The banking crisis had many causes, some of which are complex enough to make a quantum physicist's head spin. But a central cause is simple: banks relied far too much on debt to fund their activities - they used too much leverage. That's why a new study, quietly released by the Bank for International Settlements almost exactly five years after Lehman Brothers collapsed, makes for encouraging reading. It suggests that attempts to reduce leverage are paying off. The regulators' medicine is working - and with fewer side-effects than feared.
銀行業危機有很多原因，其中一些複雜得甚至讓量子物理學家頭暈。但一個核心原因卻很簡單：銀行過於依賴債務來支撐其業務活動，也就是說它們過度利用槓桿。這也是一份新出爐的研究報告鼓舞人心的原因。這份報告由國際結算銀行(BIS)在雷曼兄弟(Lehman Brothers)破產幾乎正好五年之後悄悄發佈。該研究認爲，減少槓桿的努力正在得到回報。監管者開出的藥方在奏效，並且副作用沒有人們擔憂的那麼明顯。
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