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Balance sheet recession - a recession caused by high levels of debt in private sector causing firms and consumers to 'deleverage' Difficulties of defining recessions Population Growth : If the population was increasing by 1% a year. Depression can lead to a high increase of unemployment. It is more likely a balance sheet recession can cause depression. Due to falling asset prices and bank losses, this has a large impact on economic activity. Recession is common in many countries; it is all part of the business cycle. Mr Koo calls his theory the ‘balance-sheet recession’ and believes that the failure of economists to recognise it has led to policy errors in the past, and perhaps currently in the US. As a consequence of this error, Mr Koo writes that “we are experiencing not only an economic crisis but also a crisis in economics”. Nov 25, 2019 · A balance sheet recession is a type of economic recession that occurs when high levels of private sector debt cause individuals or companies to collectively focus on saving by paying down debt rather than spending or investing, causing economic growth to slow or decline. The term is attributed to economist Richard Koo and is related to the debt ... Jan 10, 2012 · In a balance sheet recession, private sector is deleveraging and as a result there are no takers for monetary stimulus. It just keeps circulating in financial sector. A distinction should also be drawn between balance sheet recessions and financial crises, since both are present in the post-Lehman debacle.