Their immediate dilemma is how to sustain recovery without inflating credit and asset-price bubbles.
最直接的问题是如何在不扩大信贷和房地产泡沫的情况下维持经济的复兴。
The yen carry trade has amplified global liquidity, further inflating asset-price bubbles across the world.
日元套息交易放大了全球资本流动，使世界各地的资产价格泡沫进一步膨胀。
Policymakers also fear that this flood of capital could lead to asset-price bubbles and overvalued currencies.
政策制定者们也担心这种资本洪流可能会导致资产价格泡沫并且高估货币。
But Mr Ostry's team now points out that persistent inflows might be even more dangerous in terms of asset-price bubbles.
但是现在，Mr Ostry的团队在形成资产价格泡沫方面，长期的资本流入会更加危险。
Experience in other countries shows that serious asset-price busts often lead to economic downturns lasting several years.
其他国家的经验表明，严重的房价泡沫往往会导致经济衰退持续多年。
Perhaps the main risk now facing emerging Asia is not feeble demand in the West but inflation or asset-price bubbles at home.
或许，目前亚洲各新兴经济体所面临的主要风险不是欧洲市场需求的低迷状态，而是国内的通货膨胀及资产价格泡沫风险。
There are growing concerns that a flood of liquidity is fuelling asset-price bubbles, which could destabilise economies when they burst.
人们越来越焦虑流动性泛滥推动了资产价格泡沫，进而当泡沫破灭会破坏经济的稳定。
Central bankers' attitudes to these signs of asset-price inflation will drive their decisions on whether to start raising interest rates.
各国央行对这些资产价格膨胀信号的态度将决定其是否开始提高利率。
But again, we do not witness consumer prices falling, or currencies rising (because they're usually fixed), in the various countries experiencing asset-price booms.
然而，在经历资产价格膨胀的各个国家，我们仍然没有看到消费品价格下降或者货币升值(因为它们通常是固定的)。
But this crisis was caused by the largest asset-price and credit bubble in history-even bigger than that in Japan in the late 1980s or America in the late 1920s.
但这次，形成危机的资产价格和信额泡沫远大于1980晚期的日本或1920年晚期的美国，规模之大史无前例。
Pessimists point to Japan's travails as a lesson in how a deflating asset-price bubble and a vast overhang of debt can defeat all that monetary and fiscal policy can throw at it.
悲观主义者以日本的痛苦经历作为一个教训，告诉我们资产价格泡沫破灭和巨大的债务负担是如何击败所有可以实施的货币和财政政策。
While he is even more opposed than Mr. Greenspan to the idea of restraining asset-price bubbles, he seems just as keen to slash interest rates when bubbles burst to prevent a downturn.
关于限制资产的价格泡沫，伯克南的反对态度比格林斯潘来得更坚决。
A new study finds that, on measures from capital inflows to asset-price rises, the build-up to America's mortgage crisis looks eerily like earlier financial crises in rich countries.
新研究表明从计算资金流入到资产价值上升，美国抵押贷款危机的恢复看起来与早期富裕国家金融危机极其相似。
Nevertheless the book has one eminently practical implication—that central banks should intervene to limit excessive asset-price swings on the upside, just as they have on the downside.
不过，这本著作有一个突出的实践意蕴——央行应该干预股价在上行中的剧烈波动，正如他们在股价下行时所作的那样。
Market gurus and other students of misaligned stock, bond or home prices often say that although it is easy to spot an asset-price bubble, it is impossible to know the event that finally pricks it.
市场权威和股票、债券或住房研究者们通常认为，识别价格泡沫并非难事，但却很难料知最终刺破泡沫的具体事件。
The US is like Japan in that both economies experienced big asset price and credit bubbles and their bursting left an overhang of debt on private sector balance sheets.
美国与日本的相似之处在于，两个经济体都曾遭遇巨大的资产价格和信贷泡沫，这些泡沫的破裂导致私营部门负债累累。
But Japan did not experience the beginning of another round of serial asset price bubbles as we do today.
但那时的日本并不像我们今天这样，面临新一轮的资产价格泡沫。
The vast majority of options expire without being exercised; the asset price never moves sufficiently to make it worthwhile.
绝大多数期权直到过期都没有执行；因为资产的价格的波动不足以让它值得执行。
This raises the question of whether asset price inflation may be around the corner, particularly as more RMB funds are raised over the next few years.
这就带来了一个问题，接下来几年更多人民币基金的设立是否会带来资产价格的通胀？
This raises the question of whether asset price inflation may be around the corner, particularly as more RMB funds are raised over the next few years.
这就带来了一个问题，接下来几年更多人民币基金的设立是否会带来资产价格的通胀？
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