In 2008, it was a combination of exploding asset prices and excessive household-sector leverage that fueled the global financial crisis. When such a debt-fueled bubble bursts, its effects are transmitted directly to the real economy via household-sector balance sheets, with the reduction in consumption contributing to a decline in employment and private investment.
2008年，在资产价格暴涨和家庭部门过度杠杆的双重作用下，全球金融危机爆发。当这类债务驱动型泡沫破灭，通过家庭部门的资产负债表直接影响到实体经济，伴随着消费减少，就业和私人投资的下降。而相对于金融部门的资产负债表引发的连锁危机，打破这个动态循环更为困难。