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The Deleveraging Of Us Households
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Book Synopsis Household Leverage and the Recession by : Callum Jones
Download or read book Household Leverage and the Recession written by Callum Jones and published by International Monetary Fund. This book was released on 2018-08-30 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We evaluate and partially challenge the ‘household leverage’ view of the Great Recession. In the data, employment and consumption declined more in states where household debt declined more. We study a model where liquidity constraints amplify the response of consumption and employment to changes in debt. We estimate the model with Bayesian methods combining state and aggregate data. Changes in household credit limits explain 40 percent of the differential rise and fall of employment across states, but a small fraction of the aggregate employment decline in 2008-2010. Nevertheless, since household deleveraging was gradual, credit shocks greatly slowed the recovery.
Book Synopsis The Impact of Public Policy on Consumer Credit by : Thomas A. Durkin
Download or read book The Impact of Public Policy on Consumer Credit written by Thomas A. Durkin and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: As both the twenty-first century and the new millennium opened and the old eras passed into history, individuals and organizations throughout the world advanced their listings of the most significant people and events in their respective specialties. Possibly more important, the tum of the clock and calendar also offered these same observers a good reason to glance into the crystal ball. Presumably, the past is of greatest interest to most people when it permits better understanding of the present, and maybe even limited insight into the outlook. In keeping with the reflective mood of the time, the staff and friends of the Credit Research Center (CRC) at Georgetown University's McDonough School of Business noted that the beginning of the new millennium also marked the beginning of the second quarter-century of the Center's existence. The Center began at the Krannert Graduate School of Management at Purdue University in 1974 and moved to the McDonough School of Business at Georgetown University in 1997. The silver anniversary of its founding offered the occasion for creating more than another listing of significant past accomplishments and milestones. Rather, it offered the opportunity and, indeed, a mandate for CRC as an academic research center, to undertake a retrospective and future look into the status of research questions pertaining to consumer credit markets. For this reason, the Center organized a research conference which was held in Washington, D. C.
Book Synopsis Household Deleveraging and Saving Rates: A Cross-Country Analysis by : Romain Bouis
Download or read book Household Deleveraging and Saving Rates: A Cross-Country Analysis written by Romain Bouis and published by International Monetary Fund. This book was released on 2021-10-29 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Historically high household debt in several economies is calling for a deleveraging, but according to some economists, this adjustment can slow GDP growth by weighing on consumption. Using a sample of advanced and emerging market economies, this paper finds evidence of a negative relationship between changes of household debt-to-income ratios and saving rates. This relationship is however asymmetric, being significant only for debt build-ups. Declining debt ratios and saving are significantly related in some economies, but the relationship is driven by consumer credit, not by mortgages. Results therefore suggest that the economic cost associated with household deleveraging may be overestimated and motivate a deleveraging via lower mortgages.
Book Synopsis The Age of Deleveraging by : A. Gary Shilling
Download or read book The Age of Deleveraging written by A. Gary Shilling and published by John Wiley & Sons. This book was released on 2010-10-12 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: Top economist Gary Shilling shows you how to prosper in the slow-growing and deflationary times that lie ahead While many investors fear a rapid rise in inflation, author Gary Shilling, an award-winning economic forecaster, argues that the global economy is going through a long period of de-leveraging and weak growth, which makes deflation far more likely and a far greater threat to investors than inflation. Shilling explains in clear language and compelling logic why the world economy will struggle for several more years and what investors can do to protect and grow their wealth in the difficult times ahead. The investment strategies that worked for last 25 years will not work in the next 10 years. Shilling advises readers to avoid broad exposure to stocks, real estate, and commodities and to focus on high-quality bonds, high-dividend stocks, and consumer staple and food stocks. Written by one of today's best forecasters of economic trends-twice voted by Institutional Investor as Wall Street's top economist Clearly explains what to invest in, what to avoid, and how to cope with a deflationary, slow-growth economy Demonstrates how Shilling has been consistently right about major economic trends since he began forecasting in the early 1980s Filled with in-depth insights and practical advice, this timely guide lays out a convincing case for why investors need to be prepared for a long period of weak growth and deflation-not inflation-and what you can do to prosper in the difficult times ahead.
Book Synopsis Financialization of the Economy, Business, and Household Inequality in the United States by : Kurt Mettenheim
Download or read book Financialization of the Economy, Business, and Household Inequality in the United States written by Kurt Mettenheim and published by Routledge. This book was released on 2021-11-17 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second volume on the political and social economy of financialization in the US focuses on the consequences of the rise of finance for the American macroeconomy, household inequality, and the management of nonfinancial business enterprises. A historical–institutional balance-sheet approach to long-term trends and recent change in the US reveals a series of anomalies and provisos for critical, heterodox, and mainstream economic approaches and provides new perspectives on debates about political economic change in advanced economies since the 2007–2008 financial crisis. This book marks a significant contribution to the literature on financialization and studies in social economics, household economics, the structure and management of nonfinancial business enterprises, and American political economy.
