The Great Depression Of Debt

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House of Debt

Author : Atif Mian
Publisher : University of Chicago Press
ISBN 13 : 022627750X
Total Pages : 238 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis House of Debt by : Atif Mian

Download or read book House of Debt written by Atif Mian and published by University of Chicago Press. This book was released on 2015-05-20 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A concise and powerful account of how the great recession happened and what should be done to avoid another one . . . well-argued and consistently informative.” —Wall Street Journal The Great American Recession of 2007-2009 resulted in the loss of eight million jobs and the loss of four million homes to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as less dramatic periods of economic malaise, were caused by a large run-up in household debt followed by a significantly large drop in household spending. Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. We can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place. Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing today’s economy: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?

The Debt-Deflation Theory of Great Depressions

Author : Irving Fisher
Publisher :
ISBN 13 : 9781987817782
Total Pages : 28 pages
Book Rating : 4.8/5 (177 download)

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Book Synopsis The Debt-Deflation Theory of Great Depressions by : Irving Fisher

Download or read book The Debt-Deflation Theory of Great Depressions written by Irving Fisher and published by . This book was released on 2016-05-02 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the stock market crash of 1929 and the ensuing Great Depression, Fisher developed a theory of economic crises called "debt-deflation," which rejected general equilibrium theory and attributed crises to the bursting of a credit bubble. According to the debt deflation theory, a sequence of effects of the debt bubble bursting occurs: 1. Debt liquidation and distress selling. 2. Contraction of the money supply as bank loans are paid off. 3. A fall in the level of asset prices. 4. A still greater fall in the net worth of businesses, precipitating bankruptcies. 5. A fall in profits. 6. A reduction in output, in trade and in employment. 7. Pessimism and loss of confidence. 8. Hoarding of money. 9. A fall in nominal interest rates and a rise in deflation adjusted interest rates. This theory was ignored in favor of Keynesian economics, partly due to the damage to Fisher's reputation from his overly optimistic attitude prior to the crash, but has experienced a revival of mainstream interest since the 1980s, particularly since the Late-2000s recession, and is now a main theory with which he is popularly associated.

Lessons from the Great Depression

Author : Peter Temin
Publisher : MIT Press
ISBN 13 : 9780262261197
Total Pages : 220 pages
Book Rating : 4.2/5 (611 download)

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Book Synopsis Lessons from the Great Depression by : Peter Temin

Download or read book Lessons from the Great Depression written by Peter Temin and published by MIT Press. This book was released on 1991-10-08 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain, France, Germany, and the United States. Do events of the 1930s carry a message for the 1990s? Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain, France, Germany, and the United States. It describes the causes of the depression, why it was so widespread and prolonged, and what brought about eventual recovery. Peter Temin also finds parallels in recent history, in the relentless deflationary course followed by the U.S. Federal Reserve Board and the British government in the early 1980s, and in the dogged adherence by the Reagan administration to policies generated by a discredited economic theory—supply-side economics.

Essays on the Great Depression

Author : Ben S. Bernanke
Publisher : Princeton University Press
ISBN 13 : 1400820278
Total Pages : 321 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Essays on the Great Depression by : Ben S. Bernanke

Download or read book Essays on the Great Depression written by Ben S. Bernanke and published by Princeton University Press. This book was released on 2009-01-10 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Nobel Prize–winning economist and former chair of the U.S. Federal Reserve, a landmark book that provides vital lessons for understanding financial crises and their sometimes-catastrophic economic effects As chair of the U.S. Federal Reserve during the Global Financial Crisis, Ben Bernanke helped avert a greater financial disaster than the Great Depression. And he did so by drawing directly on what he had learned from years of studying the causes of the economic catastrophe of the 1930s—work for which he was later awarded the Nobel Prize. This influential work is collected in Essays on the Great Depression, an important account of the origins of the Depression and the economic lessons it teaches.

A Century of Debt Crises in Latin America

Author : Carlos Marichal
Publisher :
ISBN 13 :
Total Pages : 312 pages
Book Rating : 4.:/5 (44 download)

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Book Synopsis A Century of Debt Crises in Latin America by : Carlos Marichal

Download or read book A Century of Debt Crises in Latin America written by Carlos Marichal and published by . This book was released on 1989 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Carlos Marichal contends that the boom-and-bust cycles of Latin American foreign loans result mainly from the fluctuations of the world economy, rather than from errors made in Latin America itself. Marichal shows that the present debt crisis is only a part of an overall pattern in Latin American history--cycles of loan boom and subsequent debt crisis that are heavily influenced by fluctuations of international trade and capital flows. He also reveals the significant role played by those who implement debt policies. Examining the strategies of both lenders and borrowers, he makes it clear that foreign loan negotiations are not only financial tools but also political instruments with broad economic and social consequences. The book analyzes in detail the four major debt crises that took place in Latin America during the nineteenth and early twentieth centuries. Marichal's focus is comparative, since the contracting of foreign loans and their repayment were problems common to virtually all nations of the region. He devotes special attention to explaining the links of these debt crises to the international financial panics of 1825, 1873, 1890, and 1929. The epilogue compares the debt crises of the past with the contemporary Latin American debt crisis.

