As I have noted before, the best analysis of what happened to Japan is by Richard Koo of the Nomura Research Institute.* His big point, though simple, is ignored by conventional economics: balance sheets matter. Threatened with bankruptcy, the overborrowed will struggle to pay down their debts. A collapse in asset prices purchased through debt will have a far more devastating impact than the same collapse accompanied by little debt.
正如我先前所講過的，對日本問題的最佳分析來自于野村綜合研究所(Nomura Research Institute)的辜朝明(Richard Koo)*。他最重要的觀點是：資產負債狀況十分重要。這一觀點很簡單，被傳統經濟學所忽視。面對破產的威脅，過度借貸者會難以償還債務。同樣是資產價格的下降，在舉債購買的情況下所造成的破壞性，要比沒什么債務的情況下嚴重得多。
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