Balance sheets matter. This is the biggest lesson of the financial crises that have rolled across the world economy. Changes in balance sheets shape the performance of economies, as credit moves in self-fulfilling cycles of optimism and pessimism. The world economy has become credit addicted. China could well be the next victim.
資產(chǎn)負(fù)債表很重要——這是席卷世界經(jīng)濟(jì)的一場(chǎng)又一場(chǎng)金融危機(jī)所帶來(lái)的最大教訓(xùn)。隨著信貸以自我實(shí)現(xiàn)的樂觀/悲觀周期起起伏伏，資產(chǎn)負(fù)債表的變化會(huì)影響經(jīng)濟(jì)體的表現(xiàn)。世界經(jīng)濟(jì)已變得對(duì)信貸上癮。中國(guó)很可能成為下一個(gè)受害者。
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