But they have not prevented a borrowing binge in their private sectors. Since private debts have a way of turning into public liabilities, a low government-debt burden might not, in fact, provide these countries with the cushion that they think they have.
这次许多新兴市场经济体，比如巴西和土耳其，已经成功地控制了公共债务的增长。但它们还未能阻止本国私营经济出现的借贷热潮。由于私人债务可以转变为公共债务，因此事实上，政府债务的低负担也许并不能如这些国家所愿地为它们提供缓冲。