经济学人:瑞士房产 心痛之处是为家(上)

 　　Finance and economics: Property in Sweden Home is where the heartache is

　　财经：瑞士房产，心痛之处是为家

　　House prices in Sweden continue to soar, to regulators' despair.

　　瑞典房价持续飙升，监管机构感到绝望。

　　ASK a central banker what regulators should do when rock-bottom rates cause house prices to soar, and the reply will almost always be “macropru”.

　　如果要问央行行长，最低利率导致房价飙升时，监管机构该怎么办，答案通常是“宏观审慎”。

　　Raising rates to burst house-price bubbles is a bad idea, the logic¹ runs, since the needs of the broader economy may not square with those of the property market.

　　按理来说，通过加息消除房价泡沫并不是一个好主意，因为人们对整体经济的需求与对房地产市场的需求可能不相符合。

　　瑞士房产1.jpg

　　Instead, “macroprudential” measures, meaning restrictions² on mortgage lending and borrowing, are seen as the answer.

　　事实上，“宏观审慎”措施，即对按揭贷款和借款加以限制，才是人们眼中的答案。

　　But this medicine is hard to administer, as Sweden's housing market vividly³ illustrates⁴.

　　但瑞典房地产市场却生动地表明，这剂药方很难奏效。

　　Swedish house prices have doubled in the past decade, their rapid ascent⁵ only briefly⁶ interrupted by the financial crisis.

　　过去十年里，瑞典房价翻了一番，这种飞速的上升趋势仅仅被金融危机短暂地打断了一下。

　　So far this year they have risen by about 14%. Apartment prices have been even giddier, rising by more than 150% in ten years.

　　截至今年，房价上升了约14%。公寓价格涨速更是令人头晕目眩，10年内已上升逾150%。

　　In part, this is a simple function of supply and demand.

　　一部分原因可以归结为简单的供需问题。

　　Stockholm is among Europe's fastest-growing cities, with the recent influx⁷ of Middle Eastern refugees only adding to the demand for housing.

　　斯德哥尔摩是欧洲发展速度最快的城市之一，而由于最近中东难民的大量涌入，人们对房子的需求进一步增加。

　　Last month the country's migration⁸ agency said it expected as many as 190,000 new arrivals by the end of the year, double its previous estimate.

　　上个月，瑞典移民局表示，到今年年底，预计多达19万名新移民到来，为之前预期的两倍。

　　Sluggish⁹ and restrictive planning procedures limit supply: the current shortage of around 150,000 homes is expected to triple by 2025.

　　迟缓且严格的规划程序限制了房屋供应：当前，约15万间房屋短缺，到2025年，这一数字将翻三倍。

　　A counterproductive rent-control regime has crimped the supply of flats in particular, and led to long waiting lists.

　　租金定价制度产生了适得其反的效果，显著阻碍了公寓供应，并导致了漫长的等候名单。

　　Earlier this year an apartment in central Stockholm went to someone who had been in the queue since 1989.

　　今年早些时候，一名自1989年就开始排队的人才终于等到了属于他的一间位于斯德哥尔摩中心地区的公寓。

　　Low interest rates have given Swedes the capacity to borrow more, pushing prices ever higher.

　　低利率使瑞典人更有能力继续借钱，促使价格持续高涨。

　　The debt of the average household has reached 172% of income after tax.

　　平均家庭债务已达税后收入的172%。

　　For people with mortgages in the big cities, the figure is nearly double that.

　　对于在大城市的抵押者，该数字将近翻一番。

　　The most obvious way to calm things down is to raise rates.

　　平息事态最显而易见的方法是提高利率。

　　But the Riksbank, Sweden's central bank, tried that in 2010-11, with disastrous¹⁰ results.

　　但瑞典的中央银行瑞典央行(Riksbank)在2010-11年便尝试过此方法，却导致了灾难性的后果。

　　Unemployment stopped falling and inflation soon withered¹¹, stirring fears of deflation.

　　失业率停止下降，通货膨胀很快萎缩，激起了人们对通货紧缩的恐惧。

　　That prompted the Riksbank to reverse course in late 2011 and start cutting rates again.

　　这促使瑞典央行在2011年底改变进程，重新开始削减利率。

　　The benchmark has ended up lower than it was to begin with, at -0.35%, increasing the sums flooding into housing.

　　最终，基准降到了-0.35%，比最开始还低，涌向房市的资金增加。

　　“It's like mopping whilst the tap is running at full flow,” complains one official.

　　“这就如同大开水龙头拖地，”一名官员抱怨道。

　　To try to stanch¹² the flow, the Finansinspektionen (FI) , the country's financial watchdog, has adopted curbs¹³ on both lending and borrowing.

　　为了止住资金流，瑞典金融监管部门瑞典金融监管局(FI)采取了一系列抑制贷款和借款的措施。

　　In 2013 it tightened¹⁴ capital requirements for mortgages, and since September it has required banks to hold an extra counter-cyclical capital buffer¹⁵ of 1% of all risk-weighted assets, to increase to 1.5% by next June.

　　2013年，它加强了对抵押贷款的资本要求，自9月起，它要求银行对于所有风险资产增持额外的1%作为逆周期资本缓冲准备金，到下一年6月，该数字将增至1.5%。

　　This will help if the property bubble bursts, but clearly has not been enough to stop it inflating¹⁶.

　　尽管该举措将在房地产泡沫破灭时有所帮助，但远不能阻止通胀。

　　1.House prices 房价

　　例句:There have been grouses¹⁷ about the economy, interest rates and house prices.

