2016考研英语翻译练习：股市泡沫
对此次股市暴跌，政府采取了财政措施试图控制其杀伤力(the government tried frantically to limit thedamage)。但我们并不是第一个由于担心崩盘可能对经济造成伤害而试图去提振股价的国家。格林斯潘在担任美联储主席期间，就曾经通过给予投资者他会降息来阻止股市溃败的印象这种方式，创造出了着名的“格林斯潘对策”。China
was hardly the first country to try to bolster stock prices for fear of the
economic harm a crash could bring. Alan Greenspan, as chairman of the Federal
Reserve, famously created the “Greenspan put” by giving investors the impression
he would cut interest rates to stop stockmarket routs.
殊不知，这些介入背后的原理是一种直到最近都很少受到关注的思想，即股市泡沫对经济有着极大的杀伤力。其实，好像并不是所有的泡沫都一样坏。The
underlying rationale for these interventions is an idea that until recently
received surprisingly little scrutiny—namely, that stockmarket busts are very
damaging for the economy. Not all bubbles, it would appear, are equally bad.
据两份最新论文，区分相对无害的疯狂与灾难性疯狂的关键变量是债务。在许多案例中，股市狂热属于较不令人担忧的一类。According to two new
papers, the crucial variable that separates relatively harmless frenzies from
disastrous ones is debt. In many cases, stockmarket manias fall into the less
worrying category.
在为国民经济调查局撰写的论文中，经济学家梳理了过去140年里的房地产和股票市场的泡沫。他们的结论是，最危险的是由信贷繁荣催生的房地产泡沫，最不令人烦恼的是不依赖于债务的股市泡沫。Writing
for the National Bureau of Economic Research, scientists examine bubbles in
housing and equity markets over the past 140 years. The most dangerous, they
conclude, are housing bubbles fuelled by credit booms. The least troublesome are
equity bubbles that do not rely on debt.
那么，股市暴跌Stockmarket
routs到底是如何影响经济的呢?股市暴跌一般是通过“财富效应”来伤害经济的。在人们看到自己资产比以前大幅减少时，他们会减少开支，导致需求走软，最终引发投资疲软。债务能够使这种情况变得更坏。Stockmarket
routs typically harm the economy via the “wealth effect”. When people see that
their assets are worth substantially less than before, they spend less, leading
to weaker demand and, ultimately, weaker investment. Debt can make this
worse.
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