Central banks are better at restraining markets' irrational exuberance in a bubble - restricting the availability of credit or raising interest rates to rein in the economy - than at promoting investment in a recession.

与在经济衰退时促进投资相比，央行更善于限制市场在泡沫时期不理性的繁荣——通过限制贷款或者提高利率来控制经济。

Stiglitz, Joseph E.Stiglitz, Joseph E.

iglitz, Joseph E.

Stiglitz, Joseph E

© Project Syndicate 1995 - 2011

http://www.project-syndicate.org/ 13.09.2011

iglitz, Joseph E.

Stiglitz, Joseph E

© Project Syndicate 1995 - 2011

http://www.project-syndicate.org/ 13.09.2011

As economic deregulation increased, financial crises began erupting: since 1990, there have been three distinct crises in Latin America, one each in Russia and Asia, the Internet bubble, and now the sub-prime crisis.

经济管制解除增加之际，金融危机开始爆发。从1990年以来，拉美、俄国和亚洲出现三起突出的危机，又有互联网泡沫，现在又是次级房贷危机。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 13.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 13.01.2011

Today’s financial crisis, triggered by the collapse of the housing bubble in the United States, also marks the end of an era of credit expansion based on the dollar as the international reserve currency.

由美国住宅泡沫破灭所引发的当前金融危机也标志着以美元国际储备货币地位为基础的信用扩张时代彻底结束。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.01.2011

For starters, the roof is starting to collapse on the global housing bubble, as housing markets begin to freeze up not only in the United States, but also in many other countries, such as high-flying Spain.

首先，全球房地产泡沫的屋顶正开始塌陷，因为不但是美国的房地产市场开始变得冷清，其他许多国家，包括房价飞涨的西班牙也正面临这一局面。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 11.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 11.01.2011

Rather, we now know that Japan’s economic difficulties were caused by the growth, and then collapse, of a huge asset bubble, and the failure to use monetary policy to prevent deflation after the bubble burst.

实际上，我们现在知道日本的经济困境是由巨大的资产泡沫增长和随后破灭以 及未能利用货币政策在泡沫破裂后防止通货紧缩而造成的。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 15.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 15.01.2011

The Fed has been trying to slow demand growth and cool the housing price bubble to avoid inflation, but carry trade speculators have been easing credit.

美联储一直试图降低需求的增长，并且给持续上涨的房地产市场降温以避免通货膨胀，但是套利交易投机商却放宽了信贷条件。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 01.11.2010

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 01.11.2010

On one hand, policy must fuel asset bubbles to keep the economy growing.

一方面，政策必须推动资产泡沫来维持经济增长。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 24.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 24.01.2011

With deflating housing bubbles, high oil prices, and a strong euro already impeding growth, the ECB is virtually ensuring a sharp euro-zone slowdown.

在房地产泡沫破灭、油价高企、欧元坚挺的汇率已经妨碍经济增长的情况下，欧洲央行实际上正在人为导致欧元区经济发展的急速放缓。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 15.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 15.01.2011