Inequality, Leverage and Crises: The Case of Endogenous Default
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, an...
Gespeichert in:
1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2013
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Schriftenreihe: | IMF Working Papers
Working Paper No. 13/249 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | 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 |
Beschreibung: | 1 Online-Ressource (48 p) |
ISBN: | 1484310764 9781484310762 |
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spelling | Kumhof, Michael Verfasser aut Inequality, Leverage and Crises The Case of Endogenous Default Kumhof, Michael Washington, D.C International Monetary Fund 2013 1 Online-Ressource (48 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 13/249 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 Online-Ausg Ranciere, Romain Sonstige oth Winant, Pablo Sonstige oth http://elibrary.imf.org/view/IMF001/20977-9781484310762/20977-9781484310762/20977-9781484310762.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Kumhof, Michael Inequality, Leverage and Crises The Case of Endogenous Default |
title | Inequality, Leverage and Crises The Case of Endogenous Default |
title_auth | Inequality, Leverage and Crises The Case of Endogenous Default |
title_exact_search | Inequality, Leverage and Crises The Case of Endogenous Default |
title_exact_search_txtP | Inequality, Leverage and Crises The Case of Endogenous Default |
title_full | Inequality, Leverage and Crises The Case of Endogenous Default Kumhof, Michael |
title_fullStr | Inequality, Leverage and Crises The Case of Endogenous Default Kumhof, Michael |
title_full_unstemmed | Inequality, Leverage and Crises The Case of Endogenous Default Kumhof, Michael |
title_short | Inequality, Leverage and Crises |
title_sort | inequality leverage and crises the case of endogenous default |
title_sub | The Case of Endogenous Default |
url | http://elibrary.imf.org/view/IMF001/20977-9781484310762/20977-9781484310762/20977-9781484310762.xml |
work_keys_str_mv | AT kumhofmichael inequalityleverageandcrisesthecaseofendogenousdefault AT ranciereromain inequalityleverageandcrisesthecaseofendogenousdefault AT winantpablo inequalityleverageandcrisesthecaseofendogenousdefault |