| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8179 |
| DP8179 Inequality, Leverage and Crises | |
| Romain Rancière; Michael Kumhof | |
| 发表日期 | 2011-01-03 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | 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 1983-2007 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. |
| 主题 | International Macroeconomics |
| 关键词 | Income inequality wealth inequality leverage financial crises wealth |
| URL | https://cepr.org/publications/dp8179 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537016 |
| 推荐引用方式 GB/T 7714 | Romain Rancière,Michael Kumhof. DP8179 Inequality, Leverage and Crises. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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