脆弱的主权债务大厦

The Fragile Edifice of Sovereign Debt

系统蔓延性的主权危机似乎已成为历史。主权政府可以比以往更便宜地筹集资金,投资者变得贪得无厌。但银行业仍然是不稳定的源头,而贸易摩擦等新型威胁已经出现。自满会是最大的问题吗?

Systemic, contagious sovereign debt crises seem to have been consigned to history. Governments can raise funds more cheaply than ever and investor demand seems insatiable. But the banking sector remains a source of instability and new threats, such as trade frictions, have emerged. Is complacency the biggest threat of all?