frothiness

What is scary is that the current frothiness of emerging markets, centred on China, may be only a taste of what is to come.

令人恐慌的是，以中国为中心的新兴市场目前的泡沫可能只是未来危机的冰山一角。

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Technology executives, ensconced here at a seaside golf resort, declared the current frothiness in the Internet market as the early days of a boom& but not the peak of a bubble.

科技止业的下管们散散正在减州一处海滨下人夫度真村，声称互联网市场该先的泡沫是简荣收展的始期阶段，而并是泡沫的颠峰。

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Barely more than a decade since the last internet bubble deflated, valuations for digital businesses are again rocketing skyward, a frothiness eerily similar to the last round of irrational exuberance.

上次互联网泡沫破灭才刚过去十年，科技企业的估值就再次直冲云霄，密集的泡沫与上一轮非理性繁荣诡异般地相似。

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Indeed, there is growing unease among central bankers that the collective effect of national monetary policies may have contributed to today's frothiness in markets round the world and that this may lead to either higher inflation or a financial crisis when bubbles eventually burst.

事实上，中央银行正在感到越发不安，因为各个国家货币政策的混合效果有可能导致全球市场的泡沫化，当泡沫破裂使，这将可能产生更高的通货膨胀或者金融危机。

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Even so, knowing that prices can be wrong suggests that governments could usefully adopt automatic stabilising activity, such as linking the down-payment for mortgages to a measure of real estate frothiness or ensuring that bank reserve requirements are set dynamically according to market conditions.

即便如此，在知道价格可能出错的情况下，政府可以有用地采取自动企稳的措施，例如将房贷首付比例与房地产泡沫程度挂钩，或者根据市场状况灵活调整银行准备金率。

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