Question

求翻译！！急急急~甩出去50分啦~跪求帮助

Japan provides a cautionary tale for economies today. In the 1980s,
a lending boom fueled a dual asset bubble in real estate and equities.
Household and corporate debt surged; total debt increased from
243 percent of GDP to 387 percent in a decade. The bubbles collapsed
in 1989 and sparked a deep recession, but debt has continued to rise,
reaching 512 percent of GDP in mid-2011 (Exhibit 16). Even so, Japan has
had very little growth—an outcome that no country wishes to replicate.
Japan’s crisis response stands in sharp contrast to those of Sweden and
Finland. Private-sector debt reduction did not begin until nearly eight years
after Japan’s crash. The very large debt of nonfinancial businesses meant
that companies could not afford to invest in growth, slowing the economic
recovery and preventing a stock market rebound. Their impaired loans
clogged bank balance sheets, curbing lending and raising uncertainty about
the health of the banking system. Neither the public nor the private sectors
made the structural changes that would enable growth.
Meanwhile, partly as a result of public investments aimed at stimulating the
economy, Japan’s public debt has grown steadily. At 226 percent of GDP, it
is nearly double the level of some eurozone-crisis economies. Yet Japan has
avoided a sovereign debt crisis, largely because more than 90 percent of the
debt is owned by Japanese investors: Japanese banks hold nearly $5 trillion
in government bonds, and insurers and pension funds hold $4.5 trillion.
But the price—two decades of slow growth—has been high, and the final
resolution of Japan’s enormous public debt has yet to come.
SOURCE: Haver Analytics; McKinsey Global Institute
1 Includes all loans and credit market borrowing (e.g., bonds, commercial paper); excludes asset-backed securities to avoid
double counting of the underlying loan.
NOTE: Numbers may not sum due to rounding.
Debt1 by sector, 1980–2011
% of GDP Households
Nonfinancial corporations
Financial institutions
Government
Change
Percentage points
Q4 2000–
Q4 2008
Q4 2008–
Q2 2011
Japan’s government debt has grown rapidly
since 1990
Debt and deleveraging: Uneven progress on the path to growth 31
McKinsey Global Institute
Based on these six markers, we see that the United States is closest to finishing
private-sector deleveraging and spurring growth in the second phase of recovery,
provided the government can credibly tackle the deficit and housing markets
stabilize. The United Kingdom and Spain are still missing additional ingredients for
a robust recovery
求非常流利的翻译。。。。很着急！谢谢！！！

Answer 1

日本为经济提供了一个警世故事。在20世纪80年代，
贷款热潮刺激了房地产和股票的双重资产泡沫。
家庭和企业债务激增，债务总额增加
国内生产总值的243％到387％，在十年。倒塌的气泡
1989年，并引发了严重的经济衰退，但债务持续上升，
在2011年年中达到国内生产总值的512％（图表16）。即便如此，日本
有很少的增长的结果，没有一个国家希望复制。
日本的危机反应形成鲜明的对比，瑞典和
芬兰。私营部门的债务减少，直到近8年来没有开始
之后，日本的崩溃。非常大的非金融企业债务的意思
该公司无法负担投资，减缓了经济增长
恢复和防止股市反弹。他们的减值贷款
堵塞银行资产负债表，抑制贷款和提高的不确定性
银行体系的健康。无论是公共还是私营部门
将使经济增长的结构性变化。
与此同时，旨在刺激，部分原因是由于公共投资的结果
经济，日本的公共债务一直稳步增长。在国内生产总值的226％，
近一倍，一些欧元区危机的经济水平。然而，日本
避免主权债务危机，这主要是因为90％以上
债务是由日本投资者拥有：日本银行持有近500万亿美元
政府债券，保险公司和养老基金持有的4.5万亿美元。
但价格二十年的缓慢增长一直高，最终
日本庞大的公共债务的决议还没有到。
来源：哈弗分析，麦肯锡全球研究院
1包括所有贷款和信贷市场的借款（如债券，商业票据），不包括资产抵押证券，以避免
相关贷款的两倍计算。
注：号码可能无法总结由于四舍五入。
debt1由部门，1980年至2011年
占国内生产总值的住户
非金融公司
金融机构
政府
改变
个百分点
二零零零年第四季 -
2008年第四季度
2008年第四季度 -
2011年第二季度
日本政府的债务增长迅速
自1990年以来，
债务和去杠杆化：进展不平衡增长31路径
麦肯锡全球研究院
这六个指标的基础上，我们看到，美国正在接近收尾
私营部门的去杠杆化和刺激经济复苏的第二阶段的增长，
政府可以令人信服地解决赤字和住房市场
稳定。英国和西班牙仍然失踪的其他成分
强劲复苏