Relative to the recent past, the cost of capital will increase, debt will be more expensive and less ubiquitous, and risk spreads will not return to pre-crisis compressed levels. Assets bubbles will not disappear, but they will be less likely to be turbocharged by leverage.
近期以来，运用资金的成本开始增加。债券开始升值。风险的扩散也不会回到危机爆发之前的水平。资产泡沫虽然不能消除，但也不会被金融杠杆而放大。