Many Western economies must deal with the nasty legacy of years of excessive borrowing and leveraging; those, like Germany, that do not have this problem are linked to neighbors that do. Faced with this reality, different countries will opt for different de-leveraging options.
第一个变量与资产负债表相关：许多西方国家都必须处理因过往过度借债和杠杆化所留下的烂摊子；而德国这类不存在类似问题的国家也会受到邻居的牵连。面对同样的现实，不同的国家会选择不同的去杠杆化选项。事实上差异是明确存在的。