An alternative perspective is to look at the wealth effect of asset deflation.
另一种观点着眼于资产紧缩的财富效应。
The collapsing asset prices triggered capital outflows that reinforced asset deflation.
资产价格的暴跌触发了资本外流，这又加强了资产价格下跌。
Retail investors, large holders of cash, dissave (thus reversing one of the key drivers of asset deflation) and divest deposits into equity assets.
大多数手中持有现金和存款(因此逆转了资产价格收缩的一个关键要素)的中小投资者放弃存款转向股票资产。
Japan's bubble was able to deflate gradually over a decade because it had been financed by local Banks that could control the pace of asset deflation.
日本泡沫在过去10年来得以逐步挤出，是因为它通过本地银行筹集经费，以控制资产紧缩的速度。
With asset prices plummeting and economies shrinking, deflation will soon be a bigger worry.
随着资产价格垂直下落和经济收缩，通缩将很快成为更大的担忧。
So deflation in asset prices can turn into a vicious circle.
因此，资产价格的紧缩会带来恶性循环。
Faced with sinking asset prices, insolvent Banks, moribund growth and deflation, the bank of Japan (BoJ) eventually lowered its policy rate to zero in 1999.
面对跳水的资产价格，倒闭的银行，萎靡的增长与通货紧缩，日本银行(BoJ)最终在1999年将其引导利率降到了零水平。
A burst of inflation would lift asset prices, ease the weight on debtors (whose real burdens are increased by deflation) and improve public finances.
一场突发的通胀将提升资产价格，减少负债者负担(他们真正的负担是通缩增加)，并改善公共财政。
Since 2003, China's economy has experienced a rapid growth and shake off the deflation problem, the real estate and stock, represented asset prices rising firstly.
2003年以来，我国经济开始了一轮快速的增长，摆脱了通货紧缩的困扰，以房地产和股票为代表的资产价格首先大幅上涨。
That has created an economic downturn and the fact is that when you defend a currency the result would be asset price deflation, deflation in the value of land, homes, as well as the stock market.
事实上，要保持币值稳定，必会导致资产价格、土地价值、房屋价值和股票价格下降。
A large and sustained asset price fall could have huge economic costs, including contributing to the risk of deflation-as illustrated by Japan's experience.
资产价格持续大幅度下跌会造成巨大的经济成本，包括促成通货紧缩的风险——如同日本的经验所展示得那样。
A large and sustained asset price fall could have huge economic costs, including contributing to the risk of deflation-as illustrated by Japan's experience.
资产价格持续大幅度下跌会造成巨大的经济成本，包括促成通货紧缩的风险——如同日本的经验所展示得那样。
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