其他国家则普遍存在信贷规模激增现象。最新数据显示，哥伦比亚、印度尼西亚、土耳其和俄罗斯等国4月份私人部门贷款年化增速都已达到或超过20%。
其他国家则普遍存在信贷规模激增现象。最新数据显示，哥伦比亚、印度尼西亚、土耳其和俄罗斯等国4月份私人部门贷款年化增速都已达到或超过20%。
Although these countries are relative latecomers to the credit binge, Brazil has been partying from the start. Private credit is still growing 23 per cent a year, even though borrowers are now struggling, as seen in rising delinquent car loans.
上述这些国家加入信贷狂欢相对较晚，巴西则从一开始便加入了狂欢。目前巴西的私人贷款规模仍以每年23%的速度增长，尽管借款人已经出现偿还困难，比如汽车贷款不良率就已呈上升趋势。
Credit growth can be a boon, especially in the emerging world: It speeds development by allowing governments to build infrastructure, companies to construct factories and families to buy homes and durable goods.
信贷增长可以是件好事，尤其对新兴经济体而言：信贷增长使政府得以扩大基础设施建设，企业得以建造厂房，家庭得以购买房产及耐用品，从而加速整体经济发展。
"I do believe that rapid expansion of credit plays a big part in the rise of the emerging world's middle classes," says Arjun Divecha, chairman of US fund manager GMO.
美国基金管理公司GMO董事长阿尔琼 戴维查(Arjun Divecha)表示："我认为信贷规模快速扩张对于新兴市场国家中产阶级的崛起发挥了重要作用。
" But credit growth rates matter. Rapid rises are often linked to lax controls and propertyspeculation, which can lead to bad debts and unproductive investments.
但信贷扩张速度同样具有重要影响。信贷规模快速增长通常与监管松懈以及房地产投机有关，而这可能带来不良贷款，并导致投资回报率低下。
In China, for example, total credit expanded by almost half of GDP in 2009, and again in 2010. Now, some economists say, it may have maxed out.
以中国为例，2009年信贷增量几乎为当年GDP的二分之一，并且2010年同样如此。部分经济学家认为，中国的信贷规模现已由峰值回落。
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