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We document that the global scope and depth of the crisis the began with the collapse of the subprime mortgage market in the summer of 2007 is unprecedented in the post World War II era and, as such, the most relevant comparison benchmark is the Great Depression (or the Great Contraction, as...
Persistent link: https://www.econbiz.de/10011083815
economies. In the case of the latter, capital inflow bonanzas are associated with a higher likelihood of economic crises (debt …
Persistent link: https://www.econbiz.de/10005666522
the same time, private debt levels, particularly those of financial institutions and households, are in uncharted …, restructuring of public and private debts. A more subtle form of debt restructuring in the guise of "financial repression" (which … had its heyday during the tightly regulated Bretton Woods system) also importantly facilitated sharper and more rapid debt …
Persistent link: https://www.econbiz.de/10008925708
public and private debts. Sometimes the debt restructuring is more subtle and takes the form of 'financial repression … facilitated a sharp and rapid reduction or 'liquidation' of public debt from the late 1940s to the 1970s. The restrictions or …
Persistent link: https://www.econbiz.de/10011083679
central government debt increases, on average, by about 86 percent. Thus the fiscal burden of banking crisis extends far …
Persistent link: https://www.econbiz.de/10005661505