None of this might matter were it not for the fact that extremely low interest rates have fueled increased risk-taking by borrowers and yield-hungry lenders. The result has been a massive mispricing of financial assets.
要不是考虑到一个事实——极低利率助长了借款人和渴望高收益的贷款人的冒险行为——所有这些都不重要。已经造成的结果是金融资产的大量错误定价。而这造成了日益增加的风险，当货币政策正常化、资产价格得到纠正时，实体经济可能遭到严重的副作用影响。