Third, global imbalances led to cheap money. Long-term current-account surpluses in some countries (China, other rapidly growing Asian economies, and Gulf oil producers) permitted the long-term financing of deficits in others (the United Kingdom, Australia, Spain, Ireland, and, above all, the US).
第三，全球收支失衡导致融资成本过低。某些国家（中国、其他亚洲高增长经济体和海湾产油国等）长期保有的经常账户盈余支持了其他一些国家（英国、澳大利亚、西班牙、爱尔兰，当然首先是美国）的长期赤字融资。