America's Financial Apocalypse

Author : Stathis
Publisher :
ISBN 13 : 9780975577653
Total Pages : 0 pages
Book Rating : 4.5/5 (776 download)

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Book Synopsis America's Financial Apocalypse by : Stathis

Download or read book America's Financial Apocalypse written by Stathis and published by . This book was released on 2006-09 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: For nearly three decades, America has been gradually losing ground to the developed world in many critical areas. The result is that the American standard of living has been in decline for over two decades, with the middle class having been affected the most. Meanwhile, the rich have gotten wealthier and now America is a nation controlled by corporate America. Hidden by two-income households and open access to credit, declining living standards have gone unnoticed by most Americans. Spending beyond one's means has become the American way of life and is encouraged by the government. In contrast, saving is almost unheard of in America. As a result, this once power nation has changed from the world's largest creditor to the world's largest debtor. Decades of over consumption by Americans can only last so long before a day of reckoning occurs. The deflation of the Internet Bubble resulted in the paper loss of over $7 trillion dollars, yet most people seem to have already forgotten the most scandalous charades in U.S. history by Wall Street and corporate America. And now, as the retirement assets of tens of millions of Americans are in question, an even larger number are caught up in the largest real estate bubble in our history. As we enter the two next decades, 76 million baby boomers will retire, most of them in poverty. Thus, the generation that was responsible for creating the greatest bull market in U.S. history may, through no choice of its own, also be the same group that causes an economic meltdown due to decades of government mismanagement, inadequate planning, and overconsumption. During this same time frame, many expect the global oil production is gradually decline due to what is known as the peak oil theory. Obviously, this has enormous consequences of its own. Today, America is in the final preparatory stages that will lead to a massive economic meltdown resulting in the Next Great Depression, as over 46 million Americans already have no healthcare insurance, Social Security will be inadequate for the 76 million baby boomers who will retire over the next several years, energy prices will remain high for some time, and for the first time ever, Americans can no longer live with the comfort knowing that they are safe on their own soil. These issues will only get worse and when the appropriate triggers are set off, a domino effect will commence, sending the stock and bond markets into a downward spiral. This book claims to represent the most detailed and exhaustive analysis of America's current and future economic plight, as well as that of its capital markets. Rather than making bold claims supported by scant data, this book makes use of several hundred figures, tables, and charts, as well as over 700 references to support the premise that a depression is inevitable for America. Finally, the final three chapters address economic and market risks and provide investment guidance and strategy for investors to position themselves to profit before and during America's next great depression.

Birth of a Market

Author : Kenneth D. Garbade
Publisher : MIT Press
ISBN 13 : 0262297795
Total Pages : 407 pages
Book Rating : 4.2/5 (622 download)

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Book Synopsis Birth of a Market by : Kenneth D. Garbade

Download or read book Birth of a Market written by Kenneth D. Garbade and published by MIT Press. This book was released on 2012-01-13 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: The evolution of “a marvel of modern finance,” the market for U.S. Treasury securities, from 1917 to 1939. The market for U.S. Treasury securities is a marvel of modern finance. In 2009 the Treasury auctioned $8.2 trillion of new securities, ranging from 4-day bills to 30-year bonds, in 283 offerings on 171 different days. By contrast, in the decade before World War I, there was only about $1 billion of interest-bearing Treasury debt outstanding, spread out over just six issues. New offerings were rare, and the debt was narrowly held, most of it owned by national banks. In Birth of a Market, Kenneth Garbade traces the development of the Treasury market from a financial backwater in the years before World War I to a multibillion dollar market on the eve of World War II. Garbade focuses on Treasury debt management policies, describing the origins of several pillars of modern Treasury practice, including “regular and predictable” auction offerings and the integration of debt and cash management. He recounts the actions of Secretaries of the Treasury, from William McAdoo in the Wilson administration to Henry Morgenthau in the Roosevelt administration, and their responses to economic conditions. Garbade's account covers the Treasury market in the two decades before World War I, how the Treasury financed the Great War, how it managed the postwar refinancing and paydowns, and how it financed the chronic deficits of the Great Depression. He concludes with an examination of aspects of modern Treasury debt management that grew out of developments from 1917 to 1939.

