BIS central bankers’ speeches  1  Balance-sheet adjustment pressure will be a headwind in the medium to long term There are, to begin with, structural factors at play in the current U.S. economy, which makes it difficult to achieve a steady recovery. It is the after-effects of the collapse of the bubble.
The Lehman shock resulted in a global financial crisis that involved countries including Japan. The reason for such a massive crisis is that the housing and financial bubbles that had bloated in the United States were extremely big. In the United States, even low-income families increasingly borrowed mortgages until after the mid-2000s.