Unfortunately, by its nature, it is difficult to tell the vigor

遗憾的是这个工具本身决定了
with which it is being pursued.

我们难以知晓它的实施效果
That is the infusion of new capital into financial institutions.

这个工具就是向金融机构注入资本金
Notice that if financial institutions raised their level capital,

注意如果金融机构提升了资本金水平
then at any given level of leverage

那么在任何既定杠杆水平下
they are able to raise their degree of lending and you are able to

它们就可以加大借出程度
reinstitute the intermediation capacity that has been lost.

从而重建其一度丧失了的中介协调能力
There is a crucial un-internalized externality

但在当前的金融监管体系中
in our current system of financial regulation.

存在一种重大的外部性
Institutions are regulated

金融机构受到监管
and their soundness is judged on the basis of a capital ratio--

其有效性的判定是基于资本比率
on the basis of their degree of leverage.

也就是基于它们的杠杆比率