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Year: 2011 Publisher: Cambridge, Massachusetts : National Bureau of Economic Research,
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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% 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.
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ISBN: 0132855232 0133552764 9780132855235 9780133552768 Year: 2012 Publisher: Upper Saddle River, N.J. FT Press
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ISBN: 9780470503706 Year: 2009 Publisher: Hoboken Wiley & Sons
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Year: 2008 Publisher: [Washington, D.C.] : U.S. Govt. Accountability Office,
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ISBN: 1118166167 1283401266 9786613401267 1118166140 Year: 2012 Publisher: Hoboken, N.J. : John Wiley & Sons,
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How the wealthy and powerful abuse finance to skim immense profits Debasement of the dollar as a result of ill-use of leverage is destroying the global economy, and in Leverage, well known market commentator Karl Denninger follows the path of money throughout history to prove that currencies are debased when moneyed and powerful interests pull the levers of government and policy to enrich themselves at the expense of the masses. The result is ugly: the value of everything-including gold-falls, and even personal safety is at risk in a world where there is limited money even for
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Investments --- Financial leverage --- Financial leverage. --- Investments. --- United States.
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Investments --- Financial leverage --- Financial leverage. --- Investments. --- United States.
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Year: 1994 Publisher: Cambridge, Mass. National Bureau of Economic Research
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The importance of a firm's balance sheet for determining its investment and employment decisions is the central assumption of macroeconomic models of 'debt deflation' or 'debt overhang.' According to these models, firm investment decisions are influenced not only by the fundamental opportunity set of the firm, but also by the firm's existing financial condition, especially its leverage. This paper tests that assumption by examining whether the responsiveness of employment, investment, and inventory accumulation to exogenous changes in sales depend on the leverage of the firm. We find that leverage acts as an important state variable for conditioning the response of all three variables to changes in sales. We also find that this effect varies depending on the state of the economy. During recessions, higher leverage magnifies the contractionary effect of declines in sales on investment; during times of positive sales growth, higher leverage tends to dampen the expansionary effect of growth in demand. The size and significance of leverage conditioning effects are larger during recessions. These results support theoretical models of the potential importance of 'debt overhang' effects. Firms that use debt to finance expansion during times of increasing demand suffer reduced ability to maintain growth during recessions as a consequence of their higher leverage.
Book
ISBN: 1282917811 9786612917813 1441680365 Year: 2010 Publisher: [Place of publication not identified] Harriman House Publishing
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Explains the intricacies of the regulatory framework of Basel I and Basel II, the two landmark events in banking regulation which inadvertently laid the foundation for the economic crisis.
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