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One is the mega-chain Wal-Mart. "On one hand,Wal-Mart's whole business model is based on consumption.
VOA: standard.2010.01.23
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Part of--this is the--it's not loan-to-value ratio-- this is the ratio of mortgage debt to personal consumption expenditure.
这并非贷款价值比率的问题,一定程度上,是抵押率的问题,即负债对个人消费支出的比率
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What Backus, Kehoe, and Kydland did was look at how much the consumption correlates-- the movement from year to year-- correlate across countries.
巴克斯，凯赫和基德兰德做的就是,研究这些消费的相关性-,不同年份消费的相关性-,不同国家的不同运动规律。
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But when you remember that the subject at hand is actually in some way sex, then you can begin to associate the Lady's image of this moderate consumption of natural wealth - with some version of -- if this makes sense -- some version of an act of sexual consummation.
但是当你们想起,现在讨论的话题其实是性，然后你们可以将这位女士,关于适量消费自然财富的形象,与一些版本--如果那有意义-,一些版本关于性圆满的行为联系起来。
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The only risks that are left are risks that everyone shares, so you would see planet-wide risks expressing themselves in consumption, but nothing else.
唯一剩下的风险,就是每人分担的那些风险，所以你会看到全球的市场风险,以消费的形式表现出来，再无其他。
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So, the whole world-- everyone's consumption around the world would go down.
所以，整个世界-,每个人的消费能力都下降了。
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They think, it doesn't matter what I do, I'm going to get the same consumption as everybody else, so I'll just get lazy-- a very fundamental problem, which you probably are already aware of.
因为他们知道，无论做了什么，都会享受与其他人相同的消费水平，所以偷懒就行了-,想必你们都已经意识到了，道德风险在这里是极其重要的问题。
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.. The problem is again the ideal-- they're trying to work toward what I think of an ideal that we see in finance-- 1 mainly, the perfect correlation of consumption and the elimination of risk--we all help each other.
问题又回到了理想-,他们为之奋斗的这种理想状态,如果用金融学的理念来解读-,就是消费与风险消除的相关系数为,即完全正相关，所有人都互助互利。
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What they argued in this paper was that, if we had perfect risk management, then there would be perfect correlation of consumption across countries because if we get rid of the idiosyncratic risks, then all that's left is planet-wide risks.
他们在论文中的观点是，如果我们有完善的风险管理,那在不同国家之间的消费呈完全相关,因为如果我们消除了特有风险，那只剩下全球范围内的市场风险。
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