Bailing Out The People When Private Debt Becomes Public

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Bailing Out the People? When Private Debt Becomes Public

Samba Mbaye,Ms.Marialuz Moreno Badia,Kyungla Chae
Bailing Out the People When Private Debt Becomes Public Book PDF

Author : Samba Mbaye,Ms.Marialuz Moreno Badia,Kyungla Chae
Publisher : International Monetary Fund
Page : 45 pages
File Size : 51,9 Mb
Release : 2018-06-13
Category : Business & Economics
ISBN : 9781484363829

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Bailing Out the People? When Private Debt Becomes Public by Samba Mbaye,Ms.Marialuz Moreno Badia,Kyungla Chae Pdf

This paper documents a form of private sector bailout that is much more common (and yet unnoticed) than the typical bank bailout. Building on the newly-created Global Debt Database, we show that excess private debt systematically turns into higher public debt, regardless of whether the credit boom resulted in a crisis or a more orderly deleveraging process. This debt migration operates mainly through growth rather than explicit bailouts: private deleveraging weighs on activity, prompting a countercyclical government response to support economic activity. Ultimately, whether this debt substitution results in a net increase or a net decline of overall indebtedness in the economy depends on the extent of the growth slowdown during the deleveraging spell. These findings suggest that markets and policymakers should move away from looking at private and sovereign debt in silos and pay closer attention to the total stock of debt in the economy, as the line between the two tends to become blurry.

Bailing Out the People? When Private Debt Becomes Public

Samba Mbaye,Ms.Marialuz Moreno Badia,Kyungla Chae
Bailing Out the People When Private Debt Becomes Public Book PDF

Author : Samba Mbaye,Ms.Marialuz Moreno Badia,Kyungla Chae
Publisher : International Monetary Fund
Page : 45 pages
File Size : 54,6 Mb
Release : 2018-06-13
Category : Business & Economics
ISBN : 9781484361658

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Bailing Out the People? When Private Debt Becomes Public by Samba Mbaye,Ms.Marialuz Moreno Badia,Kyungla Chae Pdf

This paper documents a form of private sector bailout that is much more common (and yet unnoticed) than the typical bank bailout. Building on the newly-created Global Debt Database, we show that excess private debt systematically turns into higher public debt, regardless of whether the credit boom resulted in a crisis or a more orderly deleveraging process. This debt migration operates mainly through growth rather than explicit bailouts: private deleveraging weighs on activity, prompting a countercyclical government response to support economic activity. Ultimately, whether this debt substitution results in a net increase or a net decline of overall indebtedness in the economy depends on the extent of the growth slowdown during the deleveraging spell. These findings suggest that markets and policymakers should move away from looking at private and sovereign debt in silos and pay closer attention to the total stock of debt in the economy, as the line between the two tends to become blurry.

Global Waves of Debt

M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Global Waves of Debt Book PDF

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 50,7 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Global Debt Database: Methodology and Sources

Samba Mbaye,Ms.Marialuz Moreno Badia,Kyungla Chae
Global Debt Database Methodology and Sources Book PDF

Author : Samba Mbaye,Ms.Marialuz Moreno Badia,Kyungla Chae
Publisher : International Monetary Fund
Page : 52 pages
File Size : 51,7 Mb
Release : 2018-05-14
Category : Business & Economics
ISBN : 9781484353592

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Global Debt Database: Methodology and Sources by Samba Mbaye,Ms.Marialuz Moreno Badia,Kyungla Chae Pdf

This paper describes the compilation of the Global Debt Database (GDD), a cutting-edge dataset covering private and public debt for virtually the entire world (190 countries) dating back to the 1950s. The GDD is the result of a multiyear investigative process that started with the October 2016 Fiscal Monitor, which pioneered the expansion of private debt series to a global sample. It differs from existing datasets in three major ways. First, it takes a fundamentally new approach to compiling historical data. Where most debt datasets either provide long series with a narrow and changing definition of debt or comprehensive debt concepts over a short period, the GDD adopts a multidimensional approach by offering multiple debt series with different coverages, thus ensuring consistency across time. Second, it more than doubles the cross-sectional dimension of existing private debt datasets. Finally, the integrity of the data has been checked through bilateral consultations with officials and IMF country desks of all countries in the sample, setting a higher data quality standard.

The Handbook of Global Shadow Banking, Volume I

Luc Nijs
The Handbook of Global Shadow Banking Volume I Book PDF

Author : Luc Nijs
Publisher : Springer Nature
Page : 822 pages
File Size : 47,7 Mb
Release : 2020-06-30
Category : Business & Economics
ISBN : 9783030347437

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The Handbook of Global Shadow Banking, Volume I by Luc Nijs Pdf

This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This volume focuses specifically on shadow banking activities, risk, policy and regulatory issues. It evaluates the nexus between policy design and regulatory output around the world, paying attention to the concept of risk in all its dimensions—the legal, financial, market, economic and monetary perspectives. Particular attention is given to spillover risk, contagion risk and systemic risk and their positioning and relevance in shadow banking activities. Newly introduced and incoming policies are evaluated in detail, as well as how risk is managed, observed and assessed, and how new regulation can potentially create new sources of risk. Volume I concludes with analysis of what will and still needs to happen in the event of another crisis. Proposing innovative suggestions for improvement, including a novel Pigovian tax to tame financial and systemic risks, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.

