新興市場

Urbanisation abetted by cheap credit fuels growth
廉價信貸驅動下的地產繁榮


廉價資金已加速了新興市場房地產繁榮。如果此輪繁榮的「劇情」與以往相同,那麼泡沫最終將會破裂。

Shortly after the 9/11 terrorist attacks, two years after the dot.com bust and at a time when US interest rates were at a record low, a leader in the Economist magazine argued that only rising house prices in the US and Europe were saving the world from a stiff recession.

9/11恐怖襲擊剛剛過去不久、網路泡沫破滅兩年之後、而美國利率處在歷史最低水準之際,《經濟學人》(Economist )雜誌的一位領導曾認爲,只有美國和歐洲的房價不斷上漲,才能讓全球經濟避免陷入嚴重衰退。

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