The rise in global stock prices from early March to mid-June is arguably the primary cause of the surprising positive turn in the economic environment. The $12,000bn of newly created corporate equity value has added significantly to the capital buffer that supports the debt issued by financial and non-financial companies. Corporate debt, as a consequence, has been upgraded and yields have fallen. Previously capital-strapped firms have been able to raise considerable debt and equity in recent months. Market fears of bank insolvency, particularly, have been assuaged.
今年3月初至6月中旬全球股市上漲，可以說是經濟環境意外好轉的主因。新創造出的12兆美元公司股權價值，顯著增強了金融及非金融機構的資本緩衝，支撐著它們發行的債務。其結果是，公司債務得到升級，而收益率有所下降。最近幾個月，之前資金短缺的公司能夠大規模舉債和進行股本融資。市場對銀行資不抵債的擔憂，尤其得到了舒緩。
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