All of this, according to Reinhart and Rogoff, involves a “protracted and pronounced contraction in economic activity.” They reckon that the average length of post-war crises has been 4.4 years – the time it takes for the necessary “de-leveraging” to occur – after which the crisis of confidence is over and economic growth revives.
在莱因哈特和罗格夫看来，所有这些都包括在“漫长而严重的经济活动收缩”中。他们指出，二战以来，如若危机爆发，则在信心危机结束、经济恢复增长后还将平均持续4.4年——这是必须的“去杠杆化”所需要的时间。