在与卡门·莱因哈特（Carmen Reinhart）合作的一系列学术论文中 — — 包括最近的与文森特·莱因哈特（Vincent Reinhart）的工作《债务积压：过去和现在 》 （ Debt Overhangs: Past and Present ） — —我们发现，达到GDP的90%的高债务水平是在长期拖累经济增长的重要因素，其效果通常会持续二十年以上。
In a series of academic papers with Carmen Reinhart – including, most recently, joint work with Vincent Reinhart (“Debt Overhangs: Past and Present”) – we find that very high debt levels of 90% of GDP are a long-term secular drag on economic growth that often lasts for two decades or more.