Inequality, Leverage and Crises: The Case of Endogenous Default

WP/13/249

Inequality, Leverage and Crises: The Case of Endogenous Default
The paper studies how high household leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of high-income households, a large increase in debtleverage of the remainder, and an eventual financial and real crisis. The... READ MORE...

Publication date: December 2013
ISBN 9781484310762
$18.00

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Publication date: December 2013

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Publication date: December 2013

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