But a new issue risks bringing about a similarly problematic outcome: By repeatedly repressing financial-market volatility over the last few years, central-bank policies have inadvertently encouraged excessive risk-taking, which has pushed many financial-asset prices higher than economic fundamentals warrant. To the extent that continued currency-market volatility spills over into other markets – and it will – the imperative for stronger economic fundamentals to validate asset prices will intensify.
但一个新问题有可能带来类似的问题结果：在过去几年中，中央银行政策一再强调金融市场动荡，在不经意间鼓励了过度冒险，而这导致许多金融资产的价格超过了经济基本面。如果持续的或市场动荡溢出到其他市场——必然会如此——强化经济基本面以印证资产价格的需要就会增强。