The Beautiful Deleveragings

As shown below, in all of these cases, money printing and currency devaluations were sizable, nominal growth rates were pushed above nominal interest rates and the debt/income ratios fell. During the reflation periods, a recovery in nominal incomes lessened the debt/income burdens. Naturally, in cases in which the downturns that preceded these periods were very deep (e.g., 1930-32 in the US) the rebounds were greater.

如下图所示，在所有这些情况下，货币印刷和货币贬值均相当可观，名义利率上升至名义利率以上，债务/收入比率下降。在通货膨胀期间，名义收入的复苏减轻了债务/收入负担。当然，如果这些时期之前的衰退非常深（例如美国的1930-32），那么这个反弹就更大了。

The chart that follows shows the rates and compositions of the reductions in the debt/income ratios. The dots show the change in the debt/income ratios and the bars show the attribution of the sources of these reductions.

下面的图表显示了债务/收入比率下降的速度和组成。这些点显示了债务/收入比率的变化，酒吧显示了这些减少来源的归因。