| 单词 | debt deflation |
| 释义 | debt deflation A situation when spending is depressed because individuals and firms have too much debt. This causes them to be cautious about both spending and further borrowing, preferring to reduce their debts. As one person's debts are another person's assets, debt can only reduce aggregate spending if debtors have higher spending propensities than their creditors, or if debtors tend to be liquidity-constrained whereas their creditors typically are not; both these possibilities seem plausible. |
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