No one knows exactly what the right balance of debt and equity is in an economy, but the shrinkage of securitisation in particular makes it more likely that the process of deleveraging will overshoot.

• 在经济当中，没有人确切的知道债务和股本的最佳平衡点是什么，但是证券化的萎缩尤其使杠杆化过快的发展成为了可能。