非流动资产时更多自由、在认定损益表上长期资产损失时更多灵活性。

Contagion then spread to the American Treasury market, which is as volatile and illiquid as it was at the start of covid-19.

然后蔓延到美国国债市场，该市场与 covid-19 开始时一样动荡和缺乏流动性。

A recent paper by KKR, a private asset-management firm, argues, perhaps unsurprisingly, that illiquid alternatives, like private equity and credit, are a good way to diversify.

私人资产管理公司KKR最近的一篇论文认为，私募股权和信贷等非流动性的替代选择是扩大业务范围的好方法，这或许并不令人意外。

If individual purchases of investments were rendered illiquid, this might seriously impede new investment, so long as alternative ways in which to hold his savings are available to the individual.

如果个人购买的投资变得缺乏流动性， 这可能会严重阻碍新的投资， 只要个人可以使用其他方式来持有他的储蓄。