整个信贷繁荣期间,廉价资本流入希腊、爱尔兰、葡萄牙和西班牙,为贸易赤字和住房泡沫提供资金。
During the credit boom, cheap capital flowed into Greece, Ireland, Portugal and Spain to finance trade deficits and housing booms.
经常账户赤字能不能持续下去取决于资本流入的类型和原因。
Whether a current account deficit is unsustainable depends on the type of and the reason for capital inflows.
首先,较高个人储蓄率和(更乐观来看)较低的联邦赤字有望压低长期利率和资本成本。
First, higher personal-saving rates and (more optimistically) a lower federal deficit will hold down long-term interest rates and the cost of capital.
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