Beijing stadium.



1933年,欧文·费雪(Irving Fisher)第一个指出过度负债和随后被迫减债而导致的通缩危险,并说明了它们在触发美国大萧条中所起的“作用”。四十年后,查尔斯·金德尔伯格(Charles Kindleberger)将这一理论用到了全球金融体系中,强调了在全球范围由于缺乏协调一致的货币、财政和监管政策以及缺乏国际最后贷款人时全球经济可能出现的问题。2011年,辜朝明(Richard Koo)用日本案例强调了资产负债表衰退的长期风险,在这类衰退中,过度负债的债务人为了重建更健康的资产负债表而不得不在相当长的一段时间采取去杠杆的措施。


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