The Great Leveraging

Alan Taylor

No 9082, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: What can history can tell us about the relationship between the banking system, financial crises, the global economy, and economic performance? Evidence shows that in the advanced economies we live in a world that is more financialized than ever before as measured by importance of credit in the economy. I term this long-run evolution ?The Great Leveraging? and present a ten--point examination of its main contours and implications.

Keywords: Banking; Booms; Credit; Crises; Financial development; Fiscal policy; Global imbalances; Great recession; Recessions (search for similar items in EconPapers)
JEL-codes: E3 E5 E6 N1 N2 (search for similar items in EconPapers)
Date: 2012-08
New Economics Papers: this item is included in nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (35)

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Related works:
Chapter: The Great Leveraging (2013)
Working Paper: The great leveraging (2012)
Working Paper: The Great Leveraging (2012)
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