Leveraged : The New Economics of Debt and Financial Fragility - Moritz Schularick

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Leveraged

The New Economics of Debt and Financial Fragility

By: Moritz Schularick (Editor)

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Hardcover | 19 February 2023 | Edition Number 1

At a Glance

Hardcover
336 Pages

Dimensions(cm)
2.29 x 1.52 x 0.28

Hardcover

RRP $90.95

$69.75

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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.

Industry Reviews

"[Leveraged] is well worth reading." * Society of Professional Economists *
"[Leveraged] explore[s] the causes and costs of ?nancial instability, explaining why this fragility is endemic to modern economies." * Journal of Economic Literature *
"Leveraged brings together the leading scholars working on the stunning rise in debt over the last forty years. The chapters offer compelling insight into the challenges to the world economy from a growing dependence on debt financing, and they also provide guidelines on what we are to do about it. The growth in debt requires that we revisit fundamental questions about the role of the financial sector, and this book makes great progress on these questions." -- Amir Sufi | author of "House of Debt" | University of Chicago

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