经济运作会有两个均衡状态，均衡状态下的资产价值，租用利率，借债能力以及经济活力要么都是很高，要么都处于低迷状态。
The economy can have multiple steady states, some with high asset value, rental rate, debt capacities, and economic activity, and others with lower values of each of these variables.
虽然从借外债转向借内债可以增强对外部冲击的抵御能力，但是也带来可能出现过度借债或监管不当的风险。
Although the shift from external to domestic borrowing can reduce vulnerability to external shocks, it also carries risks from possible over-borrowing or inadequate supervision.
亚洲民众和公司从未到处借债(韩国例外)，所以他们能够得到更多贷款，也有能力偿还贷款。
And since Asian households and firms had not previously been on a borrowing binge (South Korea is an exception), they can afford to borrow more.
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