| The overall effect is a rise in unemployment and intensifying deflationary pressures. |
| Fear of the equity markets, and the addiction to saving, can propel a country into a vicious downward deflationary spiral. |
| Washington clung doggedly to the gold standard despite the disastrously deflationary effect of this policy. |
| Volatile movements in the foreign exchange casino compound the deflationary effect. |
| After almost 15 years in the economic doghouse, Japan shows real signs of emerging from its long deflationary slump. |
| All of this can exacerbate an economic downturn and, in turn, generate greater deflationary pressures. |
