Word: market risk
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Dates: during 1917-1917
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...production. This "directive function" of speculation is perhaps most important of all. A fifth point, which should receive greater stress than is usually given it, is that speculators, by making an active market, make it safe for banks to lend on goods that are being carried over to a later season--make bank loans "liquid." The speculator also, by putting up a "margin," protects the banks from risk in financing such operations...