Citation

Discussion Paper Details

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Title: The Great Leveraging

Author(s): Alan M. Taylor

Publication Date: August 2012

Keyword(s): banking, booms, credit, crises, financial development, fiscal policy, global imbalances, Great Recession and recessions

Programme Area(s): Economic History and International Macroeconomics

Abstract: What can history can tell us about the relationship between the banking system, financial crises, the global economy, and economic performance? Evidence shows that in the advanced economies we live in a world that is more financialized than ever before as measured by importance of credit in the economy. I term this long-run evolution ?The Great Leveraging? and present a ten--point examination of its main contours and implications.

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Bibliographic Reference

Taylor, A. 2012. 'The Great Leveraging'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=9082