Leveraged

The New Economics of Debt and Financial Fragility

Leveraged
Moritz Schularick
RRP:
NZ$ 104.99
Our Price:
NZ$ 83.99
Hardback
h229 x 152mm - 336pg
21 Nov 2022 US
International import eta 10-30 days
9780226816937
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An authoritative guide to the new economics of our crisis-filled century. 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.
"Leveraged brings together the leading scholars working on the stunning rise in debt over the last forty years. The chapters offer compelling insight into the challenges to the world economy from a growing dependence on debt financing, and they also provide guidelines on what we are to do about it. The growth in debt requires that we revisit fundamental questions about the role of the financial sector, and this book makes great progress on these questions. " -- Amir Sufi, author of House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again
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.
Status: Active
ISBN-13: 9780226816937
Published: 21 Nov 2022
Published In: United States
Imprint: University of Chicago Press
Publisher: University of Chicago Press
Format: Hardback
Height: 229mm
Width: 152mm
Pages: 336

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