Accumulating excessive debt usually entails moving some part of domestic aggregate demand forward in time, so the exit from that debt must include more savings and diminished demand. The negative shock adversely impacts the non-tradable sector, which is large (roughly two-thirds of an advanced economy) and wholly dependent on domestic demand.
这一点也不奇怪。债务积累过多通常也会同时推动国内总需求，因此减少债务必然包含更多的储蓄和需求消失。这种负面冲击反过来会不利于非贸易部门——该部门约占发达国家经济的2/3且非常依赖国内需求。因此在去杠杆化过程中经济增长和就业率都会有所下降。