Debt deflation

Debt deflation is a theory of economic cycles that holds that recessions and depressions are due to the overall level of debt shrinking (deflating): the credit cycle is the cause of the economic cycle.

The theory was developed by Irving Fisher following the Wall Street Crash of 1929 and the ensuing Great Depression. The debt deflation theory was familiar to John Maynard Keynes prior to Fisher's discussion of it, but he found it lacking in comparison to what would become his theory of liquidity preference. The theory, however, has enjoyed a resurgence of interest since the 1980s, both in mainstream economics and in the heterodox school of post-Keynesian economics, and has subsequently been developed by such post-Keynesian economists as Hyman Minsky and Steve Keen and by the mainstream economist Ben Bernanke.

单词	Debt deflation
释义	Debt deflation 原声例句经济学人 Finance and economics Many worry that China faces " Japanification" —a combination of debt, deflation and demographic decline—in the long term and a " Lehman moment" in the more immediate future, as defaults cascade through the shadow-banking system. 许多人担心，从长远来看，中国将面临“日本化”（债务、通货紧缩和人口下降的综合影响），并在不久的将来面临“雷曼时刻”，因为影子银行体系中的违约事件层出不穷。英语百科 Debt deflation Debt deflation is a theory of economic cycles that holds that recessions and depressions are due to the overall level of debt shrinking (deflating): the credit cycle is the cause of the economic cycle. The theory was developed by Irving Fisher following the Wall Street Crash of 1929 and the ensuing Great Depression. The debt deflation theory was familiar to John Maynard Keynes prior to Fisher's discussion of it, but he found it lacking in comparison to what would become his theory of liquidity preference. The theory, however, has enjoyed a resurgence of interest since the 1980s, both in mainstream economics and in the heterodox school of post-Keynesian economics, and has subsequently been developed by such post-Keynesian economists as Hyman Minsky and Steve Keen and by the mainstream economist Ben Bernanke.
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