Essentially, what the precautionary-saving literature says is that more uncertainty reduces the average propensity to consume (APC), the ratio of consumption to income.

从本质上讲，预防性储蓄理论说的是，更多的不确定性会降低平均消费倾向(APC)，即比消费与收入的比率。

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In America, the household savings ratio (the proportion of disposable income not used for consumption) has been below 2.5% since 1999; in Britain, it has been below 3% in each of the past two years.

在美国，家庭储蓄率(没有用于消费的可支配收入的比例)自从1999年来一直低于2.5%；英国家庭储蓄率连续两年都低于3%。

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Britain's housing boom was one of the world's largest; its household debt-to-income ratio is higher than America's; and, as in America, a long consumption boom left a large current-account deficit.

英国的住房市场是世界上最大的低迷市场之一；英国家庭负债收入比比美国更高；像美国一样，长期的消费高涨导致了经常性项目的巨额亏空。

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