The inflation-indexed bond markets were not well developed in the 1980’s. But we do know that in 1984 the best-developed such market (in the United Kingdom) was quoting long-term real interest rates of only around 3% – far below the IMF’s figure.
在1980年代，与通胀指数挂钩的债券市场发育还不健全。但我们的确知道1984年最发达的此类市场（在英国）报出的长期实际利率仅为3%左右—比IMF的数字低得多。