Stock market volatility was also very low during the early 1990’s, before reaching new peaks later in the decade. Moreover, financial innovation and globalization allow markets to spread risk more effectively than ever before, placing it in the hands of those who can best manage it.
当然，今天的低波动部分是周期性的。在二十世纪九十年代早期股票市场在该年代后期达到新的顶点前其波动也非常小。另外，金融革新和全球化使市场比以前能更有效地传播风险，而把它放在那些能最好地控制它的人手中。中央银行政策的改进也是另外一个巨大的因素。在二十世纪九十年代早期，世界通货膨胀的平均水平超过30%；而现在它只有不到4%。