Japan offset private deleveraging in the 1990s by running massive public deficits. The US has pulled out of recession faster than the eurozone, not only – or even primarily – because it fixed its banking system faster, but because it pursued more stimulative fiscal policies.
20世纪90年代，日本用大规模公共赤字抵消私人去杠杆化。美国之所以比欧元区更快地摆脱衰退，不仅是因为——甚至并非主要因为——它更快地修补了银行系统，也是因为它采取了更具刺激性的财政政策。