As a result, all of this excess liquidity is flowing to the financial sector rather than the real economy. Near-zero policy rates encourage “carry trades” – debt-financed investment in higher-yielding risky assets such as longer-term government and private bonds, equities, commodities and currencies of countries with high interest rates.
结果，所有这一切使得过剩的流动性都流向了金融部门而非实体经济。接近零利率政策鼓励的“套利交易”——以债务融资去投资收益更高的风险性资产，如政府和私人的长期债券、股票、大宗商品和高利率国家的货币。其结果就是原本暗流涌动的金融市场最终演变成了泡沫。