Our word of the day is “Asset Bubble.” The term 'bubble' refers to an episode where

今天的詞彙是「資產泡沫」。術語「泡沫」指的是

the price of a financial asset rises significantly, often in response to speculation, which results

往往來自於投機行為所造成的金融資產價格顯著上漲

in the asset trading at a substantial premium to its intrinsic value. When the bubble bursts,

從而使資產交易產生了遠高於其內在價值的大幅溢價。當泡沫爆破時

the price of the financial asset falls sharply leaving investors with reduced wealth.

金融資產的價格大幅下跌，只留下萎縮的財富給投資者

When the prices of securities or other assets rise so sharply and at such a sustained rate

當證券或其他資產的價格持續在相當高的速率下如此暴漲

that they exceed valuations justified by fundamentals, making a sudden collapse likely - at which

使價格超過了基本面的合理估值，導致了突然崩盤的可能

point the bubble "bursts". This may impact discretionary spending and

在該點泡沫就「爆破」了。這可能會影響可自由支配的開支

hinder economic growth. Central banks attempt to keep an eye on asset price appreciation

並阻礙經濟成長。央行試圖監視資產價格升值情況

and take measures to curb high levels of speculative activity which may make prices vulnerable

同時採取措施來遏制高投機活動以避免價格易被

to a sudden correction. The term 'bubble' was first used in 1720 in reference to the

急遽的校正影響。「泡沫」此字首次在1720年被用來指涉

South Sea Bubble Crisis and more recently has been applied to Japan in the 1980s and

南海泡沫危機，而更近期則是運用在1980年代的日本經濟

even 'dot-com' companies in the late 1990s.

或甚至是1990年代晚期的互聯網泡沫