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英语翻译As figure 2 illustrates,the equity price declines that a

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英语翻译
As figure 2 illustrates,the equity price declines that accompany banking crises are far
steeper than are housing price declines,if somewhat shorter lived.The shorter duration of
the downturn when compared with real estate prices is consistent with the observation
that equity prices are far less inertial.The average historical decline in equity prices is
55.9 percent,with the downturn phase of the cycle lasting 3.4 years.Notably,during the current cycle,Iceland and Austria have already experienced peak-to-trough equity price
declines far exceeding the average of the historical comparison group.
Figure 3 looks at increases in unemployment rates across the historical comparison
group.(As the unemployment rate is classified as a lagging indicator,we do not include
the current crisis.) On average,unemployment rises for almost five years,with an
increase in the unemployment rate of about 7 percentage points.While none of the
postwar episodes rivals the rise in unemployment of over 20 percentage points experienced by the United States during the Great Depression,the employment
consequences of financial crises are nevertheless strikingly large in many cases.
就像图2所示,股票价格的下滑所伴随的银行危机还差得很远
比房价更下降,如果较短的活过.时间较短的
经济衰退房地产价格相比,符合观察
股价更少惯性.历史平均下降的股票价格
55.9百分点,与经济衰退阶段的周期持久的3.4年.值得注意的是,在当前周期,冰岛和澳大利亚已经有丰富的经验peak-to-trough股票的价格
远远超过了平均下降的历史对照组.
图3看失业率增长在历史比较
集团.(当失业率为一项落后指标,我们不包括
目前的危机.)平均来说,失业率上升近五年来,
失业率增加约70个百分点.当没有人的
战后的集对手,失业人数增加的20个百分点以上的美国经历的美国经济大萧条期间,就业
金融危机的后果仍然是醒目的大,在许多情况下.