Reducing Strategic Default in a Financial Crisis
In: FRB of Philadelphia Working Paper No. 21-36
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In: FRB of Philadelphia Working Paper No. 21-36
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In: Economic Notes, Band 45, Heft 2, S. 139-177
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In: Socio-economic review, Band 17, Heft 3, S. 523-544
ISSN: 1475-147X
AbstractAmerican families have become less economically secure in recent decades, and this process accelerated during the 2008 financial crisis and its immediate aftermath. This study investigates how the crisis apportioned income precarity among families compared to pre-crisis years. We use the Survey of Consumer Finances and find that working families suffered the preponderance of income losses from the crisis, although the crisis shifted income losses towards more privileged working families. In fact, middle-income working families now have the same level of income precarity as the working poor, and families in the top income quintile continue to have elevated precarity levels. This result indicates that the middle class continues to bear a growing share of economic risk and that all working families are experiencing heightened insecurity in the post-crisis era.
In: Alcohol and alcoholism: the international journal of the Medical Council on Alcoholism (MCA) and the journal of the European Society for Biomedical Research on Alcoholism (ESBRA), Band 48, Heft 3, S. 343-348
ISSN: 1464-3502
Starting in mid-2007, the global financial crisis quickly metamorphosed from the bursting of the housing bubble in the US to the worst recession the world has witnessed for over six decades. Through an in-depth review of the crisis in terms of the causes, consequences and policy responses, this paper identifies four key messages. Firstly, contrary to widely-held perceptions during the boom years before the crisis, the paper underscores that the global economy was by no means as stable as suggested, while at the same time the majority of the world's poor had benefited insufficiently from stronger economic growth. Secondly, there were complex and interlinked factors behind the emergence of the crisis in 2007, namely loose monetary policy, global imbalances, misperception of risk and lax financial regulation. Thirdly, beyond the aggregate picture of economic collapse and rising unemployment, this paper stresses that the impact of the crisis is rather diverse, reflecting differences in initial conditions, transmission channels and vulnerabilities of economies, along with the role of government policy in mitigating the downturn. Fourthly, while the recovery phase has commenced, a number of risks remain that could derail improvements in economies and hinder efforts to ensure that the recovery is accompanied by job creation. These risks pertain in particular to the challenges of dealing with public debt and continuing global imbalances.
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In: IHS Working Paper Political Science Series Nr.126
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Working paper
In: Journal of economic studies, Band 43, Heft 1, S. 16-26
ISSN: 1758-7387
Purpose– The purpose of this paper is to analyse the effect of financial integration on several macroeconomic variables from a global perspective.Design/methodology/approach– The authors apply a cointegrated vector autoregression model using quarterly data for 1980-2009. Analysing the interactions of globally aggregated measures capturing cross-border financial transactions, monetary liquidity, output, consumer and commodity prices, the authors focus on the dissection of short-run and long-run dynamics.Findings– The authors find that increasing financial integration has a positive impact driving GDP. The authors also find evidence of two-way causality between commodity prices and financial flows. The results suggest that commodity prices are driven by financial integration and the gap between the dynamics of commodity prices and financial flows is closed by global liquidity injected by central banks.Originality/value– The paper contributes to the empirical literature by analysing the overall impact of global financial integration and of global liquidity on global macroeconomic variables in a unified framework.
In: IMF Working Paper No. 12/24
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In: International journal of governance and financial intermediation, Band 1, Heft 2, S. 127
ISSN: 2399-5033
In: International Journal of Financial Research, Vol 11 No. 1 2020
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In: European Journal of Sustainable Development: EJSD, Band 7, Heft 4
ISSN: 2239-6101
In: Social movement studies: journal of social, cultural and political protest, Band 16, Heft 1, S. 1-20
ISSN: 1474-2837
In: Journal of King Abdulaziz University: Islamic Economics, Band 27, Heft 1
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In: British Journal of Management, Band 23, S. S58-S73
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In: Journal of international economic law, Band 13, Heft 1, S. 27-63
ISSN: 1464-3758