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Inequality, Leverage and Crises

2010-11-01 Business & Economics
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Release : 2010-11-01
Genre : Business & Economics
Kind : eBook
Book Rating : 757/5 ( reviews)

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Book Synopsis Inequality, Leverage and Crises by : Mr.Michael Kumhof

Download or read book Inequality, Leverage and Crises written by Mr.Michael Kumhof. This book was released on 2010-11-01. Available in PDF, EPUB and Kindle. Book excerpt: The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of the rich, a large increase in leverage for the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where these features arise endogenously as a result of a shift in bargaining powers over incomes. A financial crisis can reduce leverage if it is very large and not accompanied by a real contraction. But restoration of the lower income group's bargaining power is more effective.

Inequality, Leverage and Crises

2013-12-17 Business & Economics
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Release : 2013-12-17
Genre : Business & Economics
Kind : eBook
Book Rating : 764/5 ( reviews)

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Book Synopsis Inequality, Leverage and Crises by : Mr.Michael Kumhof

Download or read book Inequality, Leverage and Crises written by Mr.Michael Kumhof. This book was released on 2013-12-17. Available in PDF, EPUB and Kindle. Book excerpt: The paper studies how high household leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of high-income households, a large increase in debt leverage of the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where higher leverage and crises arise endogenously in response to a growing income share of high-income households. The model matches the profiles of the income distribution, the debt-to-income ratio and crisis risk for the three decades prior to the Great Recession.

The Circular Relationship Between Inequality, Leverage, and Financial Crises

2014
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Release : 2014
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Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis The Circular Relationship Between Inequality, Leverage, and Financial Crises by : Rémi Bazillier

Download or read book The Circular Relationship Between Inequality, Leverage, and Financial Crises written by Rémi Bazillier. This book was released on 2014. Available in PDF, EPUB and Kindle. Book excerpt:

Crisis and Inequality

2021-02-11 Political Science
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Release : 2021-02-11
Genre : Political Science
Kind : eBook
Book Rating : 708/5 ( reviews)

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Book Synopsis Crisis and Inequality by : Mattias Vermeiren

Download or read book Crisis and Inequality written by Mattias Vermeiren. This book was released on 2021-02-11. Available in PDF, EPUB and Kindle. Book excerpt: Spiralling inequality since the 1970s and the global financial crisis of 2008 have been the two most important challenges to democratic capitalism since the Great Depression. To understand the political economy of contemporary Europe and America we must, therefore, put inequality and crisis at the heart of the picture. In this innovative new textbook Mattias Vermeiren does just this, demonstrating that both the global financial crisis and the European sovereign debt crisis resulted from a mutually reinforcing but ultimately unsustainable relationship between countries with debt-led and export-led growth models, models fundamentally shaped by soaring income and wealth inequality. He traces the emergence of these two growth models by giving a comprehensive overview, deeply informed by the comparative and international political economy literature, of recent developments in the four key domains that have shaped the dynamics of crisis and inequality: macroeconomic policy, social policy, corporate governance and financial policy. He goes on to assess the prospects for the emergence of a more egalitarian and sustainable form of democratic capitalism. This fresh and insightful overview of contemporary Western capitalism will be essential reading for all students and scholars of international and comparative political economy.

Causes and Consequences of Income Inequality

2015-06-15 Business & Economics
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Release : 2015-06-15
Genre : Business & Economics
Kind : eBook
Book Rating : 437/5 ( reviews)

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Book Synopsis Causes and Consequences of Income Inequality by : Ms.Era Dabla-Norris

Download or read book Causes and Consequences of Income Inequality written by Ms.Era Dabla-Norris. This book was released on 2015-06-15. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.

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