The possibility of high energy crisis, tighter credit conditions and a still deeper contraction in the housing markets, all represent significant downside risks to the outlook for growth. 能源危机,信贷紧缩,房市萎缩都反映了将来的经济增长非常困难。
Step 12 would be a vicious circle of losses, capital reduction, credit contraction, forced liquidation and fire sales of assets at below fundamental prices. 第12步将是亏损、资本减少、信贷收缩、被迫清算和以低于基本面价格廉价出售资产的恶性循环。
In part because of the reduced availability of mortgage credit, the contraction in housing-related activity seemed likely to intensify. 部分原因是更难获得抵押贷款,收缩在与住房有关的活动,似乎有可能加剧。
During the last credit contraction, between 1998 and 2003, Hong Kong suffered serious recession, deep deflation and a two-thirds fall in house prices. 在1998年至2003年的上次信贷紧缩期间,香港遭受了严重衰退,深度通货紧缩,房价下跌了三分之二。
In an economy afflicted by the implosion of a huge credit boom, the forces for contraction were bound to be both strong and enduring. 在巨大的信贷繁荣崩溃的冲击之下,经济收缩的力度注定是强劲而持久的。
Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters. 紧缩的信贷环境、收缩的房屋市场和上升的能源价格将令未来数个季度的经济增长受压。
It argued that booming consumption in China and India and a reduced reliance on international lending should allow Asia to weather the credit market contraction, as well as a possible US slowdown. 该行表示,中国和印度消费的迅速增长和对国际贷款依赖度的降低,应能使亚洲经受住信贷市场的紧缩和可能出现的美国经济增长放缓。
Chinese silver stocks were smuggled out of the country and sold abroad, reducing the money supply and triggering deflation, credit contraction and a slump. 《购银法》导致中国的白银储备被走私出国门并在海外出售,致使其国内货币供应下降,触发了通缩、信贷萎缩以及经济衰退。
The credit crunch in Europe worsened over the summer as corporate bond finance issuance failed to plug the gap left by a sharp contraction of bank lending. 欧洲信贷紧缩的局面在今年夏天有所恶化。公司债券融资发行未能填补银行放贷急剧收缩所留下的缺口。
And yet, although tumbling house prices and a sharp credit contraction could indeed pull the economy into a noxious downward spiral, the evidence of such an economic disaster is, as yet, slim. 虽然翻着跟斗一路下跌的房价和骤然紧缩的房价的确把经济拉下马,进入一个不良的循环,但是就此断言经济灾难还是没有证据的空谈。
The resilience of the regions property markets has been such that the credit contraction stemming from problems in the US subprime mortgage market has not so far had a significant destabilising impact. 该地区房地产市场如此强劲稳健,以至于美国次级抵押贷款市场问题造成的信贷紧缩,迄今还没有对其稳定性造成严重影响。
Manipulating those prices through credit expansion or contraction has real and deleterious effects on the economy. 通过信贷扩张或收缩来操纵这些价格,会对经济产生实实在在并且有害的影响。
Credit expansion must now be followed by a period of contraction, because some of the new credit instruments and practices are unsound and unsustainable. 信贷扩张必然继之以一个信贷紧缩时期,因为一些新信贷工具和做法不够健全,也难以持续。
Thanks to the expiry of a payroll-tax credit and extended jobless benefits in December, the United States is on course for a fiscal contraction of some 2% of GDP next year, the biggest of any large economy-and enough to drag a weak economy into recession. 由于工资税减免政策和延长的失业补贴于今年12月份终止,明年美国的财政紧缩将达到国内生产总值的2%左右,这是任何大经济体中紧缩幅度最大的,足以让疲软的经济陷入衰退。
But many of the measures taken to "save" the financial system will prolong credit contraction and the recession and leave the financial system permanently impaired. 但为“拯救”金融体系而采取的许多举措,将延长信贷紧缩和衰退的持续时间,让金融体系遭受永久性的损害。
With delay, private capital markets will close completely and nervous managements will rein in the provision of credit just when credit contraction is most likely to damage real economic prospects. 再拖延下去,私人资本市场将完全关闭,紧张的管理层将收紧信贷,而那个时候收紧信贷,恰恰最有可能损害经济前景。
But currently, the major obstacle to ensuring the validity of China's monetary policy lies in the credit contraction mechanism that still operates within its bank-dominated financial system. 当前妨碍中国货币政策有效性的主要因素是中国的银行主导型金融体系内部存在信贷收缩机制。
Moreover, the mitigation of credit contraction and the improvement of financing efficiency depend on the resolution of these two problems mentioned above. 而且,只有从这两个方面出发,才能从根本上解决银行惜贷与信贷紧缩问题,并最终促进商业银行的融资效率的提高。
In the process of adopting market principles in the financial field, the developing countries have encountered many problems such as currency instability, credit contraction and capital outflow. 发展中国家在推进金融市场化改革进程中,引发了大规模的通货失控,信用紧缩及资本外流问题。
And the non-monetary factors include financial system credit contraction, external demand shock, and the real economy structural factors. 其中,非货币因素包括金融系统信用收缩、外部需求冲击以及实体经济结构性因素。