Anyone who has studied economic performance since the onset of the financial crisis in 2008, understands that damage to balance sheets – such as excess debt and unfunded non-debt liabilities – can cause growth slowdowns, sudden stops, or even reversals. And those familiar with growth in developing countries know that underinvestment in human capital, infrastructure, and the economy’s knowledge and technology base eventually produces balance sheets that cannot support continued growth.
只要你研究过2008年金融危机爆发以来的经济表现就会明白，资产负债表伤害——如过度负债和得不到融资的非债务责任——可能导致增长放缓、突然停止甚至逆转。而熟悉发展中国家增长的人都明白，人力资本、基础设施和经济知识和技术基础投资不足是形成无法支持持续增长的资产负债表的最终原因。