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xii Deleveraging What Deleveraging Pierre Keller Signe Krogstrup Jean-Pierre Landau Valérie Lemaigre Henri Loubergé José Luis Malo de Molina Alessandro Merli Ouarda Merrouche Atif Mian Maurice Monbaron Carlo Monticelli Rahul Mukherjee Kiyohiko Nishimura Former Senior Partner Lombard Odier Geneva Deputy Head of Monetary Policy Analysis Swiss National Bank Zürich Professor Sciences Po Paris Chief Economist BCGE Geneva Professor of Economics Geneva University Director General Banco de España Madrid Frankfurt Correspondent Il Sole24 Ore Frankfurt am Main BCC Programme Manager The Graduate Institute Geneva Professor of Economics and Public Policy Princeton University Member of the Board Crédit Agricole (Suisse) SA Geneva Head of International Financial Relations Ministry of Economy and Finance Rome Assistant Professor The Graduate Institute Geneva Dean Graduate School of Economics University of Tokyo
List of Conference Participants xiii Fabio Panetta Ugo Panizza Pierre Pâris Sandrine Perret Adrien Pichoud Richard Portes Fabrizio Quirighetti Lucrezia Reichlin Vincent Reinhart Alain Robert Märten Ross Jean-Pierre Roth Deputy Governor-Member of the Governing Board Banca d’Italia Roma Professor of Economics The Graduate Institute Geneva CEO Banque Pâris Bertrand Sturdza Geneva Economist Brevan Howard Investment Products Geneva Economist SYZ Asset Management Geneva Professor of Economics London Business School President, CEPR Chief Economist SYZ Asset Management Geneva Professor of Economics London Business School Economist Morgan Stanley New York Vice Chairman Wealth Management UBS AG Zürich Deputy Secretary General Ministry of Finance of Estonia Chairman Banque Cantonale de Genève Geneva
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: List of Conference Participants xi
Page 17: Foreword Since 1999 the Geneva Repo
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Page 29 and 30: 2 Global debt analysis: Deleveragin
Page 31 and 32: Global debt analysis: Deleveraging
Page 33 and 34: Global debt analysis: Deleveraging
Page 35: Global debt analysis: Deleveraging
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6 Discussions Morning discussion Ma
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Discussions 89 He also agreed with
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Discussions 91 urged the authors to
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Discussions 93 moving demographic c
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Discussions 95 about potential GDP
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Discussions 97 when there is no com
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Discussions 99 In response to Laure
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Data Appendix Debt typically expres
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References Adrian, T., E. Moench an
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References 105 Jorda, O., M. Schula
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It is widely accepted that high lev
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