Book Synopsis Power and Imbalances in the Global Monetary System by : M. Vermeiren
Download or read book Power and Imbalances in the Global Monetary System written by M. Vermeiren and published by Springer. This book was released on 2014-10-21 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author examines the indirect macroeconomic roots of the global financial crisis and Eurozone debt crisis: the escalation of global trade imbalances between the US and China and regional trade imbalances in the Eurozone. He provides new insights into the sources and dynamics of power and instability in the contemporary global monetary system
Book Synopsis Systemic Fragility in the Global Economy by : Dr, Jack Rasmus
Download or read book Systemic Fragility in the Global Economy written by Dr, Jack Rasmus and published by SCB Distributors. This book was released on 2016-01-08 with total page 511 pages. Available in PDF, EPUB and Kindle. Book excerpt: Just as contemporary economics failed to predict the 2008-09 crash, and over-estimated the subsequent brief recovery that followed, economists today are again failing to accurately forecast the slowing global economic growth, the growing fragility, and therefore rising instability in the global economy. This book offers a new approach to explaining why mainstream economic analyses have repeatedly failed and why fiscal and monetary policies have been incapable of producing a sustained recovery. Expanding upon the early contributions of Keynes, Minsky and others, it offers an alternative explanation why the global economy is slowing long term and becoming more unstable, why policies to date have largely failed, and why the next crisis may therefore prove even worse than that of 2008- 09. Systemic fragility is rooted in 9 key empirical trends: slowing real investment; a drift toward deflation; money, credit and liquidity explosion; rising levels of global debt; a shift to speculative financial investing; the restructuring of financial markets to reward capital incomes; the restricting of labor markets to lower wage incomes; the failure of Central Bank monetary policies; and the ineffectiveness of fiscal policies. It results from financial, consumer, and government balance sheet fragilities exacerbating each other -- creating a massive centripetal force disaggregating and tearing apart the whole, untameable by either fiscal or monetary means. This book clarifies how the price system in general, and financial asset prices in particular, transform into fundamentally destabilizing forces under conditions of systemic fragility. It explains why the global system has in recent decades become dependent upon, and even addicted to, massive liquidity injections, and how fiscal policies have been counterproductive, exacerbating fragility and instability. Policymakers’ failure to come to grips with how fundamental changes in the structure of the 21st century global capitalist economy—in particular in financial and labor market structures—make the global economy more systemically fragile can only propel it toward deeper instability and crises.
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Financial Institutions and Consumer Protection Publisher : ISBN 13 : Total Pages :82 pages Book Rating :4.:/5 (319 download)
Book Synopsis Consumer Protection and Middle-class Wealth Building in an Age of Growing Household Debt by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Financial Institutions and Consumer Protection
Download or read book Consumer Protection and Middle-class Wealth Building in an Age of Growing Household Debt written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Financial Institutions and Consumer Protection and published by . This book was released on 2012 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Homeownership and America's Financial Underclass by : Mechele Dickerson
Download or read book Homeownership and America's Financial Underclass written by Mechele Dickerson and published by Cambridge University Press. This book was released on 2014-06-30 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why does America have a love affair with homeownership? For many, buying a home is no longer in their best interest and may harm their children's educational opportunities. This book argues that US leaders need to re-evaluate housing policies and develop new ones that ensure that all Americans have access to affordable housing, whether rented or owned. After describing common myths, the book shows why the circumstances now faced by America's financial underclass make it impossible for them to benefit from homeownership because they cannot afford to buy homes. It then exposes the risks of 'home buying while brown or black,' discussing US policies that made it easier for whites to buy homes, but harder and more costly for blacks and Latinos to do so. The book argues that remaining racial discrimination and certain demographic features continue to make it harder for blacks and Latinos to receive homeownership's promised benefits.
Book Synopsis The Future of US Global Power by : S. Brown
Download or read book The Future of US Global Power written by S. Brown and published by Springer. This book was released on 2012-12-14 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dispelling the myth of decline, Stuart Brown argues that the US continues to enjoy the economic, political, cultural and military underpinnings befitting a pre-eminent global power. He provides an analytical tour through the major domestic and foreign policy issues that will impact the United States' future position and role in the global system.
Book Synopsis The US Economy and Neoliberalism by : Nikolaos Karagiannis
Download or read book The US Economy and Neoliberalism written by Nikolaos Karagiannis and published by Routledge. This book was released on 2013-03-12 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent times, policy makers, scientists, academics and commentators have become increasingly nervous about the US economic downturn. Discussions have centred around the range and magnitude of the country’s socio-economic problems, its vexing production decline and its unsatisfactory macroeconomic performance, which give rise to the following questions: what are the sources of this recent downfall? And can this situation be reversed by pursuing the same orthodox and neoliberal policies? This new edited volume, from a top international set of contributors, seeks to answer these questions and to offer alternative, realistic and feasible strategies and policy recommendations towards reversing this situation. In particular, the volume seeks to challenge US neoliberalism on theoretical and political grounds, and to offer alternative strategies and policies towards addressing the country’s recent challenges and multi-dimensional problems. The volume is structured around three main themes: The return of government: Philosophical issues and ethics Economic policies for sustainable growth and prosperity Financial fragility and alternative monetary policy proposals This unique and highly topical, multidisciplinary volume, will be of great interest to students and researchers in the areas of economics, political economy and contemporary US politics.
