Economic growth can indeed continue to be severely depressed by a debt overhang even when credit supply is unrestricted and cheap. Many Japanese companies were left overleveraged by the boom and bust in credit and real estate in the 1980s and early 1990s.
即使在信用供给不再受限并且十分低廉的情况下，经济增长也确实有可能继续陷于深度萧条。20世纪80年代和90年代初，许多日本公司因为信用和房地产业的繁荣和萧条而陷于举债过度的境况。到20世纪90年代末，日本银行系统以几乎为零的利率向公司提供贷款。但是，企业并未借钱投资，反而削减投资来偿债，因而助长了二十年的停滞和通缩。