Only in Brazil are real rates positive and above the neutral rate.

只有巴西的真实利率为正且高于中性利率。

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That explains the geographical discrepancy and should also assist efforts to curb the disease in Brazil by allowing the real culprit to be studied in detail.

这就解释了地理差异，同时也有助于详细地研究真正的罪魁祸首，从而控制巴西疾病。

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Only Brazil and South Africa among major emerging economies have significant real rates; many are negative.

大型新兴经济体中，只有巴西和南非的实际利率还有意义，其余大多为负利率。

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Investors who think this trend is bound to reverse, especially once the systemic risks posed by the U.S. and Europe start to subside, might consider Brazil real estate equities, or global REITs, worth a buy.

FORBES: Brazil Housing Market Booming 'Til 2017

Until the global economy looks more balanced, and that depends on Brussels and Washington for the time being, the fundamentals of Brazil real estate will seem to be built on straw when they have probably never been so good.

FORBES: Brazil Housing Market Booming 'Til 2017

But it is in Brazil where real riches lie.

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