Book Synopsis Capitalism, Inclusive Growth, and Social Protection by : Hagen M. Krämer
Download or read book Capitalism, Inclusive Growth, and Social Protection written by Hagen M. Krämer and published by Edward Elgar Publishing. This book was released on 2023-12-11 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: After more than four decades of real income stagnation, ever-increasing inequality and household financial distress, this book explores how the very fabric of our society is under threat. It argues that although capitalism is imperfect, it can be improved, and harnessing its forces of production to more suitable social relations of production is key to that improvement.
Book Synopsis Evaluating American Democracy and Public Policymaking by : William D. Schreckhise
Download or read book Evaluating American Democracy and Public Policymaking written by William D. Schreckhise and published by Rowman & Littlefield. This book was released on 2018-03-02 with total page 477 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lurking in the back of the minds of many students of American government is the question, “How well does the American political system work?” This book examines this in a way that is broad in approach and accessible to readers. Such an ambitious examination of the effectiveness of the American policymaking system leads to one inescapable question: how can you measure “effectiveness?” The answer taken in this book is to employ a number of different criteria. These criteria include: •the public’s attitudes towards the institutions of government •the degree in which all participate equally in political activities •the level of which public policy is responsive to public opinion •the ability of the actors in the process to create effective public policy •the extent the political system imposes costs and benefits on us equally, regardless of our economic condition race, gender, or age In doing so, this book ties together and expands upon numerous scholarly studies conducted on American public policymaking and uses David Truman’s Systems Model as a conceptual guide. Because of the large amount of data presented, the book will also serve as a reference source for others conducting research on American public policy.
Download or read book Frugality written by Mr.Yasser Abdih and published by International Monetary Fund. This book was released on 2009-09-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Household savings rates in the United States have recently crept up from all-time lows. Some have suggested that a shift toward frugality will hamper GDP growth-the Keynesian "paradox of thrift." We estimate that households compensate for a fall in their asset income by saving more out of their labor income, dollar-for-dollar. In the wake of the crisis, our model predicts that such primary savings will increase, but only temporarily and modestly, as household assets stabilize. As savings flows gradually accumulate, they help rebuild corporate net worth and hence firms' capacity to make capital investments. A timely return to pre-crisis levels of capital investment would require that U.S. households save substantially more than the model predicts, starting now. Hence, we should fret that our savings rates may be too low.
Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara
Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Download or read book Mammon's Ecology written by Stan Goff and published by Wipf and Stock Publishers. This book was released on 2018-04-26 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Proverbs 22:22 enjoins the reader, “Don’t take advantage of the poor just because you can.” Mammon’s Ecology is a systematic investigation into the mysterious nature of modern money, which confronts us with the perplexing fact that, in the global economy as it is, we take advantage of the poor whether we want to or not. We destroy natural systems whether we want to or not. Ched Myers describes Mammon’s Ecology as a “workbook” about “the secret life of money.” Where Prather and others have shown that money is one of the perverse Powers described in Ephesians 6, Mammon’s Ecology details precisely how money exercises this peculiar power and outlines suggestions for Christians who feel trapped in this complicity—not just as individuals, but as church. Mammon’s Ecology is not a book about economics (which the author calls “the world’s best antidote to insomnia”), but rather a book about the “deep ecology” of (post)modern power and injustice. Read individually or as a group, Mammon’s Ecology will leave you unable to think about money the same way again.
Book Synopsis Global Economy In Transition, The: Debt And Resource Scarcities by : Joergen Oerstroem Moeller
Download or read book Global Economy In Transition, The: Debt And Resource Scarcities written by Joergen Oerstroem Moeller and published by World Scientific. This book was released on 2013-06-28 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a collection of essays written by Ambassador, Professor Jørgen Ørstrøm Møller from the middle of 2009 to end of 2012, commenting on global economic and political events, which reflect Moeller's judgment and evaluation on these issues.Readers get an overview to the collection of essays and the worldview they represent in an introductory chapter weaving together strands of economics, politics, and societal issues. Møller goes a step further by sketching up a picture of how a future economic model and political system may look — forged by debt, scarcities, economic integration, and the rise of Asia.Part I deals with global systems and possible long trends shaping the future over the coming decades, as the current political system and economic model, having run their course, come to an end.Part II discusses how the era of scarcities will change economic behaviour in terms of economic models.Part III looks into the global debt problem, which confines the world to low growth over one or two decades as the world tries to get rid of the debt burden.Part IV forms an analysis of what has happened in the Euro-zone and how the global debt crisis has compelled the Europeans to take the next steps in integration and address the shortcomings and flaws in the original treaty from 1992.Part V turns to Asia and its future in the global economy. It concentrates on Asian integration and how the Asian countries will fare in the future under much changed circumstances compared to how things looked when the Asian adventure started some 30-40 years ago.At the end, readers will find a short post-scriptum with some of Moeller's afterthoughts on the important issues discussed throughout the book.
