麻烦高人给帮忙翻译一下下面的关于流动性黑洞的一段话，万分感激！！！！！！

We show that very little is needed to create liquidity under-supply in equi-
librium.Credit constraints on demand by themselves can cause an under-supply of
liquidity,without the uncertainty,intermediation,asymmetric information or compli-
cated international financial framework used in other models in the literature.We show
that the under-supply is a non-monotone function of the demand distortion that causes
it,a result that may have interesting implications for emerging markets economies.
Finally,when we make the credit constraint endogenous,the inefficiency can be large
due to the presence of a multiplier.