英文：

　　THERE ARE two types of sellers in financial markets. The first kind sell because they want to. They may need cash to meet a contingency; or they might coolly judge that the risks of holding an asset are not matched by the prospective rewards. The second kind sell because they have to. The archetype is an investor who has borrowed to fund his purchase and has his loan called. If there are lots of forced sellers, as can happen in periods of stress, the result is a rout. Involuntary selling can amplify any decline in asset prices. A called loan is not the only trigger. It might be a ratings downgrade; an order from a regulator; or a jump in volatility that breaches a risk limit. What happens in the markets then feeds back to the broader economy, making a bad situation worse.

　　参考译文

　　金融市场上的卖家分两类。第一类是自己想要卖出。他们可能需要现金来应急，或者是冷静评估，认为持有某一资产的风险与预期回报不相称。第二类是不得不卖出。典型的情况就是投资者借钱买资产，然后收到通知被要求还款。如果出现大量被迫卖出者，正如在市场受压时期可能发生的那样，结果就是崩盘。非自愿卖出可能会放大任何资产价格下跌幅度。还款通知并非唯一的诱因，可能还有评级下调、监管机构颁令，或者波动性激增突 破了风险限额。市场上的变化继而又会反馈给更广泛的经济，令糟糕的局面恶化。

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