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Banks and banking, Central --- Economic stabilization --- Flow of funds --- Monetary policy

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Essential reading for practitioners, scholars and theorists in economics and development studies.

Global Financial Crisis, 2008-2009. --- Capital movements --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Financial crises --- Developing countries --- Emerging nations --- Fourth World --- Global South --- LDC's --- Least developed countries --- Less developed countries --- Newly industrialized countries --- Newly industrializing countries --- NICs (Newly industrialized countries) --- Third World --- Underdeveloped areas --- Underdeveloped countries --- Economic conditions --- Finance --- Flow of funds --- Investments --- Global Financial Crisis, 2008-2009 --- Global Financial Crisis (2008-2009) --- Commerce. --- E-books --- Business & Economics --- Development --- Economic Development

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This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral in the secured funding operations of U.S.-based investment banks was the fatal link between the collapse of structured finance and the global malfunction of funding markets that turbocharged the downdraft; and, second, that this insight (and others) can be decrypted from the Flow of Funds Accounts of the United States.

Business & Economics --- Economic Theory --- Financial crises. --- Global Financial Crisis, 2008-2009. --- Financial leverage. --- Leverage, Financial --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Finance --- Financial crises --- Crises --- Global Financial Crisis, 2008-2009 --- Financial leverage --- Securities --- Investment banking --- Global Financial Crisis (2008-2009) --- E-books --- Banks and Banking --- Investments: General --- Macroeconomics --- Money and Monetary Policy --- Industries: Financial Services --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Institutions and Services: General --- General Financial Markets: General (includes Measurement and Data) --- General Aggregative Models: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary economics --- Investment & securities --- Banking --- Credit --- Financial sector --- Flow of funds --- Commercial banks --- Financial services industry --- Financial instruments --- Banks and banking --- United States

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It is generally acknowledged that the government’s output is difficult to define and its value is hard to measure. The practical solution, adopted by national accounts systems, is to equate output to input costs. However, several studies estimate significant inefficiencies in government activities (i.e., same output could be achieved with less inputs), implying that inputs are not a good approximation for outputs. If taken seriously, the next logical step is to purge from GDP the fraction of government inputs that is wasted. As differences in the quality of the public sector have a direct impact on citizens’ effective consumption of public and private goods and services, we must take them into account when computing a measure of living standards. We illustrate such a correction computing corrected per capita GDPs on the basis of two studies that estimate efficiency scores for several dimensions of government activities. We show that the correction could be significant, and rankings of living standards could be re-ordered as a result.

Business & Economics --- Economic Theory --- Cost and standard of living. --- Economic development. --- Comfort, Standard of --- Cost of living --- Food, Cost of --- Household expenses --- Living, Cost of --- Living, Standard of --- Standard of living --- Development, Economic --- Economic growth --- Growth, Economic --- Consumption (Economics) --- Home economics --- Households --- Quality of life --- Wealth --- Luxury --- Prices --- Purchasing power --- Wages --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Surveys --- Economic development --- Cost and standard of living --- Gross domestic product --- National income --- Government productivity --- Econometric models --- E-books --- Productivity, Government --- Capital productivity --- Production (Economic theory) --- Public administration --- Net national product --- Flow of funds --- Gross national product --- Income --- Domestic product, Gross --- GDP --- Macroeconomics --- Public Finance --- Measurement and Data on National Income and Product Accounts and Wealth --- Environmental Accounts --- Publicly Provided Goods: General --- Public Administration --- Public Sector Accounting and Audits --- Social Security and Public Pensions --- Health: General --- Public Enterprises --- Public-Private Enterprises --- Education: General --- General Aggregative Models: General --- National Government Expenditures and Health --- Health economics --- Civil service & public sector --- Education --- Public finance & taxation --- Health --- Public sector --- National accounts --- Health care spending --- Economic sectors --- Expenditure --- Finance, Public --- Expenditures, Public --- Cyprus