Global Economic Prospects, January 2020

World Bank Group
Global Economic Prospects January 2020 Book PDF

Author : World Bank Group
Publisher : World Bank Publications
Page : 561 pages
File Size : 43,8 Mb
Release : 2020-01-27
Category : Business & Economics
ISBN : 9781464814693

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Global Economic Prospects, January 2020 by World Bank Group Pdf

Global growth is projected to be slightly faster in 2020 than the post-crisis low registered last year. While growth could be stronger if reduced trade tensions lead to a sustained reduction in uncertainty, the balance of risks to the outlook is to the downside. Growth in emerging market and developing economies is also expected to remain subdued, continuing a decade of disappointing outcomes. A steep and widespread productivity growth slowdown has been underway in these economies since the global financial crisis, despite the largest, fastest, and most broad-based accumulation of debt since the 1970s. In addition, many emerging market and developing economies, including low-income countries, face the challenge of phasing out price controls that impose heavy fiscal cost and dampen investment. These circumstances add urgency to the need to implement measures to rebuild macroeconomic policy space and to undertake reforms to rekindle productivity growth. These efforts need to be supplemented by policies to promote inclusive and sustainable long-term growth and accelerate poverty alleviation. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing countries, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these economies, whereas the June edition contains shorter analytical pieces.

Theory of Macroeconomic Policy

Christopher Tsoukis
Theory of Macroeconomic Policy Book PDF

Author : Christopher Tsoukis
Publisher : Oxford University Press
Page : 735 pages
File Size : 45,7 Mb
Release : 2020-10-29
Category : Business & Economics
ISBN : 9780192638885

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Theory of Macroeconomic Policy by Christopher Tsoukis Pdf

Theory of Macroeconomic Policy reviews the theoretical foundations of macroeconomic, fiscal, and monetary, policy. It offers a panoramic view of macroeconomic theory, covering a wide range of topics that are not customarily dealt with in macroeconomics texts, as well as more standard material. Advanced theory is bridged with more elementary or intermediate material, and established models are reviewed alongside current research directions. There is an extensive review of empirical evidence on virtually every topic, supplemented by narrative accounts for various episodes. The policy implications of the various theories are emphasised throughout. The chapters are largely self-contained so that different courses can focus at different places. A 'Guidance for Further Study' Section and extensive bibliography give plenty of ideas for all levels of independent study, from Undergraduate Projects to MSc Dissertations to PhD Theses. Theory of Macroeconomic Policy presents a balance between: breadth as well as depth; analytical treatment and intuition; theory and evidence; vintage theories and current directions; theory and policy; (established) theory and debate. Theory of Macroeconomic Policy is an affirmation that there is a well-developed body of theory that is invaluable for an in-depth understanding of the macro-economy and policy; equally, there is much scope for critical discussion and debate.

Public Spending and the Role of the State

Ludger Schuknecht
Public Spending and the Role of the State Book PDF

Author : Ludger Schuknecht
Publisher : Cambridge University Press
Page : 305 pages
File Size : 47,7 Mb
Release : 2020-11-12
Category : Business & Economics
ISBN : 9781108496230

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Public Spending and the Role of the State by Ludger Schuknecht Pdf

Up-to-date, holistic and comprehensive discussion of public expenditure, its history, value for money, risks and remedies.

Stocks for All: People’s Capitalism in the Twenty-First Century

Petri Mäntysaari
Stocks for All People s Capitalism in the Twenty First Century Book PDF

Author : Petri Mäntysaari
Publisher : Walter de Gruyter GmbH & Co KG
Page : 1037 pages
File Size : 46,9 Mb
Release : 2021-12-31
Category : Law
ISBN : 9783110761320

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Stocks for All: People’s Capitalism in the Twenty-First Century by Petri Mäntysaari Pdf

Public stock markets are too small. This book is an effort to rescue public stock markets in the EU and the US. There should be more companies with publicly-traded shares and more direct share ownership. Anchored in a broad historical study of the regulation of stock markets and companies in Europe and the US, the book proposes ways to create a new regulatory regime designed to help firms and facilitate people’s capitalism. Through its comparative and historical study of regulation and legal practices, the book helps to understand the evolution of public stock markets from the nineteenth century to the present day. The book identifies design principles that reflect prior regulation. While continental European company law has produced many enduring design principles, the recent regulation of stock markets in the EU and the US has failed to serve the needs of both firms and retail investors. The book therefore proposes a new set of design principles to serve contemporary societal needs.

