最后，它将总结一个国家在金融周期中遇到这些原因后的各个阶段反应和措施。
Finally, it will summarize measures of a country's response in the various stages of the financial cycle under these reasons.
上世纪90年代亚洲和拉丁美洲的经历告诉我们，汇率锚定强化且事实上加剧了金融周期。
Asia and Latin America in the 1990s taught us that currency pegs reinforced and indeed exacerbated financial cycles.
银行体系的非核心债务与核心债务的比率能够反映金融周期的不同阶段和银行体系的风险承担情况。
The ratio of non-core to core liabilities in the banking system can reflect the stage of financial cycle and the degree of risk-taking of the banking.
金融市场经过了它自有的乐观时期和悲观时期的周期循环，但幸运的是，它们没有在同一时间同时经历这些时期。
The financial markets experience their own cycles of optimism and pessimism, but thankfully, they won’t all go through these cycles at the same time.
金融市场经过了它自有的乐观时期和悲观时期的周期循环，但幸运的是，它们没有在同一时间同时经历这些时期。
The financial markets experience their own cycles of optimism and pessimism, but thankfully, they won't all go through these cycles at the same time.
那些稳定的周期总是导致泡沫甚至危机，更加自由的金融市场只会加剧损失。
Periods of stability always lead to excess and eventual crisis, and freer financial markets only lead to greater damage.
以后应该通过谨慎的设计来保证有效的金融调控，其中考虑到业务周期。
Careful thought should go into ensuring sound financial regulation going forward, which takes account of business cycles.
英格兰银行行长默文金，将会在保持设定利率权力的同时，为了金融体系的稳定而承担责任，并且控制信贷周期。
Mervyn King, the governor of the Bank of England, will assume responsibility for the stability of the financial system and control of the credit cycle, while retaining power to set interest rates.
明斯基认为，金融体系对夸大经济周期起到了很大作用，而传统理论对此并没有给予足够的重视。
Minsky argued that the financial system played a big role in exaggerating the economic cycle, one that was understated by conventional theory.
他的任务是控制通胀(平滑过渡经济周期)，保护金融体系，和阻止衰退转为萧条。
Its task is to keep inflation down (helping smooth out the economic cycle), to protect the financial system, and to prevent a recession turning into a deep slump.
相反，他们认为金融危机的根源在于导致信贷繁荣与萧条周期的市场失灵——不仅出现在近年来的美国，还包括早些时候的新兴市场和日本。
Rather, they see it as rooted in market failures that delivered boom-bust credit cycles - not just in the us in recent years but also in earlier episodes in emerging markets and Japan.
过度的以及过分顺周期的杠杆行为无疑是危险的，不过这是由新的金融工具与放松监管造成的吗？
Excessive and excessively pro-cyclical leverage is clearly dangerous, but was it caused by the new financial instruments and deregulation?
反弹主要来自三个行业：金融服务、消费周期类行业（包括玩具、家具）和保健。
The rebound comes chiefly from three sectors: financial services, consumer cyclicals -- items ranging from toys to furniture -- and health care.
不过对于那些拥有英美式金融体系的国家来说，这种下滑会更加严重，因为他们的信贷行为更加具有顺周期的性质。
But such downturns are more severe in countries with the Anglo-Saxon sort of financial system, because their lending is more procyclical.
然而，危险在于对于存货周期的过度关注导致人们忽略了这次经济下滑的根本特征：这次下滑主要是由金融危机加速的资产负债表衰退，同时也是异乎寻常的全球性同步衰退。
The danger, however, is that too much emphasis on the stock cycle misses the underlying characteristics of this downturn. This is mainly a balance-sheet recession precipitated by a financial crisis.
但他们频繁强调增长导致放贷过度，正如他们在拉丁美洲所做的，导致大量资产减值和周期性金融危机。
But their emphasis on growth frequently led them to lend excessively, as they did to Latin America, resulting in massive write-downs and periodic financial crises.
像金融服务和卫生保健行业中的许多商家都承受着重大压力，他们需要将在生命周期活动之内或跨生命周期活动如何行事，像开发软件，编制成文档。
Many businesses in industries like financial services and health care are under significant pressure to document how they do things like develop software, both within and across lifecycle activities.
在金融圈里，拉丁美洲长期以来有着“次级”洲的恶名，周期性的为偿还那些冒险投资人发放的债务而困扰。
In FINANCIAL circles, Latin America has long had a reputation as something of a "subprime" continent that periodically struggles to repay the money lent to it by reckless creditors.
用最好的衡量长期收益的工具——周期性调整市盈率——衡量，华尔街金融市场的溢价为21.9倍，高于历史均值大约33%。
On the best long-term measure, the cyclically adjusted price-earnings ratio, Wall Street looks overvalued on a multiple of 21.9, some 33% above the historic average.
这就意味着不仅要进一步严格个体机构的资本和流动资金的规定，而且要更广泛地把这些规定和金融系统风险的周期性增长联系在一起。
That means not just increasing capital and liquidity requirements for individual institutions but relating them to the cyclical growth of risk in the system more broadly.
而说到实物，再没有比元素周期表79号元素更实在的物质了——一个金融风暴里最受欢迎的避风港。
In a world of unreal investments, reality must finally have its day, and there is nothing more real than periodic-table element No. 79 — favored shelter from the financial storm.
困难在于寄希望于挽救这些律所(尤其是严重依赖金融产业的律所)的反周期力量还未出现。
The trouble is that the counter-cyclical forces that were expected to save the skins of many firms, especially those that relied heavily on the financial industry, have yet to materialise.
在经济周期的四个阶段里，不同类属的金融资产表现出明显的差异。
In the economic cycle in four phases, different types of financial assets is to show significant difference.
对发达和新兴市场的金融危机的研究表明，房价周期与银行萧条有一致的联系。
Research into financial crises in developed and emerging markets shows a consistent link between house-price cycles and banking busts.
当然，从事反周期业务的事务所(和周期性金融形势相反)，例如从事破产清算业务，盈利情况就相对较好。
Of course, firms with countercyclical activities, such as bankruptcy work, have fared better.
金融危机推动文化消费升温，文化消费将进入一个新的增长周期。
Financial Crisis causes the heating up of cultural consumption, which will enter a new growth cycle.
保持利率不变的决定标志着近年最缓慢的加息周期进入新的一章，突显出自金融危机以来经济复苏令人失望。
The decision to hold rates marks another chapter in the most glacial rate-raising cycle in recent times, underscoring the disappointing economic recovery since the financial crash.
保持利率不变的决定标志着近年最缓慢的加息周期进入新的一章，突显出自金融危机以来经济复苏令人失望。
The decision to hold rates marks another chapter in the most glacial rate-raising cycle in recent times, underscoring the disappointing economic recovery since the financial crash.
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