The collapse of the credit bubble will reduce tax revenues.
信贷泡沫破灭将减少财政收入。
Yet it was the mild hikes of 2004 to 2006 that helped trigger an end to the credit bubble.
然而2004-2006年间的适度上调触发了信贷泡沫的破裂。
The credit bubble is over, thanks partly to a buyers' strike for asset-backed commercial paper.
信贷泡沫已经结束，这在一定程度上是由于买方不再理会资产担保商业票据。
Yet the global carry trade - one of the key features of the credit bubble - could well come under pressure.
然而，全球套利交易——信贷泡沫的主要特征之一——很可能会受到压力。
Japan did not have housing or credit bubbles, but the undervalued yen encouraged a bubble of a different sort.
日本没有房地产泡沫和信贷泡沫，但是被低估的日元刺激了另外一种泡沫。
Even in the best of circumstances, the consequences of the biggest asset and credit bubble in history will linger.
即使在最好的情况下，史上最大资产和信贷泡沫的后果仍将徘徊在附近。
For US policymakers, Japan is the case study in what not to do when a credit bubble is followed by a real estate bust.
对于美国的决策者来说，当他们面临由不动产破产引发的信用危机时，日本是一个教训，让我们学习那些事情是不能做的。
The reduction of leverage after a credit bubble bursts takes a long time, which prevents a vigorous economic recovery.
信贷泡沫之后，减杠杆的过程要持续很久，这将阻碍经济有力地复苏。
Its secrets are as follows: no domestic property or credit bubble; sound public finances and its export-driven economy.
（第一段）它的成功秘诀包括：国内没有房地产和信用泡沫；公共财政良好；出口为主的经济。
It is a big holder of "hung" leveraged loans and bonds, mostly related to buy-outs agreed on in the credit bubble.
它是杠杆交易贷款和债券产品的最大持有者，且大多数是在信贷泡沫时期达成的协议。
But Brazil will need skilful policymaking if it is to manage down its current credit bubble without losing control.
但是如果巴西要在不失控的情况下管理其当前的信贷泡沫，将需要高超的政策决策。
Ironically, the very firms that helped to inflate the credit bubble are now among the keenest to profit from its bursting.
具有讽刺意味的是，这些帮助产生信用泡沫的公司现在积极从这次危机中获利。
During a boom, highly leveraged investment Banks encourage a credit bubble, whereas in a credit bust they have to deleverage faster.
繁荣期间，高杠杆化的投资银行会激起信贷泡沫，而当信贷紧缩时，他们又不得不更快的收起杠杆。
Exports - which are Korea's only source of strength and have kept the economy afloat since the credit bubble burst - are suffering.
出口量——这是韩国唯一的力量源泉和从信贷泡沫破裂以来一直保持经济的运转——正在经历着艰难的时刻。
Their earnings were pumped back into the international financial system, inflating a credit bubble that now has popped disastrously.
他们的收益不断回流至国际金融体系中，令信贷泡沫持续膨胀，在破灭后酿成今天的灾难。
But although the bursting of a credit bubble always leads to a severe economic downturn, it doesn't have to cause long-term weakness.
但是，尽管信贷泡沫的爆破总是导致一个严重的经济衰退，却并不一定会导致长期的疲软。
But his unwillingness to admit the Fed's role in inflating the housing and broader credit bubble raises serious questions about his judgment.
但他不愿承认美联储在催生房市泡沫和更广泛的信贷泡沫中所扮演的角色，令人对他的判断力产生了严重质疑。
That crisis has its roots in the biggest housing and credit bubble in history. America's house prices, on average, are down by almost a fifth.
本次危机源于史上最大的房贷信用泡沫，美国房价平均下降了五份之一。
In Asia, the combined issuance of corporate loans, bonds and equity is now almost double the 2007 credit bubble peak, according to Deutsche Bank.
德意志银行(Deutsche Bank)表示，亚洲目前企业贷款的发放以及债券和股票发行额几乎达到了2007年信贷泡沫高峰期时的两倍。
Ultimately, Asian economies themselves were pumped up along with assets like American houses and shares during the credit bubble of the past decade.
归根到底，亚洲经济是在过去十年的信贷泡沫中由诸如美国房地产和股市资产推上天的。
But this crisis was caused by the largest asset-price and credit bubble in history-even bigger than that in Japan in the late 1980s or America in the late 1920s.
但这次，形成危机的资产价格和信额泡沫远大于1980晚期的日本或1920年晚期的美国，规模之大史无前例。
The result was a temporary worldwide credit bubble, followed by a wave of loan defaults, falling housing prices, banking losses and a dramatic tightening of bank lending.
其后果是世界范围内短期的信贷泡沫以及紧随其后的贷款拖欠、房产贬值、银行损失和银行借贷的急剧紧缩。
Germany's public - and private-sector finances are also in much healthier shape, mainly because a conservative mortgage system helped it avoid a housing and credit bubble.
德国的公共财政和私有财政状况相对也健康得多，主要得益于保守的抵押制度，避免了房产和信贷泡沫。
Directly or indirectly, capital flowing into America from global investors ended up financing a housing-and-credit bubble that has now burst, with painful consequences.
那些直接或间接进入美国的全球投资者的资本，最终的结局就是为现在破裂的房地产和信贷泡沫提供的资金，结果是惨痛的。
Directly or indirectly, capital flowing into America from global investors ended up financing a housing-and-credit bubble that has now burst, with painful consequences.
那些直接或间接进入美国的全球投资者的资本，最终的结局就是为现在破裂的房地产和信贷泡沫提供的资金，结果是惨痛的。
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