One is the scarcity of capital.

理由之一是资本不足。

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Japan's sudden zeal for mergers and acquisitions, despite the uncertain business environment and a scarcity of capital.

变革的另一个标志就是虽然商业环境难以预测以及资金不足，日本企业却突然热衷于合并及收购。

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But this picture is rapidly changing. With high interest costs and a scarcity of capital, client groups are demanding leaner designs.

但现在这种状况正在迅速改变，因为高利率以及资金的缺乏，现在大多业主更倾向于节约型设计。

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In other words, small banks will be disproportionately hurt by higher capital costs and scarcity of capital at a reasonable cost.

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Add to these the scarcity of capital and a prolonged financial crisis.

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Capital will therefore flow out (or fail to flow in) until the scarcity of capital pulls the after tax return up to the world return.

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