mckinsey on debt and deleveraging

The historic episodes of deleveraging fit into one of four archetypes: 1) austerity (or 'belt-tightening'), in which credit growth lags behind GDP growth for many years; 2) massive defaults; 3) high inflation; or 4) growing out of debt through very rapid real GDP growth caused by a war effort, a 'peace dividend' following war, or an oil boom [for oil-producing countries].

http://www.mckinsey.com/mgi/reports/freepass_pdfs/debt_and_deleveraging/debt_and_deleveraging_full_report.pdf