That is, an increase in the willingness to lend tends to increase the value of the collateral, and also improves the borrowers’ performance, thereby encouraging a relaxation of credit criteria. Bubbles recur, especially in real estate, because this reflexive relationship is repeatedly ignored.
由此而言，当时的互联网泡沫是不正常的现象。信贷通常会产生杠杆效应，有着自我放大的功能，也就是说，借贷使得抵押物增值的同时，提高了借贷者的经营能力，从而更加放大了信贷市场的能力。因为这种自我放大的过程往往不被人所察觉，泡沫，特别是房地产市场的泡沫由此产生。