Mr McCulley initially used the term in explaining the Russian financial crisis of 1998.
最初，麦考利曾把这个词用于解释1998年俄罗斯金融危机。
2
More than anyone else it was Paul McCulley of PIMCO, a fund-management group, who popularized his ideas.
普及了他的思想的正是资产管理集团PIMCO的保罗·麦考利。
3
New institutions, such as hedge funds and conduits—what Paul McCulley, of Pimco, a fund management group, has called “the shadow banking system”—are highly dependent on borrowed money, or leverage.