Falling prices mean a rise in the real value of existing debts and an increase in the debt-service burden, owing to higher real interest rates. As a result, defaults, bankruptcies, and economic decline become more likely, putting further downward pressures on prices.
物价下跌意味着现有债务实际值的增加和债务维持负担的增加，因为实际利率升高了。结果，违约、破产和经济衰退可能性增加，并进一步加大物价下跌压力。