Third, contributing factors included low interest rates, compressed risk spreads, and global imbalances that accommodated low savings in the US, consumption in excess of output, and a mounting trade deficit. Absent the willingness of large developing countries to run trade surpluses and high savings rates relative to investment, the asset bubble in the US – leading to a rise in domestic consumption and a fall in the savings rate – would have triggered inflation and higher interest rates.
第三，促成此次危机的因素还包括：低利率、压缩风险利差、美国人的低储蓄的全球经济失衡的、消费量超过产量以及不断攀升的贸易赤字。大的发展中国家不愿意把贸易顺差和高储蓄率相对于投资来运用，这样，美国的资产泡沫导致了国内消费的增加和储蓄率的降低，这早该会引发通货膨胀和高利率。