This happened in 1980-1981, when the US Federal Reserve raised real interest rates, ostensibly to kill inflation, inducing a global economic downturn as well. This contributed not only to sovereign-debt and fiscal crises, but also to protracted stagnation outside East Asia, including Latin America’s “lost decade” and Africa’s “quarter-century retreat.”
错误的公共政策可能导致衰退。1980—1981年就是明证，当时美联储大幅提升真实利率，表面上抑制了通胀，但同时也造成了一场全球经济衰退。结果不但引发了主权债务和财政危机，还致使除东亚以外的地区经历了长期停滞，比如拉美的“失去的十年”和非洲的“倒退四分之一世纪”。