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Asset-price booms are a source of cheer, but also anxiety.
資產(chǎn)價格牛市既是歡樂之頭，也是焦慮之源。
There are two immediate reasons to worry.
擔(dān)心有兩方面的直接原因。
First, markets have been steadily rising against a backdrop of extraordinarily loose monetary policy.
首先，市場一直是在一種額外寬松的貨幣政策背景下穩(wěn)步上漲的。
Central banks have kept short-term interest rates close to zero since the financial crisis of 2007-08 and have helped depress long-term rates by purchasing $11trn-worth of government bonds through quantitative easing.
自2007-08年金融危機以來，各家央行把短期利率維持在接近于0的水平，并且借著通過量化寬松購買價值1.1萬億美元的政府債券之機，幫助打壓了長期利率。
Only now are they starting to unwind these policies.
只是在目前，它們才開始放松這些政策。
The Federal Reserve has raised rates twice this year and will soon start to sell its bondholdings.
美聯(lián)儲今年已經(jīng)升息兩次，而且不久還將賣出其債券持有。
Other central banks will eventually follow.
其他央行終將步其后塵。
If today's asset prices have been propped up by central-bank largesse, its end could prompt a big correction.
如果目前的資產(chǎn)價格是被央行的慷慨大方所推高的，它的終結(jié)可能促成一次大調(diào)整。
Second, signs are appearing that fund managers, desperate for higher yields, are becoming increasingly incautious.
其次，渴望更高收益的基金經(jīng)理們正在變得愈發(fā)不謹(jǐn)慎的跡象正在顯現(xiàn)。
Consider, for instance, investors' recent willingness to buy Eurobonds issued by Iraq, Ukraine and Egypt at yields of around 7%.
例如，考慮一下投資者最近購買由伊拉克、烏克蘭和埃及以7%左右的收益率發(fā)行的歐元債券的意愿吧。
But look carefully at the broader picture, and there is some logic to the ongoing rise in asset prices.
但是，細(xì)觀大局，資產(chǎn)價格的這種持續(xù)上漲是有邏輯的。
In part it is a response to an improving world economy.
它部分是對正在改善的世界經(jīng)濟的一種反映。
In the second quarter of this year global GDP grew at its fastest pace since 2010, as a recovery in emerging markets added impetus to longer-standing upswings in Europe and America.
在今年第二季度，全球GDP以2010年以來的最快步伐增長了，這是因為新興市場的復(fù)蘇給歐洲和美國的更持久的上漲添加了動力。
As our special report this week argues, emerging-market economies have come out of testing times in far more resilient shape.
正如我們本周專題報道所言，各個新興市場經(jīng)濟體已經(jīng)以極具彈性的姿態(tài)走出了考驗時期。
