| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9678 |
| DP9678 Sovereigns versus Banks: Credit, Crises, and Consequences | |
| Alan M. Taylor; Moritz Schularick; Oscar Jorda | |
| 发表日期 | 2013-10-06 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Two separate narratives have emerged in the wake of the Global Financial Crisis. One speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the risks of lax fiscal policies. However, the two may interact in important and understudied ways. This paper studies the co-evolution of public and private sector debt in advanced countries since 1870. We find that in advanced economies financial stability risks have come from private sector credit booms and not from the expansion of public debt. However, we find evidence that high levels of public debt have tended to exacerbate the effects of private sec- tor deleveraging after crises, leading to more prolonged periods of economic depression. Fiscal space appears to be a constraint in the aftermath of a crisis, then and now. |
| 主题 | Economic History ; Financial Economics ; International Macroeconomics |
| 关键词 | Booms Business cycles Financial crises Leverage Local projections Recessions |
| URL | https://cepr.org/publications/dp9678 |
| 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/538514 |
| 推荐引用方式 GB/T 7714 | Alan M. Taylor,Moritz Schularick,Oscar Jorda. DP9678 Sovereigns versus Banks: Credit, Crises, and Consequences. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
