But De Gregorio’s analysis of banking is what really stands out. Here the key issue is leverage, or how much banks are allowed to borrow relative to their equity, and the temptation that policymakers face to allow banks to borrow more, particularly when times are good and asset prices are rising.
但德格雷戈里奥对银行的分析才是最出类拔萃的。在这个问题上，命门在于杠杆，即银行可以用股本借多少钱，而决策者面临的诱惑是允许银行借更多的钱，特别是在荣景和资产价格上涨期间。