| 1. | Now financial innovation expands credit creation , so it inevitably affects monetary policy
现在，由于金融创新扩大了信用创造，货币政策不可避免地将受其影响。 |
| 2. | Credit is the development of the legal system of credit creation , development of the most fundamental reasons
信用的发展是信用法律制度产生、发展的最根本原因。 |
| 3. | Low interest rates were helpful to economic recovery , and there did not seem to be any sign of excessive credit creation
低利率有利于经济复苏，而且香港暂时没有过度借贷的迹象。 |
| 4. | And there does not seem to be any sign of excessive credit creation . indeed , the demand for credit remains rather subdued
另一方面，香港暂时不但没有过度借贷的迹象，贷款需求其实仍然较弱。 |
| 5. | An abundance of liquidity in the banking system encourages credit creation and monetary expansion , which may lead to inflation
银行体系流动资金过多会助长信贷活动及货币增长，继而可能导致通胀。 |
| 6. | When inflation is on the march , an effort to tighten credit creation is likely to push interest rates higher , and this may initially slow down economic growth
当通货膨胀正在发展之中，紧缩信贷的努力可能会抬高利率，这最初会使经济增长放慢。 |
| 7. | We have a flurry of bank bankruptcies and workouts but the financial system absorbs these losses and the credit creation process is quickly re - established with tighter credit
我们恐慌银行破产倒闭，但是金融系统吸收了这些损失，并且信用产生过程很快在紧缩信用的基础上得到重建。 |
| 8. | As part of the financial industry , the non - bank financial sector is a branch of financial system composed of financial institutions with no credit creation function such as securities , insurance and trust and investment companies
作为金融业的重要组成部分，非银行金融业是由证券公司、保险公司、信托投资公司等众多不具备信用创造功能的金融机构组成的金融分支体系。 |
| 9. | However , to some extent , the occurrence of obsa destroys the stability of financial system , increases the functions of credit creation and decreases the validity of conductive mechanism of monetary policy while increasing the difficulties of implement of monetary policy
尽管表外业务的出现并迅速拓展对商业银行业务经营起到了积极的促进作用，但同时也在一定程度上破坏了金融体系的稳定性，并以其所具有的信用创造功能扩张了社会信用总量。 |
| 10. | In the new paper i recently wrote on asian learning the wrong lessons from its 1997 - 98 crisis i argued that policies of fixed exchange rates in china and other asian countries are leading to excessive forex reserve accumulation that , being only partially sterilized , leads to excessive monetary and credit creation that , in turn , causes dangerous investment bubbles and asset price bubbles
在这篇文章中我谈到亚洲开始从97 - 98的金融风暴中学到教训，并且我认为固定汇率制才是中国及其亚洲邻邦的超额外汇储备之首要原因：尽管屏蔽了小部分影响，固定汇率还是使得她们国内市场流通货币量与信贷过多，这又造成了投资泡沫和资产价格泡沫的隐患。 |
