One is leverage.

That pattern came to a sudden stop in the financial crisis of 2008. Private sector leverage declined and public sector leverage reached and exceeded sustainable limits, with Greece being only the most extreme example.

With insufficient profits to use for investment, nonfinancial corporations will become increasingly dependent on external finance. As their leverage ratios increase, so will their risk premiums, causing their borrowing costs to rise and undermining their profitability further.

Seeing such data, one cannot help but be stupefied. According to the statistical data of Suning Financial Research Institute, the leverage ratio of Chinese households was only 3 in 1996 and 18 in 2008. But this figure doubled in just six years since the trend of rapid growth of leverage ratio set in, reaching 36.4 . By the third quarter of 2017, the leverage ratio of households has reached 48.6 .

Emerging Europe s Deleveraging Dilemma

The cause of the latest currency turmoil is clear In an environment of private and public deleveraging from high debts, monetary policy has become the only available tool to boost demand and growth. Fiscal austerity has exacerbated the impact of deleveraging by exerting a direct and indirect drag on growth.

The death rates fell 47 percent.

The US is adjusting structurally and generating real (inflation adjusted) GDP growth (though well below its potential annual rate of 3 3.5 ). The tradable sector is expanding and is not dependent on leverage to generate aggregate demand.

So consumers got overleveraged.

The residents sector accounts for an increasing share of the total debt in the real economy, and the leverage ratio has risen rapidly.

Indeed, because most bank loans in China unlike, say, in Europe are now locked up in infrastructure and other physical assets, boosting demand is preferable to deleveraging. The key is to lower interest rates enough to mitigate the financial risks of high leverage and enable the restructuring of local government debts.

It's because there's a little more leverage in terms of the Chinese.

The fundamental problems that triggered alarm bells in the first place including real estate bubbles, local government debt, rapid growth in shadow banking activity, and rising corporate leverage ratios remain unresolved. Of these, the most immediate threat to China s economic and financial stability is the combination of high borrowing costs, low profitability for nonfinancial corporations, and very high corporate leverage ratios.

The suitability of the tight credit and high interest rate policies in the case of the Republic of Korea, given the high leverage position of its private firms, is beyond the scope of the present report.

Fifty per cent reduction in child mortality.

Reducing mortality in childhood

34. Reduction of population growth.

The overall objective is to reduce the general mortality rate by 40 per cent by 2010, to 21 per thousand.

If you do find yourself there, stop the desire to deleverage by having the central bank buy bonds for cash, thereby pushing down interest rates, so that holding debt becomes more attractive than holding cash.

It shows leverage, trended out from 1919 to 2009.

Leveraging resources and results for children

The goal was to reduce maternal and infant mortality rates, increase the enrolment of girls at all educational levels and decrease the high dropout rate for girls.

2. If you do find yourself there, stop the desire to deleverage by having the central bank buy bonds for cash, thereby pushing down interest rates, so that holding debt becomes more attractive than holding cash.

Official Development Assistance (ODA)

The priority objectives set in the National Health Programme, amended in 1993, were to reduce the number of deaths of people below the age of 65, as well as to reduce the level of morbidity and disability, and at the same time to reduce morbidity at a young age.

Goal 4 Reduce child mortality

Maternal and child mortality rates had fallen.

(b) Reduce malnutrition among children

During the 1990s, large business groups of the Republic of Korea (chaebols) expanded quickly through financing from domestic banks, becoming highly leveraged (with an average debt to equity ratio of about 400 per cent in 1997).

Climate economists widely acknowledge that there are only four policy levers that can be used in an attempt to lower carbon emissions and rein in climate change reducing the world s population, shrinking the global economy, increasing the efficiency of energy consumption, and decreasing carbon intensity (meaning that we create less carbon for each unit of energy that we produce).

But, in the second half of 2011, the eurozone based parent banks that dominate emerging Europe s banking sector came under renewed pressure to deleverage. Many are now radically changing their business models to reduce risk.

We needed to reduce the population growth rate.

Child mortality has been reduced by almost half.

But it was a bubble and a highly leveraged one at that. While periodic bubbles may be unavoidable, and no bubble is without consequences, a highly leveraged bubble tends to cause far more damage, owing to its impact on the real economy and the duration of the deleveraging process.

They can take the form of direct subsidies, reduced interest rates or reduced costs for acquiring land.

And it has all kinds of levers and ball bearings and gadgets and gauges.

The Regional Plan of Action to reduce maternal mortality in the Americas proposed a reduction of 30 per cent by 1995 and 50 per cent by 2000.

Reduction of the maternal mortality rate has been slow in improving.

Impact of abortion on lower fertility rate.

(d) A fall in the rate of adult illiteracy from 54.9 per cent in 1975 to 46.2 per cent in 1984 and to 37.1 per cent in 1994.

Female illiteracy has been reduced to acceptable levels, and school dropout rates have declined.

Financing in continental Europe is traditionally bank based, unlike in the US, where capital markets reign supreme. But banks are being told by regulators to reduce their leverage and to post higher capital when they embark on risky lending, and their creditors are being told that they should not expect to be bailed out if banks get into trouble.

We started with a motor with a little lever, a little force transfuser.

What policy levers and instruments can be used to provide appropriate incentives?

Without disputing the need for some deleveraging, a new incarnation of the Vienna Initiative Vienna 2.0 seeks to make the process orderly. After all, excessive and chaotic deleveraging by lenders to emerging Europe and the ensuing credit crunch would destabilize this economically and institutionally fragile region.