But, even in such an economy, years of debt-fueled domestic demand may produce a loss of competitiveness and structural distortions. And the crises that often divide the leveraging and deleveraging phases cause additional balance-sheet damage and prolong the healing process.
在一个开放经济体中，贸易部门不会像非贸易部门那样受到去杠杆化如此彻底的破坏。但即使如此，连续几年由债务推动的国内需求也有可能导致竞争力丧失，经济结构扭曲。而通常位于负债运行和去杠杆化时期两者之间的危机也会对资产负债表造成额外损害并拖累恢复进程。