危机开始的第一年,政策制定者把日本看作是一个参照物,或者说是个警告。从1991到2001期间,日本的债务泡沫带来了低迷的十年。分析者得出了三点教训。为了不上演日本式的萧条,一要快速采取行动;二要清理糟糕的资产负债;还有第三点出台有力的经济刺激行动。如果日本被看作标尺,美国和英国则有个混杂的记录。欧元区看来是要重蹈日本当年的状况。
Debts took years to build up. Take the American consumer. Debt was around 70% of GDP in2000, and grew at around 4 percentage points a year to reach close to 100% of GDP by 2007.The same was true of European banks and governments: debts rose hugely but steadily. Itwas not hard to spot debt mountains forming.
这几年负债不断增加。以美国消费者为例,在2000年,负债占到GDP的约70%,而在2007年,这一指标在一年上升了4%达到接近GDP100%的水平。同样的事情发生在欧洲银行和政府上:负债升幅稳定但数量巨大。不难想象负债这座大山已开始形成。
The crisis erupted with the realisation that subprime exposures were widespread. Manyassets were worth less in the market than they had been bought for. Debts started to lookunsustainable and interest rates jumped. This meant governments, consumers and banks,after building up debt slowly, suddenly faced much higher costs, as debts matured and theywere forced to refinance at higher rates.
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