辜朝明

正如野村综合研究所（nomuraresearch）的辜朝明（richardkoo）所言，财政赤字帮助私人部门实现去杠杆化。

As Richard Koo of Nomura Research has argued , fiscal deficits help the private sector deleverage .

辜朝明有一把大锤：资产负债表衰退&负债累累者专注于偿还债务时发生的情形。

Richard Koo has a big hammer : it is the idea of the balance sheet recession & which happens when the indebted focus on paying down debt .

最后，辜朝明将分析延伸至全球金融危机后的美国、欧元区及中国。

Finally , it extends his analysis to the US , the eurozone and China since the global financial crisis .

辜朝明等人表示，全面爆发资产负债表衰退的一个前提是，中国出现更剧烈的资产价格下跌。

Mr Koo and others say a fully-fledged balance-sheet recession would require a much steeper fall in Chinese asset prices .

辜朝明认为，受债务推高的资产价格泡沫破裂后，即使通缩不严重（如果发生通缩的话），也将出现同样的情况。

Koo argues that much the same thing will happen after the implosion of a debt-fuelled asset-price bubble even with little ( if any ) deflation .

第三，承认亏损和对金融体系进行资本重组是至关重要的，尽管如同辜朝明所指出的那样，不愿借贷甚至更为重要。

Third , recognising losses and recapitalising the financial system are vital , even if , as Mr Koo argues , the unwillingness to borrow was even more important .

辜朝明对此提出了一些有力的观点，不过有人会认为（比如我），在发生严重的资产负债表衰退的情况下，最佳政策是两种手段并用。

Koo makes some powerful points here , even if one thinks ( as I do ) that the right policy in the context of severe balance-sheet recessions is to use both .

辜朝明认为，上世纪90年代日本私人支出和借贷规模的缩减，很大程度上应归咎于借款人的状况，而非银行的状况。

Most of the decline in Japanese private spending and borrowing in the 1990s was , argues Mr Koo , due not to the state of the banks , but to that of their borrowers .