Fifth, persistent QE can lead to asset bubbles both where it is implemented and in countries where it spills over. Such bubbles can occur in equity markets, housing markets (Hong Kong, Singapore), commodity markets, bond markets (with talk of a bubble increasing in the United States, Germany, the United Kingdom, and Japan), and credit markets (where spreads in some emerging markets, and on high-yield and high-grade corporate debt, are narrowing excessively).
第五，长期QE可能不仅是在实施国，也在溢出国导致资产泡沫。此类泡沫可能产生于股市、楼市（香港、新加坡）、大宗商品市场、债市（人们在谈论美国、德国、英国和日本日益增加的泡沫）和信贷市场（在一些新兴市场，国债和高收益、高评级企业债的息差正急剧收窄）。