　　人们对经济、利率和房价啧有烦言。

　　2.in particular 尤其；特别

　　例句:The situation in Ethiopia in particular is worrying.

　　埃塞俄比亚的局势尤其令人担忧。

　　3.raise rates 提高利率

　　例句:Central banks have printed money; if things improve they will raise rates.

　　央行则印了不少钞票；如果形势好转，它们就会提高利率。

　　4.ended up with 结果是

　　例句:I ended up with bronchitis and no voice.

　　结果我得了支气管炎，不能说话了。

1 logic   

n.逻辑(学)；逻辑性

参考例句：

• What sort of logic is that?这是什么逻辑？
• I don't follow the logic of your argument.我不明白你的论点逻辑性何在。

2 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

3 vividly   

adv.清楚地，鲜明地，生动地

参考例句：

• The speaker pictured the suffering of the poor vividly.演讲者很生动地描述了穷人的生活。
• The characters in the book are vividly presented.这本书里的人物写得栩栩如生。

4 illustrates   

给…加插图( illustrate的第三人称单数 )； 说明； 表明； （用示例、图画等）说明

参考例句：

• This historical novel illustrates the breaking up of feudal society in microcosm. 这部历史小说是走向崩溃的封建社会的缩影。
• Alfred Adler, a famous doctor, had an experience which illustrates this. 阿尔弗莱德 - 阿德勒是一位著名的医生，他有过可以说明这点的经历。 来自中级百科部分

5 ascent   

n.(声望或地位)提高；上升，升高；登高

参考例句：

• His rapid ascent in the social scale was surprising.他的社会地位提高之迅速令人吃惊。
• Burke pushed the button and the elevator began its slow ascent.伯克按动电钮，电梯开始缓慢上升。

6 briefly   

adv.简单地，简短地

参考例句：

• I want to touch briefly on another aspect of the problem.我想简单地谈一下这个问题的另一方面。
• He was kidnapped and briefly detained by a terrorist group.他被一个恐怖组织绑架并短暂拘禁。

7 influx   

n.流入，注入

参考例句：

• The country simply cannot absorb this influx of refugees.这个国家实在不能接纳这么多涌入的难民。
• Textile workers favoured protection because they feared an influx of cheap cloth.纺织工人拥护贸易保护措施，因为他们担心涌入廉价纺织品。

8 migration   

n.迁移，移居，（鸟类等的）迁徙

参考例句：

• Swallows begin their migration south in autumn.燕子在秋季开始向南方迁移。
• He described the vernal migration of birds in detail.他详细地描述了鸟的春季移居。

9 sluggish   

adj.懒惰的，迟钝的，无精打采的

参考例句：

• This humid heat makes you feel rather sluggish.这种湿热的天气使人感到懒洋洋的。
• Circulation is much more sluggish in the feet than in the hands.脚部的循环比手部的循环缓慢得多。

10 disastrous   

adj.灾难性的，造成灾害的；极坏的，很糟的

参考例句：

• The heavy rainstorm caused a disastrous flood.暴雨成灾。
• Her investment had disastrous consequences.She lost everything she owned.她的投资结果很惨，血本无归。

11 withered   

adj. 枯萎的，干瘪的，（人身体的部分器官）因病萎缩的或未发育良好的 动词wither的过去式和过去分词形式

参考例句：

• The grass had withered in the warm sun. 这些草在温暖的阳光下枯死了。
• The leaves of this tree have become dry and withered. 这棵树下的叶子干枯了。

12 stanch   

v.止住（血等）；adj.坚固的；坚定的

参考例句：

• Cuttlebone can be used as a medicine to stanch bleeding.海螵蛸可以入药，用来止血。
• I thought it my duty to help stanch these leaks.我认为帮助堵塞漏洞是我的职责。

13 curbs   

v.限制，克制，抑制( curb的第三人称单数 )

参考例句：

• In executing his functions he is not bound by any legal curbs on his power. 在他履行职务时，他的权力是不受任何法律约束的。 来自辞典例句
• Curbs on air travel were being worked out and would shortly be announced. 限制航空旅行的有关规定正在拟定中，不久即将公布。 来自辞典例句

14 tightened   

收紧( tighten的过去式和过去分词 )； （使）变紧； （使）绷紧； 加紧

参考例句：

• The rope holding the boat suddenly tightened and broke. 系船的绳子突然绷断了。
• His index finger tightened on the trigger but then relaxed again. 他的食指扣住扳机，然后又松开了。

15 buffer   

n.起缓冲作用的人(或物)，缓冲器；vt.缓冲

参考例句：

• A little money can be a useful buffer in time of need.在急需时，很少一点钱就能解燃眉之急。
• Romantic love will buffer you against life's hardships.浪漫的爱会减轻生活的艰辛。

16 inflating   

v.使充气（于轮胎、气球等）( inflate的现在分词 )；（使）膨胀；（使）通货膨胀；物价上涨

参考例句：

• I felt myself inflating slowly with rage, like a tyre. 我感到自己体内的怒气正慢慢膨胀，像一只轮胎那样。 来自互联网
• Many are already overheating, with prices rising and asset bubbles inflating. 随着物价日益上涨、资产泡沫膨胀，很多新兴国家经济已经过热。 来自互联网

17 grouses   

n.松鸡( grouse的名词复数 )；松鸡肉v.抱怨，发牢骚( grouse的第三人称单数 )

参考例句：

• If you've got any grouses, you`d better tell me about them. 你若有什麽不满就跟我说。 来自辞典例句
• If you've got any grouses, you'd better tell me about them. 你若有什么不满就跟我说。 来自互联网