For emerging markets, the years of easy growth from cheap money and fat commodity earnings are over. 对新兴经济体而言,廉价货币和丰厚大宗商品利润带来轻松增长的年代已经过去了。
What do you do if you have access to cheap money? 如果你能获得廉价资金,你会怎么做?
A flood of cheap money may be a poor-quality reason to chase stock markets higher. 洪流般的廉价资金也许是追逐股市走高的一个劣质理由。
But right now the world is awash in cheap money, looking for someplace to go. 但是现在世界上到处充斥着寻找投资的便宜货币。
Cheap money has accelerated the process. 廉价资金已加速了这一过程。
A continuation of booming growth and cheap money will cause trouble in the end. 持续的增长繁荣和低成本资金最终会引来大麻烦。
Cheap money and negative real interest rates lead over time to frothy speculation and inflation. 随着时间推移,廉价货币和负的实际利率导致带来泡沫的投机和通货膨胀。
The OECD said that extremely aggressive policy centred on cheap money should stay in force. 经合组织表示,应继续实施以提供廉价资金为核心、极端积极的政策。
Property in Singapore, like Hong Kong, has been fuelled by cheap money made worse by currencies more or less pegged to the US dollar. 新加坡的房地产和香港一样,受到廉价资金驱动,更糟的是,两地的货币或多或少跟美元挂钩。
Cheap money from the Greenspan Fed is also now blamed for the housing bubble and for the subsequent bubble in emerging market equities. 房地产泡沫和随后新兴市场的股市泡沫,也被归咎于格林斯潘掌控下美联储提供的廉价资金。
Of course, this need not stop a backlash against the Chinese using cheap money to buy business. 当然,对中国企业利用廉价资金获得业务的激烈反对未必会因此停止。
A significant portion of the river of cheap money flowed into commodity markets. 很大一部分廉价资金流入了大宗商品市场。
Cheap money brings benefits for a time, but, as Goldilocks discovered to her cost, there is no such thing as a free lunch. 廉价资金会带来一时之利,但正如金发姑娘付出代价后所发现的那样:天下没有免费的午餐。
This was calculated on the basis of a cheap money market rate, plus a small administration fee and a lending margin. 这一利率水平是以货币市场上廉价的利率为基础,外加少量管理费用与贷款利润计算出来的。
They also say that no matter what went wrong, the fed under Chairman Greenspan would save the day by creating enough cheap money to buy off trouble. 他们还说,不论出了什么问题,格林斯潘执掌的美储储总会通过创造足够多廉价货币收买的方法来化解困境。
The answer seems to be an abundance of cheap money, which lured investors into complacency. 答案似乎是丰盈的低息贷款让投资者于诱惑下变得扬扬自得。
The Fed has made banks and corporations dependent on cheap money. 美联储让银行和企业对廉价资金产生依赖。
Had Chinese reserves been held in gold rather than in US Treasury bills, the Fed would have been obliged to raise interest rates; as it was, it could run a cheap money policy. 若中国持有的外汇储备不是美国国债而是黄金,美联储(fed)将不得不提高利率;事实并非如此,美联储才得以推行宽松的货币政策。
It hated having to keep rates low, fearing that cheap money can cause bubbles in real estate, in capital investment and in the carry trade. 它不愿被迫将利率保持在低位,担心廉价资金可能会引发房地产、资本投资和套利交易的泡沫。
Cheap money and low interest rates, courtesy of western printing presses, enabled many countries to ramp up borrowing, stimulating the domestic demand needed to replace flat exports. 西方国家开动印钞机产生的廉价货币和低利率,让许多亚洲国家能够大肆借贷,从而刺激了必要的内需,抵消了出口低迷的影响。
After a period of extraordinarily cheap money, interest rates are going up around the world. 在一段超低利率之后,全世界利率都在不断上升。
The bad news is that there will be no cheap money for supporting overvalued asset prices any more. 而坏消息是,到时候中国不再会有廉价资金,来支撑被高估的资产价格。
So it looks as though cheap money stopped markets taking all the medicine they needed. 因此,看起来好像是廉价资金阻止了市场服下它们所需的全部药品。
Cheap money has produced a market with the attention span of a small child. 廉价资金造就的市场,注意力维持时间就跟小孩一样短暂。
Another school of thought blames the Fed for running a cheap money policy for far too long. 另一派人谴责美联储将宽松货币政策维持过久。
But when both the private and public sector are deleveraging, there is often deflation and a liquidity trap: borrowers do not want to borrow, no matter how cheap money becomes, making monetary policy less effective. 但当这两个部门都去杠杆化时,通常会出现通缩和流动性陷阱:不管资金成本多么低,借款人都不想借入资金,这削弱了货币政策的效果。
With plenty of cheap money available, especially for stable utility businesses with predictable returns, investors have been urging companies to gear up to enhance their earnings. 由于有大量廉价资金可用,特别是对于回报可预期的稳定的公用事业业务,投资者一直敦促企业加大举债力度,以提高盈利。
Cheap money is often the problem. 问题常常出在廉价资金上。
This was the cheapest in 21 years but still double the lows seen after previous great sell-offs, implying cheap money had once again saved prices before all speculative excess had been cleaned out of the system. 这是21年来的最低水平,但仍然比以往几次大暴跌之后的低点高出一倍,这意味着廉价资金再次在系统中的过度投机得到彻底清理之前挽救了股价。