去杠杆化

imf预期，去杠杆化大部分将通过出售证券和非核心资产进行。

The IMF expected most of the deleveraging to come from sales of securities and non-core assets .

但正如bis年度报告另一方面显示的，去杠杆化过程在后危机经济体中往往是深入和持久的。

But , as the BIS annual report also shows , deleveraging tends to be deep and prolonged in post-crisis economies .

《博鳌亚洲论坛新兴经济体发展2016年度报告》指出，如不加速去杠杆化，可能会引发“E11”（新兴11国）的债务危机。

Debt crisis may erupt in the E11 ( eleven emerging economies ) countries , unless they make urgent de-leveraging efforts , the forum 's 2016 report on the development of emerging economies said .

去杠杆化是个痛苦的过程：它才刚刚开始。

De-leveraging is a painful process : it has barely begun .

bis大胆地呼吁私人部门和公共部门同时去杠杆化。

The BIS boldly calls for simultaneous private and public deleveraging .

正如野村综合研究所（nomuraresearch）的辜朝明（richardkoo）所言，财政赤字帮助私人部门实现去杠杆化。

As Richard Koo of Nomura Research has argued , fiscal deficits help the private sector deleverage .

答案是，许多经济体正处于杰罗姆列维预报中心（jeromelevyforecastingcenter）所称的“受控萧条”，即私人部门持续去杠杆化的时期。

The answer is that a number of economies are in what the Jerome levy forecasting center calls a " contained depression " a period of sustained private sector deleveraging .

这个政策组合很可能促使经济实现惊人的强劲增长，因为房产市场已经稳定，私人部门的去杠杆化取得了长足进展，美联储（federalreserve）也已承诺要为复苏提供持续的支持。

This combination could well deliver surprisingly strong growth , since the housing market has stabilised , deleveraging of the private sector has gone a long way and the Federal Reserve has promised sustained support for recovery .

多年来，耶鲁大学教授约翰·吉纳考普劳斯（JohnGeanakoplos）一直在谈论杠杆化和去杠杆化的周期即借债和削减债务以及它们对经济造成的影响。

For years , Yale University professor John Geanakoplos has been talking about cycles of leveraging and deleveraging taking on debt and cutting back and the resulting economic impact .

自1990年衰退开始以后，通过采取这种方法，日本把GDP与货币供应量保持在了泡沫时期的峰值之上，尽管私人部门实行去杠杆化、商业地产价值下跌了87%。

By taking this route since the onset of the 1990 recession , Japan has managed to keep both its GDP and money supply above the bubble peak , in spite of private sector deleveraging and an 87 per cent decline in commercial property values .

足够讽刺的是，随着中国泡沫破灭推动大宗商品通胀下降、为去杠杆化和收紧财政政策的发达经济体带来所需的经济增长，放弃qe之举产生的意外后果很可能最终是正面的。

Ironically enough , the unintended consequence of the withdrawal of QE might very well prove to be a net positive , as an end to the Chinese bubble drives commodity inflation lower and redistributes growth to where it is needed towards the deleveraging , fiscally tightening developed economies .

我们确实是在去杠杆化上取得了进展。

It 's true that we 're making progress on deleveraging .

我认为，去杠杆化过程将继续下去。

I think the process of deleveraging is going to continue .

因此，去杠杆化操作目前仍十分普遍。

Widespread deleveraging is thus still the order of the day .

如今这两个大陆都处于持续数年的去杠杆化过程中。

Both continents are in the process of multiyear deleveraging .

此外，美国的私人部门正在进行去杠杆化。

Additionally , the US private sector is now deleveraging .

而完成资本重组也将使银行不再急着去杠杆化。

Completing the recapitalisation would remove the incentive to deleverage .

去杠杆化之路将是漫长而艰难的。

The road to deleveraging will be long and hard .

然而，这种去杠杆化经常被拖延。

However , this deleveraging is often delayed and protracted .

低利率环境有利于去杠杆化过程。

The low interest-rate environment helps the process of deleveraging .

这些去杠杆化的措施保证了微弱的复苏。

All this deleveraging has ensured a weak recovery .

政策必须一方面维持需求，另一方面为去杠杆化创造条件。

Policy must both sustain demand and facilitate de-leveraging .

与美国一样，银行去杠杆化将导致信贷状况恶化。

Like the US , bank de-leveraging will lead to poorer credit conditions .

问题的关键是加速去杠杆化，同时促进复苏。

The heart of the matter is accelerating de-leveraging , while promoting recovery .

欧元区各银行的去杠杆化进程，正在重塑美国银行业的版图。

The deleveraging process at eurozone banks is reshaping the US banking landscape .

当其中一个部门去杠杆化时，会出现复杂的后果。

When you have deleveraging in one sector , the pattern is mixed .

这就意味着，去杠杆化必须通过增加储蓄来实现。

That means deleveraging must occur through increased saving .

债务过剩使“去杠杆化”成为必然，但它几乎尚未开始。

The overhang of debt makes deleveraging inevitable . But it has hardly begun .

第二个游戏让非银行私人部门负债累累、不得不去杠杆化。

The second left the non-bank private sector with a debt overhang and deleveraging .

金融危机条件下的去杠杆化及对我国经济的反思

De-leveraging under the Condition of the Financial Crisis and Reflections on China 's Economy