弹性信贷

低实际利率和金融创新刺激了弹性信贷，使美国家庭部门（也包括英国家庭部门）在多年期间保持空前巨大的财务赤字。

The elasticity of credit , stimulated by low real interest rates and financial innovation , allowed the US household sector ( and also that of the UK ) to run unprecedently large financial deficits over a long series of years .

关于全球经济在2000年后所发生的变化，简单来看，就是具有弹性信贷体系的高收入国家和愿意承担更多债务的家庭，抵消了世界其它国家大规模的储蓄盈余。

A simple way of thinking about what has happened to the global economy in the 2000s is that high-income countries with elastic credit systems and households willing to take on rising debt levels offset the massive surplus savings in the rest of the world .

布朗创造的繁荣带来的破坏可能要远远大于其前任，这是因为此轮繁荣持续的时间要长得多更接近10年，而不是两年半归因于国际支付模式和有弹性的信贷市场。

The brown boom threatens to prove far more damaging than its predecessor , because it lasted so much longer more like 10 years than two-and-a-half thanks to international payments patterns and elastic credit markets .

房价快速上升又进一步刺激了这些支出，而房价快速上升则由低实际利率、低通胀和低名义利率，以及弹性非常高的信贷供应所造成的。

This spending was further stimulated by the rapid rise in house prices that were the result of the low real interest rates , low inflation and so low nominal interest rates and extremely elastic supply of credit .