Among the costs and risks of their low-interest-rate policies are a return to the leveraged growth pattern and growing uncertainty about the limits of a central bank’s balance-sheet expansion. In other words, will the elevated asset values caused by low discount rates suddenly reset downward at some point?
这些国家的低利率政策隐含着成本和风险，而其中包括令经济恢复到杠杆型增长模式以及央行资产负债表扩张局限性所带来的不确定性。换言之，低利率引发的资产价值提升会在某个时候突然倒退到之前的水平吗？没有人知道答案。