For example, households and investment managers, reluctant to keep money in safe money-market funds, instead seek to invest in securities with longer maturities and higher credit risk, so long as they offer extra yield. Likewise, money fleeing low US interest rates (and, more generally, industrial countries) has pushed up emerging-market equity and real-estate prices, setting them up for a fall (as we witnessed recently with the flight to safety following Europe’s financial turmoil).
比如家庭主妇和投资经理都会不愿意将钱放在安全的货币市场基金上，转而投资于到期日更长且信用风险更高的证券上，只要这些东西能提供更高的回报就行。同样，因低美元利率（以及总体上各工业国家）出逃的货币将推高新兴市场的股市和楼市，最终引发暴跌（正如我们最近看见的欧洲金融动荡中的资金避险行为那样）。