An alternative perspective is to look at the wealth effect of asset deflation.

另一种观点着眼于资产紧缩的财富效应。

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The collapsing asset prices triggered capital outflows that reinforced asset deflation.

资产价格的暴跌触发了资本外流，这又加强了资产价格下跌。

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Retail investors, large holders of cash, dissave (thus reversing one of the key drivers of asset deflation) and divest deposits into equity assets.

大多数手中持有现金和存款(因此逆转了资产价格收缩的一个关键要素)的中小投资者放弃存款转向股票资产。

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Asset deflation coupled with consumer-price inflation is a powerful recipe for political discontent.

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"We are still cautious on the potential future dilution from further prospective capital raises for the group as well as continued higher losses related to credit and asset deflation, " he added.

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But if asset price inflation turns to asset price deflation first, bringing about recession, then goods and services inflation is pre-empted in the immediate cycle.

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