1qGLG9p

Recommendations

Info

102 Deleveraging, What Deleveraging Total ex-financial Sum of debt levels for government, household and non-financial corporates. Total private ex-financial For developed economies: sum of debt levels for households and non-financial corporates. For emerging markets: Sum of credit to private sector (National sources & IMF) and debt securities issued by non-financial corporations (source: BIS international debt securities database). For China: total social financing (CEIC databank) Other variables Net external position Source: IMF. External Debt Source: BIS external debt statistics. Net international investment position Source: IMF. Total social financing - China Source: CEIC databank. Country groups Developed markets (DM) are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, UK and US (21 countries). Emerging markets (EM) are Argentina, Brazil, Bulgaria, Chile, China, Colombia, Czech Republic, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Philippines, Poland, Russia, South Africa, Thailand, Turkey and Ukraine (21 countries comprising EM1 and EM2). Emerging markets 1 (EM1) are Argentina, Brazil, Chile, India, Indonesia, Russia, South Africa and Turkey (8 countries). Emerging markets 2 (EM2) are Bulgaria, China, Colombia, Czech Republic, Hungary, Israel, Korea, Malaysia, Mexico, Philippines, Poland, Thailand and Ukraine (13 countries).
References Adrian, T., E. Moench and H. S. Shin (2013), “Leverage Asset Pricing”, Federal Reserve Bank of New York Staff Report No. 625. Arellano, C. and N. Kocherlakota (2014), “Internal Debt Crises and Sovereign Default”, Journal of Monetary Economics, forthcoming. Banbura, M., D. Giannone and L. Reichlin (2010), “Large Bayesian VARs”, Journal of Applied Econometrics 25(1), pp. 71-92. Battistini, N., M. Pagano and S. Simonelli (2014), “Systemic Risk, Sovereign Yields and Bank Exposures in the Euro Crisis”, Economic Policy 29, pp. 203-251. Bernanke, B. and M. Gertler (1989), “Agency Costs, Net Worth and Business Fluctuations”, American Economic Review 79(1), pp. 14-31. Blanchard, O. and F. Giavazzi (2002), “Current Account Deficits in the Euro Area: The End of the Feldstein Horioka Puzzle”, Brookings Papers on Economic Activity 33(2), pp. 147-210. Borio, C., R. N. McCauley and P. McGuire (2011), “Global Credit and Domestic Credit Booms”, BIS Quarterly Review, September, pp. 43–57. Brown, M. and P. R. Lane (2011), “Debt Overhang in Emerging Europe”, World Bank Policy Research Working Paper No. 5784. Brunnermeier, M. and Y. Sannikov (2014), “A Macroeconomic Model with a Financial Sector”, American Economic Review 104(2), pp. 379-421. Bruno, V. and H.S. Shin (2014), “Globalization of Corporate Risk Taking”, Journal of International Business Studies, forthcoming. Catão, L. and G.M. Milesi-Ferretti (2013), “External Liabilities and Crises”, IMF Working Paper No. 13/113. Cerra, V. and S. C. Saxena (2008), “Growth Dynamics: The Myth of Economic Recovery”, American Economic Review 98(1), pp. 439–457. Checherita, C. and P. Rother (2010), “The impact of high and growing government debt on economic growth: An empirical investigation for the euro area”, ECB Working Paper No. 1237. Christiano, L. J., M. S. Eichenbaum and M. Trabandt (2014), “Understanding the Great Recession”, NBER Working Paper No. 20040. Cochrane, J. H. (2011), “Discount Rates”, Journal of Finance 66(4), pp. 1047- 1108. Committee on International Economic Policy and Reform (CIEPR) (2013), Revisiting Sovereign Bankruptcy, Washington, DC: Brookings Institution. Cordella, T., L. A. Ricci and M. Ruiz-Arranz (2005), “Debt overhang or debt irrelevance revisiting the debt-growth link”, IMF Working Paper No. 05/223. Corsetti, G., K. Kuester, A. Meier and G. Muller (2013), “Sovereign Risk, Fiscal Policy and Macroeconomic Stability”, Economic Journal 123(566), pp. 99-132. 103
Page 1:
Geneva Reports on the World Economy
Page 4 and 5:
International Center for Monetary a
Page 6 and 7:
International Center for Monetary a
Page 8 and 9:
Acknowledgements We thank Susan Lun
Page 11 and 12:
List of Conference Participants Edm
Page 13 and 14:
List of Conference Participants xi
Page 15 and 16:
List of Conference Participants xii
Page 17:
Foreword Since 1999 the Geneva Repo
Page 20 and 21:
2 Deleveraging, What Deleveraging 1
Page 22 and 23:
4 Deleveraging, What Deleveraging S
Page 24 and 25:
6 Deleveraging, What Deleveraging l
Page 26 and 27:
8 Deleveraging, What Deleveraging i
Page 29 and 30:
2 Global debt analysis: Deleveragin
Page 31 and 32:
Global debt analysis: Deleveraging
Page 33 and 34:
Page 35:
Page 38 and 39:
20 Deleveraging, What Deleveraging
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71: 52 Deleveraging, What Deleveraging
Page 105 and 106: 6 Discussions Morning discussion Ma
Page 107 and 108: Discussions 89 He also agreed with
Page 109 and 110: Discussions 91 urged the authors to
Page 111 and 112: Discussions 93 moving demographic c
Page 113 and 114: Discussions 95 about potential GDP
Page 115 and 116: Discussions 97 when there is no com
Page 117 and 118: Discussions 99 In response to Laure
Page 119: Data Appendix Debt typically expres
Page 123 and 124: References 105 Jorda, O., M. Schula
Page 125: It is widely accepted that high lev
show all

1qGLG9p

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?