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Income Inequality and Current Account Imbalances
Ranciere, Romain; Throckmorton, Nathaniel A.; Kumhof, … - International Monetary Fund (IMF) - 2012
account deficits. Cross-sectional econometric evidence shows that higher top income shares, and also financial liberalization …. Financial liberalization helps workers smooth consumption, but at the cost of higher household debt and larger current account …
Persistent link: https://www.econbiz.de/10009654172
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Inequality, Leverage and Crises: The Case of Endogenous Default
Kumhof, Michael; Ranciere, Romain; Winant, Pablo - International Monetary Fund (IMF) - 2013
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...
Persistent link: https://www.econbiz.de/10010790328
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Inequality, Leverage and Crises
Ranciere, Romain; Kumhof, Michael - International Monetary Fund (IMF) - 2010
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...
Persistent link: https://www.econbiz.de/10008777032