The Purchasing Power of Money

Author : Irving Fisher
Publisher :
ISBN 13 :
Total Pages : 558 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The Purchasing Power of Money by : Irving Fisher

Download or read book The Purchasing Power of Money written by Irving Fisher and published by . This book was released on 1911 with total page 558 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Leveraged

Author : Moritz Schularick
Publisher : University of Chicago Press
ISBN 13 : 022681694X
Total Pages : 318 pages
Book Rating : 4.2/5 (268 download)

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Book Synopsis Leveraged by : Moritz Schularick

Download or read book Leveraged written by Moritz Schularick and published by University of Chicago Press. This book was released on 2022-12-13 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative guide to the new economics of our crisis-filled century. Published in collaboration with the Institute for New Economic Thinking. The 2008 financial crisis was a seismic event that laid bare how financial institutions’ instabilities can have devastating effects on societies and economies. COVID-19 brought similar financial devastation at the beginning of 2020 and once more massive interventions by central banks were needed to heed off the collapse of the financial system. All of which begs the question: why is our financial system so fragile and vulnerable that it needs government support so often? For a generation of economists who have risen to prominence since 2008, these events have defined not only how they view financial instability, but financial markets more broadly. Leveraged brings together these voices to take stock of what we have learned about the costs and causes of financial fragility and to offer a new canonical framework for understanding it. Their message: the origins of financial instability in modern economies run deeper than the technical debates around banking regulation, countercyclical capital buffers, or living wills for financial institutions. Leveraged offers a fundamentally new picture of how financial institutions and societies coexist, for better or worse. The essays here mark a new starting point for research in financial economics. As we muddle through the effects of a second financial crisis in this young century, Leveraged provides a road map and a research agenda for the future.

Financial Markets and Financial Crises

Author : R. Glenn Hubbard
Publisher : University of Chicago Press
ISBN 13 : 9780226355887
Total Pages : 420 pages
Book Rating : 4.3/5 (558 download)

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Book Synopsis Financial Markets and Financial Crises by : R. Glenn Hubbard

Download or read book Financial Markets and Financial Crises written by R. Glenn Hubbard and published by University of Chicago Press. This book was released on 1991-08-13 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.

Public Debt Through the Ages

Author : Mr.Barry J. Eichengreen
Publisher : International Monetary Fund
ISBN 13 : 1484392892
Total Pages : 60 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Public Debt Through the Ages by : Mr.Barry J. Eichengreen

Download or read book Public Debt Through the Ages written by Mr.Barry J. Eichengreen and published by International Monetary Fund. This book was released on 2019-01-15 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.

Principles

Author : Ray Dalio
Publisher : Simon and Schuster
ISBN 13 : 1982112387
Total Pages : 560 pages
Book Rating : 4.9/5 (821 download)

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Book Synopsis Principles by : Ray Dalio

Download or read book Principles written by Ray Dalio and published by Simon and Schuster. This book was released on 2018-08-07 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: #1 New York Times Bestseller “Significant...The book is both instructive and surprisingly moving.” —The New York Times Ray Dalio, one of the world’s most successful investors and entrepreneurs, shares the unconventional principles that he’s developed, refined, and used over the past forty years to create unique results in both life and business—and which any person or organization can adopt to help achieve their goals. In 1975, Ray Dalio founded an investment firm, Bridgewater Associates, out of his two-bedroom apartment in New York City. Forty years later, Bridgewater has made more money for its clients than any other hedge fund in history and grown into the fifth most important private company in the United States, according to Fortune magazine. Dalio himself has been named to Time magazine’s list of the 100 most influential people in the world. Along the way, Dalio discovered a set of unique principles that have led to Bridgewater’s exceptionally effective culture, which he describes as “an idea meritocracy that strives to achieve meaningful work and meaningful relationships through radical transparency.” It is these principles, and not anything special about Dalio—who grew up an ordinary kid in a middle-class Long Island neighborhood—that he believes are the reason behind his success. In Principles, Dalio shares what he’s learned over the course of his remarkable career. He argues that life, management, economics, and investing can all be systemized into rules and understood like machines. The book’s hundreds of practical lessons, which are built around his cornerstones of “radical truth” and “radical transparency,” include Dalio laying out the most effective ways for individuals and organizations to make decisions, approach challenges, and build strong teams. He also describes the innovative tools the firm uses to bring an idea meritocracy to life, such as creating “baseball cards” for all employees that distill their strengths and weaknesses, and employing computerized decision-making systems to make believability-weighted decisions. While the book brims with novel ideas for organizations and institutions, Principles also offers a clear, straightforward approach to decision-making that Dalio believes anyone can apply, no matter what they’re seeking to achieve. Here, from a man who has been called both “the Steve Jobs of investing” and “the philosopher king of the financial universe” (CIO magazine), is a rare opportunity to gain proven advice unlike anything you’ll find in the conventional business press.

