It is one of the great myths of post-bubble economies that conditions are made much worse by banks’ unwillingness to lend. In some cases they are: the impulse for many lenders, particularly in the immediate aftermath, is not to build assets but to repair capital ratios.
But the bigger, more pervasive problem is on the demand side. Leverage becomes associated with hubris and ruin, rather than a short cut to growth.
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идея в том, что главная проблема низкого уровня кредитования – не нежелание банков давать, а нежелание частного сектора брать.
это , естественно не претендующая на абсолютизм.
несколько графиков из японии (отсюда)