Leveraged: The New Economics of Debt and Financial Fragility by Moritz Schularic

The Nile on eBay   Leveraged by Moritz Schularick

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.

FORMATHardcover LANGUAGEEnglish CONDITIONBrand New Author Biography

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. 

Table of Contents

Introduction: The New Economics of Debt and Financial FragilityMoritz SchularickPart 1 Finance Unbound: The Rise of Finance and the Economy1 How to Think about Finance Atif Mian Comment by Karen Dynan2 Reconsidering the Costs and Benefits of Debt Booms for the Economy Emil Verner Comment by Holger MuellerPart 2 Risk-Taking: Incentives, Investors, Institutions3 Are Bank CEOs to Blame? Rüdiger Fahlenbrach Comment by Samuel G. Hanson4 A New Narrative of Investors, Subprime Lending, and the 2008 Crisis Stefania Albanesi Comment by Fernando Ferreira5 Bank Capital before and after Financial Crises Òscar Jordà, Björn Richter, Moritz Schularick, and Alan M. Taylor Comment by Anna KovnerPart 3 Mispricing Risks: Credit Booms and Risk Premia6 Beliefs and Risk-Taking Alessia De Stefani and Kaspar Zimmermann Comment by Yueran Ma7 A New Approach to Measuring Banks' Risk Exposure Juliane Begenau Comment 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 Severity Matthew Baron and Daniel Dieckelmann Comment by Mark Carlson10 Was the U.S. Great Depression a Credit Boom Gone Wrong? Natacha Postel-Vinay Comment by Eugene N. White11 Sectoral Credit Booms and Financial Stability Karsten Müller Comment by Orsola CostantiniIndex

Review

"[Leveraged] is well worth reading." * Society of Professional Economists *"[Leveraged] explore[s] the causes and costs of nancial instability, explaining why this fragility is endemic to modern economies." * Journal of Economic Literature *"Leveraged takes a thoughtful, data-based approach to the question of enduring concern which recent events have made particularly relevant. It is accessible, but serious, and deserves the attention of those whose job it is to watch the economy and those whose job it is to set policy." * Business Economics *"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" | University of Chicago

Review Quote

" 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."

Details ISBN0226816931 Short Title Leveraged Pages 336 Language English Year 2022 ISBN-10 0226816931 ISBN-13 9780226816937 Format Hardcover Subtitle The New Economics of Debt and Financial Fragility Publisher The University of Chicago Press Imprint University of Chicago Press Country of Publication United States Illustrations 79 line drawings, 17 tables Author Moritz Schularick Edited by Moritz Schularick Affiliation Chichele Professor of medieval history emeritus, University of Oxford Position Chichele Professor of medieval history emeritus Qualifications Ph.D. Publication Date 2022-12-13 NZ Release Date 2022-12-13 US Release Date 2022-12-13 UK Release Date 2022-12-13 DEWEY 332 Audience Professional & Vocational AU Release Date 2023-02-18 We've got this

At The Nile, if you're looking for it, we've got it.With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love!

TheNile_Item_ID:142160691;