By keeping banks and other private-sector firms at lower levels of debt, vulnerability to shocks is reduced. In a boom, this may seem irrelevant; but, as De Gregorio knows, pressure on emerging markets – and richer countries – arises all too often, and frequently at unexpected moments.
杠杆增加形成了宏观经济风险——不仅仅是在需要兑现担保时影响财政平衡。如能减少银行和其他私人部门企业的债务水平，它们抵抗冲击的能力也会有所提高。在繁荣期，这似乎无关紧要；但是，德格雷戈里奥明白，新兴市场——和发达国家——的压力往往会在出乎意料的时刻出现。