Corporate borrowers pay an interest premium over the risk-free rate; equities have offered ahigher long-term return than government bonds to reflect their higher risk.
公司融资者在无风险率上支付利息费用;股票提供一个比政府债券更能反映他们的高风险的长期回报。
But what is the true risk-free rate?
但是什么是真正的无风险率呢?
Multinational companies can borrow at a lower rate of interest than some governments:compare Apple with Greece, for example.
跨国公司可以以比一些政府更低的利率借款:例如,比较苹果公司和希腊。
And although America is the world s biggest economy, its government does not borrow at thecheapest rate on the planet:
尽管美国是世界上最大的经济体,它的政府并不以这个星球上最便宜的利率借钱;
Japanese yields have been lower for many years and German long-term yields are nowsignificantly below those of Treasuries.
日本的年收益率已经愈来愈低很多年了而且德国长期年收益率现在很明显的比国库券低。
Where America does have a substantial advantage is that it borrows in the world sreserve currencythe dollarand that its debt market is by far the most liquid.
美国实质上占优势的地方是它借的是世界储备货币并且它的债券市场是目前流动性最好的。
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