Those fluctuations are then exacerbated through credit cycles triggered by the drop in equity prices.

随后，在股价下跌引发的信用循环中，价格波动加剧。

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However, because we are more advanced in the economic, profit, and credit cycles, disappointments or negative surprises are more likely to occur.

但是，因为我们走在经济、利润和信贷周期的前面，更可能出现的是失望或消极的意外。

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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.

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。

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Moving toward a relative ratings system is not a silver bullet, but it may be a useful incremental step toward smaller, less damaging credit cycles in the future.

FORBES: Rethinking Credit Ratings

Managements at NLY and ANH have been battle-tested through several rate and credit cycles, but newer entrants have only had to endure the Credit Crisis of 2008-09 and not a prolonged Fed rate hiking cycle.

FORBES: Agency Mortgage REITs Lush Dividends To Continue

The built-in forces that drive the business cycle the sub-cycles of profits, inventories, investment and credit are still there in the numbers, masked though they may be by the unusual convergence of circumstances seen in the late 1990s.

ECONOMIST: Beyond the business cycle? | The