1 “...Episodes of debt accumulation have been a recurrent feature of the global economy over the past...”

2 “...The global economy has experienced four waves of rapid debt accumulation over the past 50 years...”

3 “...The world economy has experienced four global recessions over the past seven decades: in 1975, 1982...”

4 “... over the past few years; new vulnerable households represent about 2 percent of all households, 6...”

5 “... accumulation over the past fifty years. This paper examines the consequences of debt accumulation using a three...”

6 “...: over the past quarter century; during financial crises; and during oil price plunges. The main results...”

7 “... and fiscal policy tightening of the past five decades. The policy actions in many countries are necessary...”

8 “... turned into a tsunami and become even more dangerous. Second, five years after past global recessions...”