Leveraged

The New Economics of Debt and Financial Fragility

Inbunden, Engelska, 2022

473 kr

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Beskrivning

An authoritative guide to the new economics of our crisis-filled century. Published in collaboration with the Institute for New Economic Thinking.The 2008 financial crisis was a seismic event that laid bare how financial institutions’ instabilities can have devastating effects on societies and economies. COVID-19 brought similar financial devastation at the beginning of 2020 and once more massive interventions by central banks were needed to heed off the collapse of the financial system. All of which begs the question: why is our financial system so fragile and vulnerable that it needs government support so often? For a generation of economists who have risen to prominence since 2008, these events have defined not only how they view financial instability, but financial markets more broadly. Leveraged brings together these voices to take stock of what we have learned about the costs and causes of financial fragility and to offer a new canonical framework for understanding it. Their message: the origins of financial instability in modern economies run deeper than the technical debates around banking regulation, countercyclical capital buffers, or living wills for financial institutions. Leveraged offers a fundamentally new picture of how financial institutions and societies coexist, for better or worse. The essays here mark a new starting point for research in financial economics. As we muddle through the effects of a second financial crisis in this young century, Leveraged provides a road map and a research agenda for the future.

Produktinformation

Utgivningsdatum:2022-12-13
Mått:152 x 229 x 28 mm
Vikt:626 g
Format:Inbunden
Språk:Engelska
Antal sidor:336
Förlag:The University of Chicago Press
ISBN:9780226816937

Utforska kategorier

Nationalekonomi inom Ekonomi och Ledarskap

Mer om författaren

Moritz Schularick is professor of economics at Sciences Po in Paris and at the University of Bonn, Germany. He is a fellow of the Institute for New Economic Thinking and has held appointments at New York University and the Federal Reserve Bank of New York.

Recensioner i media

"[Leveraged] is well worth reading."

Innehållsförteckning

Introduction: The New Economics of Debt and Financial FragilityMoritz SchularickPart 1 Finance Unbound: The Rise of Finance and the Economy1 How to Think about FinanceAtif MianComment by Karen Dynan2 Reconsidering the Costs and Benefits of Debt Booms for the EconomyEmil VernerComment by Holger MuellerPart 2 Risk-Taking: Incentives, Investors, Institutions3 Are Bank CEOs to Blame?Rüdiger FahlenbrachComment by Samuel G. Hanson4 A New Narrative of Investors, Subprime Lending, and the 2008 CrisisStefania AlbanesiComment by Fernando Ferreira5 Bank Capital before and after Financial CrisesÒscar Jordà, Björn Richter, Moritz Schularick, and Alan M. TaylorComment by Anna KovnerPart 3 Mispricing Risks: Credit Booms and Risk Premia6 Beliefs and Risk-TakingAlessia De Stefani and Kaspar ZimmermannComment by Yueran Ma7 A New Approach to Measuring Banks’ Risk ExposureJuliane BegenauComment by Nina Boyarchenko8 Is Risk Mispriced in Credit Booms?Tyler MuirPart 4 Financial Crises: Reconsidering the Origins and Consequences9 Historical Banking Crises: A New Database and a Reassessment of Their Incidence and SeverityMatthew Baron and Daniel DieckelmannComment by Mark Carlson10 Was the U.S. Great Depression a Credit Boom Gone Wrong?Natacha Postel-VinayComment by Eugene N. White11 Sectoral Credit Booms and Financial StabilityKarsten MüllerComment by Orsola CostantiniIndex

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