So, too, are financial flows and financial crises.

同理，资金流动和 经济危机也是如此。

History teaches that financial crises are followed by years of weakness.

历史告诉我们，数年经济疲软时金融危机的后遗症。

With money came speculation, bringing in turn those endemic financial crises.

有金钱就有投机，有投机就有普遍的金融危机。

Financial crises be damned, Germany stands as an economic beacon, with record employment and the lowest youth unemployment in Europe (see chart).

金融危机让人们叫骂不绝，但是，德国却以欧洲最高就业率和最低青年失业率，成为欧洲的经济标杆。

John Hassler of the prize committee said: " Financial crises and depressions are kind of the worst thing that can happen to the economy."

颁奖委员会的约翰·哈斯勒表示：“金融危机和萧条是可能发生在经济上的最糟糕的事情。”

Its economy remains dependent on the fortunes of the United States, and financial crises in Europe make investors jittery.

其国内经济仍相当依赖美国，而欧洲金融海啸也可能让墨西哥的投资商犹豫不决。

He addressed the General Assembly February 5th on debt, which he says is the main reason for global financial crises.

他在2月5日的联合国大会上就债务发表了讲话，他说债务是全球金融危机的主要原因。

In practice, however, financial crises in recent decades have been so acute that central banks have mostly been unable or unwilling to discriminate.

然而，实际上，近几十年的金融危机情况都很严峻，以至于各国的央行大多无法或不愿意区别对待。

It was created on December 23rd, 1913 with the enactment of the Federal Reserve Act as a way to protect against future financial crises.

它是1913年12月23日随着联邦储备法的颁布而成立的，以预防未来发生金融危机。

Research by Diamond and Dybvig in the 1980s showed that governments could provide assistance to protect money in banks and prevent financial crises from getting worse.

戴蒙德和戴布维格在20世纪80年代的研究表明，政府可以提供援助，以保护银行中的资金，防止金融危机恶化。

And we've seen this in financial crises in the past.

我们在过去的金融危机中已经看到了这一点。

Both sorts of collateral are at the root of many financial crises.

这两种抵押品都是许多金融危机的根源。

Since then the IMF has taken on a bigger role fighting financial crises around the world.

从那时起，国际货币基金组织在应对全球金融危机方面发挥了更大的作用。

Is a concentration of wealth at the top to blame for financial crises?

财富集中于富人之手，这是导致经济危机的根源吗？

Human confidence in the market has the power to trigger everything from economic booms to financial crises.

人类对市场的信心有能力引发从经济繁荣到金融危机的一切。

And the main way we know each other is talking about banks and the financial system and financial crises.

我们相互了解的主要方式是谈论银行、金融体系和金融危机。

So our task is to educate ourselves so that we can understand why we have these recurrent, intensifying financial crises, and how we can prevent them in the future.

所以我们的当务之急是好好学习，长长见识，搞清楚金融危机一再出现并且愈演愈烈的原因，以及未来如何防范。

Much larger is the bond market, over $100tn worldwide, and the bond market is playing an increasingly important role in financial crises.

债券市场规模要大得多， 全球范围超过 100 万亿美元，而且债券市场在金融危机中发挥着越来越重要的作用。

From Iceland's $85 billion default to Argentina's repeated financial crises, a country being unable to pay back investors can severely lower standards of living and have ripple effects on the entire global economy.

从冰岛850亿美元的债务违约到阿根廷屡屡发生的金融危机，可以看出，如果一个国家无法偿还投资者债务的话，可能会严重降低国民生活水平，并对整个全球经济产生连锁反应。

And indeed that is the main reason recoveries after financial crises are usually sluggish: households and businesses have to hack back the debt they accumulated during the boom years, a process called deleveraging.

实际上，主要原因在于金融危机之后的复苏通常是迟缓的：家庭和企业必须归还他们在经济高度增长年份所积累的债务，这过程被称作资金杠杆。