Moreover, because financial institutions’ assets were bought mainly with borrowed money, the shortage of credit is exacerbated by their need to deleverage. Since raising capital is difficult and costly, they deleverage by lending less.
再者，因为金融机构的资产主要使用贷款购得，信贷短缺又加剧了它们减债的需求。由于融资困难重重且代价不菲，他们就通过减少放贷来减债。