The reason was that the crises had a common cause: excessive debt that could be corrected only by a long period of deleveraging.
理由就是这些危机有着一个共同的原因：过多的债务只能通过长期的去杠杆作用来纠正。
These are not showing any sign of wanting to spend more: households are busy deleveraging, and companies are happy to hoard their cash.
而这两个群体并没有显示出想要增加支出的任何迹象：家庭正忙于降低杠杆率，企业则乐于囤积资金。
There is, says Mr Shin, a maturity mismatch in South Korea between long-term assets and short-term liabilities that makes it vulnerable to sudden bursts of deleveraging.
Shin说，长期资产和短期债务的错误结合使韩国容易受到债务减持突然爆发带来的损害。
The big point is that if there is to be deleveraging of the private sector and a huge reduction in the fiscal deficit, then the current account deficit must pretty well disappear.
关键在于，如果美国想降低私人部门的负债比率，并大幅削减财政赤字，经常账户赤字就必须近乎消失。
The big point is that if there is to be deleveraging of the private sector and a huge reduction in the fiscal deficit, then the current account deficit must pretty well disappear.
关键在于，如果美国想降低私人部门的负债比率，并大幅削减财政赤字，经常账户赤字就必须近乎消失。
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