The snag is that low growth makes it hard to summon up the political will for reform, whichtends to impede growth in the short run before producing a longer-term pay-off.
麻烦在于,低增长使人很难调动起改革的政治意志——改革倾向于在短期内压抑增长,之后才能带来长期回报。
Then there is the problem of dismal investment returns and the impact of low discount rateson pension fund liabilities. It is impossible to know how far pension fund deficits dampenenanimal spirits in the boardroom, but where pension funds are big in relation to the company,deficits cannot help.
还有就是投资回报糟糕以及低折现率加重养老基金支付负担的问题。我们不可能知道,养老基金的亏空将在多大程度上抑制董事会的“动物精神,但在养老金规模相对于公司较大的情况下,亏空肯定不是好事。
They may well have been a factor, albeit a minor one, in the weakness of investment since2008. Equally important, a subnormal interest rate environment reduces the scale of creativedestruction and confers advantage on big companies at the expense of more productivesmaller companies that lack good access to credit markets.
对于2008年以来投资疲弱的情况,养老基金亏空很可能是一个因素,尽管是个次要因素。同等重要的是,利率偏低的环境影响了“创造性破坏的规模,把优势留给了大公司,却损害了生产率较高、但难以利用信贷市场的中小企业。
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