Global Waves of Debt

Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Global Waves of Debt by : M. Ayhan Kose

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

In Good Times Prepare for Crisis

Author : Ira Lieberman
Publisher : Brookings Institution Press
ISBN 13 : 0815735464
Total Pages : 554 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis In Good Times Prepare for Crisis by : Ira Lieberman

Download or read book In Good Times Prepare for Crisis written by Ira Lieberman and published by Brookings Institution Press. This book was released on 2018-10-09 with total page 554 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign debt crises are a little like the weather: One can get ready to endure them and maybe take some steps to lessen their impact, but so far it hasn't been possible to prevent them. Like the weather, they just keep happening. That's the overriding thesis of this book tracing the major debt crises of the past century, starting with the Great Depression and running through the recent Great Recession. Written by a former World Bank expert on debt crises, this book discusses best practices for how such crises can be resolved. As the painful experience of the past decade reminded everyone, frequent debt crises and defaults do great damage to economies and cause vast personal hardship. But resolving them has proven difficult—both economically and politically—and has taken time, almost always requiring a lender of last resort such as a country's central bank or the International Monetary Fund. Too often, efforts to end debt crises have been little more than a palliative, and the debt overhang from one crisis contributes to the next, as illustrated by the ongoing saga in Greece. Both private and sovereign debts have increased substantially since the 2008 crisis, with inadequate deleveraging. This debt overhang leaves countries vulnerable and with limited maneuverability to address the next crisis. This book does not pretend to describe how debt crises can be prevented. But it does draw useful lessons from recent crises that can help economists, bankers, policymakers, and others resolve the inevitable future crises with the least possible damage.

The Second Great Depression

Author : Warren Brussee
Publisher : Booklocker.Com Incorporated
ISBN 13 : 9781591136880
Total Pages : 269 pages
Book Rating : 4.1/5 (368 download)

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Book Synopsis The Second Great Depression by : Warren Brussee

Download or read book The Second Great Depression written by Warren Brussee and published by Booklocker.Com Incorporated. This book was released on 2005 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shows how massive consumer debt will trigger the next depression, starting about the year 2007. Most of the logic used to support this premise is based on the government's own published data.

China During the Great Depression

Author : Tomoko Shiroyama
Publisher : BRILL
ISBN 13 : 1684174651
Total Pages : 358 pages
Book Rating : 4.6/5 (841 download)

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Book Synopsis China During the Great Depression by : Tomoko Shiroyama

Download or read book China During the Great Depression written by Tomoko Shiroyama and published by BRILL. This book was released on 2020-03-23 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Great Depression was a global phenomenon: every economy linked to international financial and commodity markets suffered. The aim of this book is not merely to show that China could not escape the consequences of drastic declines in financial flows and trade but also to offer a new perspective for understanding modern Chinese history. The Great Depression was a watershed in modern China. China was the only country on the silver standard in an international monetary system dominated by the gold standard. Fluctuations in international silver prices undermined China’s monetary system and destabilized its economy. In response to severe deflation, the state shifted its position toward the market from laissez-faire to committed intervention. Establishing a new monetary system, with a different foreign-exchange standard, required deliberate government management; ultimately the process of economic recovery and monetary change politicized the entire Chinese economy. By analyzing the impact of the slump and the process of recovery, this book examines the transformation of state–market relations in light of the linkages between the Chinese and the world economy."

Endgame

Author : John Mauldin
Publisher : John Wiley & Sons
ISBN 13 : 1118004574
Total Pages : 66 pages
Book Rating : 4.1/5 (18 download)

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Book Synopsis Endgame by : John Mauldin

Download or read book Endgame written by John Mauldin and published by John Wiley & Sons. This book was released on 2011-03-08 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Greece isn't the only country drowning in debt. The Debt Supercycle—when the easily managed, decades-long growth of debt results in a massive sovereign debt and credit crisis—is affecting developed countries around the world, including the United States. For these countries, there are only two options, and neither is good—restructure the debt or reduce it through austerity measures. Endgame details the Debt Supercycle and the sovereign debt crisis, and shows that, while there are no good choices, the worst choice would be to ignore the deleveraging resulting from the credit crisis. The book: Reveals why the world economy is in for an extended period of sluggish growth, high unemployment, and volatile markets punctuated by persistent recessions Reviews global markets, trends in population, government policies, and currencies Around the world, countries are faced with difficult choices. Endgame provides a framework for making those choices.