Such crises cause major negative demand shocks, as excess debt and falling asset prices damage balance sheets, which then require increased savings to heal – a combination that is lethal to growth. If the crisis occurs in a systemically important economy – such as the US or Europe (emerging economies' two largest external markets) – the result is a global shortage of aggregate demand.
这些危机带来重大消极需求冲击，因为过重的债务和下跌的资产价格损害了资产负债表，而这需要用增加储蓄来弥补——于是就形成了对增长产生致命影响的组合。如果危机发生在具系统重要性的经济中——如美国或欧洲（新兴经济体最大的两个出口市场）——其结果将是全球总需求不足。