Debt, financial fragility, and systemic risk
A remarkable feature of the period since 1970 has been the patterns of rapid and turbulent change in financing behaviour and financial structure in many advanced countries. This book explores, in theoretical and empirical terms, the nature of the relationships between the underlying phenomena--levels and changes in debt, vulnerabililty to default in the corporate and household sectors, and systematic risk in the financial sector. The book focuses on the generality of this phenomena--whether similar patterns are observable in certain countries, as well as in the international capital markets themselves. Emphasis is placed to the importance of the nature and evolution of financial structure to the genesis of instability. Given the international scope of the analysis, the work is germane to the study of the development of financial systems in all advanced countries, as well as the euromarkets.
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FINANCIAL FRAGILITY IN THE CORPORATE SECTOR
FINANCIAL FRAGILITY IN THE PERSONAL SECTOR
ECONOMIC EFFECTS OF FINANCIAL FRAGILITY
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adverse selection agency costs arising asset prices asymmetric information balance sheets bankruptcy behaviour bonds borrowers cent changes Chart collateral companies competition corporate countries crash credit rationing credit risk creditors debt crisis decline deposit insurance depositors deregulation disaster myopia discussed in Chs domestic economic effects entail entry equity eurobond euromarkets excessive failure financial crises financial fragility financial instability financial institutions financial markets financial system firms funds gearing Germany growth heightened hence incentives income increased inflation information asymmetries innovation insolvency interbank market interest rates interest-rate intermediaries investors issue Japan junk bonds ldcs lead lending leverage liquidity loans losses macroeconomic market makers monetarist monetary policy monitoring moral hazard mortgage non-financial noted outlined in Ch portfolio problems profits rationing of credit reduce regulation relationships risk premiums Sect sector securities markets securitization spreads ss ss ss suggested sunk costs systemic risk theory thrifts tightening transmission mechanism uncertainty