面对资产负债表衰退，紧缩政策回天乏力。
还有另一种方式看待目前的资产负债表衰退。
THERE is another way of looking at the current balance-sheet recession.
如果说，老龄化问题加剧了“资产负债表衰退”，政策制定者要怎么做呢？
If ageing does exacerbate the costs of a balance-sheet recession, what can policymakers do about it?
其中一个美国复苏相对较慢及失业率上升的原因是该国经历了资产负债表衰退。
ONE of the ideas for why America's recovery has been relatively slow and jobless refers to the fact that the country experienced a balance-sheet recession.
西方最终并没有快速回归繁荣，但是经历了如此巨大的资产负债表衰退后，再也没有重蹈覆辙。
The result was not a rapid return to prosperity in the West, but after such a big balance-sheet recession that was never going to happen.
在美国和英国，私营部门正在持续最小化债务，而不是最大化最大化利润，即所谓的资产负债表衰退。
In both the US and UK, private sectors are continuing to minimize debt instead of maximizing profits in what may be called balance sheet recession.
另外一个更大的问题是资产负债表衰退，他们陷入了毫无价值的房屋债务中，房市保持着低迷状态。
There’s also the greater issue that households are in a balance sheet recession, where they are saddled with worthless housing debt that will keep the housing market depressed.
另外一个更大的问题是资产负债表衰退，他们陷入了毫无价值的房屋债务中，房市保持着低迷状态。
There's also the greater issue that households are in a balance sheet recession, where they are saddled with worthless housing debt that will keep the housing market depressed.
爱尔兰的尴尬处境说明必须我们重审马斯特里赫特条约，这样既能用它来应对寻常性质的衰退也能应对资产负债表衰退。
The Irish predicament has indicated that the Maastricht Treaty must be revised so that it can deal with both ordinary as well as balance sheet recessions.
然而，危险在于对于存货周期的过度关注导致人们忽略了这次经济下滑的根本特征：这次下滑主要是由金融危机加速的资产负债表衰退，同时也是异乎寻常的全球性同步衰退。
The danger, however, is that too much emphasis on the stock cycle misses the underlying characteristics of this downturn. This is mainly a balance-sheet recession precipitated by a financial crisis.
数年的高收益率自然而然让农民的资产负债表看起来更加强势，如今的负债率仅为上次经济衰退时期的一半。
Years of strong earnings have given them reasonably strong balance-sheets, with only half the amount of leverage they carried into the last downturn.
实际上，日本就是个警告：它花了很长时间从资产负债表的衰退中恢复，政策制定者需要努力实现一些小花招。
Indeed, Japan serves as a warning: it takes a long time to recover from balance-sheet recessions, and policymakers have to pull off some difficult tricks.
但显然这次经济衰退似乎已随着资产负债表实力分化的因素决出了谁胜谁负。
Yet already this downturn seems to have created winners and losers, with balance-sheet strength the differentiating factor.
这些资产负债表上的风险，却被看做是有益的，这弥补了其在帮顾客交易这一传统业务上的衰退。
The risks that it was taking with its own balance-sheet were seen as offsetting a slowdown in its traditional businesses of helping clients make trades.
这些资产负债表上的风险，却被看做是有益的，这弥补了其在帮顾客交易这一传统业务上的衰退。
The risks that it was taking with its own balance-sheet were seen as offsetting a slowdown in its traditional businesses of helping clients make trades.
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