It isn't hard to spot bubble candidates. The price of farmland has been soaring. The U.S. Department of Agriculture's measure has risen 28% in two years. And Merrill Lynch's index of high-yield debt─borrowing by companies politely labeled 'below investment grade'─is up 12% in the past year.
不难找到一些可能出现泡沫的领域。农地价格在大幅上涨。美国农业部的农地价格指标两年里上涨了28%。美林(Merrill Lynch)的高收益债券指数在过去一年上涨了12%。(高收益债券指“投资级以下的公司债券。)
But Mr. Stein pointed to one way in which the Fed's bond-buying, quantitative-easing extravaganza might be contributing to financial stability. It is encouraging companies to rely less on short-term borrowing. That is welcome. 'A major source of problems during the recent crisis,' he said, was that firms, particularly in finance, 'were relying too much on short-term debt.' That left them exposed when markets panicked in 2008 and rolling over short-term debt became difficult, often impossible.
但斯坦指出,美联储通过购买债券实施的大规模量化宽松政策,可能正以某种方式起着维护金融稳定的作用:它鼓励企业降低对短期借款的依赖。这是一件好事。斯坦说,最近这场危机期间的一个重要问题来源是,企业(特别是金融企业)过于依赖短期债务。这种情况使它们在2008年市场陷入恐慌时无法躲避,短期贷款的展期变得困难起来,经常是根本无法展期。
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