But the real puzzle here was not the existence of these two bubbles but the fact that the first burst with minor consequences while the second provoked a financial bloodbath.

但真正的谜题，并不在于这两个泡沫存在与否，而是为何第一个泡沫破灭时影响甚微，而第二个泡沫破灭时金融业血流成河。

youdao

Closed-end fund discount is a puzzle which perturbs many people, for it violates the efficient market hypothesis and challenges the modern financial theory.

封闭型基金折价是一个一直困扰人们的难解之谜，它违背了有效市场假说，是对现代金融理论的一种挑战。

youdao

The "increasing payment base" also could relieve the puzzle of pension payment without negative externality but there was such defect as slow implement time or new public financial pressure.

“增加缴费人数”亦可以缓解养老金支付困境，且不存在负外部性，但推行时间缓慢，或将产生新的公共财政压力。

youdao

And though his appointment would be well received by the French left, it would worry Germany a lot, puzzle Europhiles across the board, and give financial markets the jitters.

ECONOMIST: Who��s for prime minister?

So while liquid financial markets, educated workforces and business-friendly legal environments are still indispensable ingredients of any international financial center, non-traditional factors like the state of local infrastructure systems have become an indisputable piece of the puzzle.

FORBES: "Gourmet Power" Alters Geography of Global Finance