The answer to that conundrum may be that default happens suddenly, whereas inflationand depreciation are slower, giving investors more time to adjust by demanding higherinterest rates to compensate for their losses.
对于这个难题的答案可能是违约突然发生,然而通货膨胀和货币贬值是缓慢的,这给了投资者更多的时间去调整,通过要求更高的利率去赔偿他们的损失。
This is particularly true in the case of short-term debt, such as Treasury bills; inflation isunlikely to do serious damage to a portfolio in the course of a few months.
这个在短期债务中更有现实意义,如国库券;通货膨胀极少有可能在几个月的过程中对投资组合产生严重的损害。
Twenty years ago there was much talk of bond vigilantes who would respond toirresponsible fiscal policies by forcing up the interest rates on government debt.
二十年前,有许多关于通过抛售国库券来要求更高年收益和约束美国政策制定者的国际投资者的事迹,他们通过迫使提高政府债务利率来应对不负责任的财政政策。
With the bond vigilantes on the prowl, any short-term real loss suffered by investors wouldbe recouped in the form of higher real rates as the government s debt was refinanced.
随着他们伺机而动,投资者遭受的任何短期实际损失会由于政府债务再筹资而以较高的实际利率的形式收回来。
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