Competition for capital means several borrowers chasing the same pool of savings. If companies issue hundreds of billions of bonds for AI data centres, they compete with the government for the same long-term buyers.
资本竞争
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | Why a $2 trillion deficit and 5% Treasury yields are becoming America’s biggest economic challenge 资本竞争 · 第 6 张术语卡 | The article says the corporate and government debt markets are “connected”, and AI borrowing is making the competition “intensify”. 这是“挤出效应”（crowding out）的市场版本：不是政府把企业直接挤走，而是政府抬高了所有借款人的资金成本。观察指标是企业信用利差——如果国债收益率上涨的同时信用利差也在走阔，说明资金是真的紧。 |