Manias, Panics, and Crashes – A History of Financial Crises : [PDF Download]

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“The debt-deflation cycle of the 1930s involved a feedback that encompassed business failures, bank failures, and declines in the price level. When businesses failed, their inventories were sold, which depressed the price level and reduced the net worth of other firms in the same industry.

Business failures increased bank loan losses and the banks become less eager lenders; they refused to renew some maturing loans in the belief that the borrowers were on the proverbial slippery slope.

The decline in the commodity price level meant that even though nominal interest rates were low, real interest rates were high and investment spending was depressed. Japan was in the throes of a debt-deflation cycle at the end of the 1990s as its price level declined by 1 percent a year which led to an exceptionally high level of business failures.

Hong Kong was in a debt deflation cycle for six years following the Asian Financial Crisis and the handover of its sovereignty to China; the depreciation of the currencies of virtually all the other Asian countries meant that the international competitive position of firms producing in Hong Kong was declining.”

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