Debt Is Not Free

Ms.Marialuz Moreno Badia,Paulo Medas,Pranav Gupta,Yuan Xiang
Debt Is Not Free Book PDF

Author : Ms.Marialuz Moreno Badia,Paulo Medas,Pranav Gupta,Yuan Xiang
Publisher : International Monetary Fund
Page : 68 pages
File Size : 44,7 Mb
Release : 2020-01-03
Category : Business & Economics
ISBN : 9781513523767

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Debt Is Not Free by Ms.Marialuz Moreno Badia,Paulo Medas,Pranav Gupta,Yuan Xiang Pdf

With public debt soaring across the world, a growing concern is whether current debt levels are a harbinger of fiscal crises, thereby restricting the policy space in a downturn. The empirical evidence to date is however inconclusive, and the true cost of debt may be overstated if interest rates remain low. To shed light into this debate, this paper re-examines the importance of public debt as a leading indicator of fiscal crises using machine learning techniques to account for complex interactions previously ignored in the literature. We find that public debt is the most important predictor of crises, showing strong non-linearities. Moreover, beyond certain debt levels, the likelihood of crises increases sharply regardless of the interest-growth differential. Our analysis also reveals that the interactions of public debt with inflation and external imbalances can be as important as debt levels. These results, while not necessarily implying causality, show governments should be wary of high public debt even when borrowing costs seem low.

A Tea Reader

Katrina Avila Munichiello
A Tea Reader Book PDF

Author : Katrina Avila Munichiello
Publisher : Tuttle Publishing
Page : 256 pages
File Size : 47,6 Mb
Release : 2017-03-21
Category : Literary Collections
ISBN : 0804848998

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A Tea Reader by Katrina Avila Munichiello Pdf

A Tea Reader contains a selection of stories that cover the spectrum of life. This anthology shares the ways that tea has changed lives through personal, intimate stories. Read of deep family moments, conquered heartbreak, and peace found in the face of loss. A Tea Reader includes stories from all types of tea people: people brought up in the tea tradition, those newly discovering it, classic writings from long-ago tea lovers and those making tea a career. Together these tales create a new image of a tea drinker. They show that tea is not simply something you drink, but it also provides quiet moments for making important decisions, a catalyst for conversation, and the energy we sometimes need to operate in our lives. The stories found in A Tea Reader cover the spectrum of life, such as the development of new friendships, beginning new careers, taking dream journeys, and essentially sharing the deep moments of life with friends and families. Whether you are a tea lover or not, here you will discover stories that speak to you and inspire you. Sit down, grab a cup, and read on.

Global Economic Prospects, January 2021

World Bank Group
Global Economic Prospects January 2021 Book PDF

Author : World Bank Group
Publisher : World Bank Publications
Page : 412 pages
File Size : 46,5 Mb
Release : 2021-03-23
Category : Business & Economics
ISBN : 9781464816130

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Global Economic Prospects, January 2021 by World Bank Group Pdf

Although the global economy is emerging from the collapse triggered by COVID-19, the recovery is likely to be subdued, and global GDP is projected to remain well below its pre-pandemic trend for a prolonged period. Several risks cloud the outlook, including those related to the pandemic and to rapidly rising debt. The pandemic has further diminished already-weak growth prospects for the next decade. Decisive policy actions will be critical in raising the likelihood of better growth outcomes while warding off worse ones. Immediate priorities include supporting vulnerable groups and ensuring a prompt and widespread vaccination process to bring the pandemic under control. Although macroeconomic policy support will continue to be important, limited fiscal policy space amid high debt highlights the need for an ambitious reform agenda that bolsters growth prospects. To address many of these challenges, global cooperation will be key. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces.

The Financial Crisis Inquiry Report

Financial Crisis Inquiry Commission
The Financial Crisis Inquiry Report Book PDF

Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
Page : 692 pages
File Size : 54,5 Mb
Release : 2011-05-01
Category : Political Science
ISBN : 9781616405410

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The Financial Crisis Inquiry Report by Financial Crisis Inquiry Commission Pdf

The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

World Development Report 2022

World Bank
World Development Report 2022 Book PDF

Author : World Bank
Publisher : World Bank Publications
Page : 405 pages
File Size : 50,9 Mb
Release : 2022-05-14
Category : Business & Economics
ISBN : 9781464817311

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World Development Report 2022 by World Bank Pdf

The COVID-19 pandemic triggered the largest global economic crisis in more than a century. In 2020, economic activity contracted in 90 percent of countries, the world economy shrank by about 3 percent, and global poverty increased for the first time in a generation. Governments responded rapidly with fiscal, monetary, and financial policies that alleviated the worst immediate economic impacts of the crisis. Yet the world must still contend with the significant longer-term financial and economic risks caused by, or exacerbated by, the pandemic and the government responses needed to mitigate its effects. World Development Report 2022: Finance for an Equitable Recovery examines the central role of finance in the economic recovery from COVID-19. Based on an in-depth look at the consequences of the crisis most likely to affect low- and middle-income economies, it advocates a set of policies and measures to mitigate the interconnected economic risks stemming from the pandemic—risks that may become more acute as stimulus measures are withdrawn at both the domestic and global levels. Those policies include the efficient and transparent management of nonperforming loans to mitigate threats to financial stability, insolvency reforms to allow for the orderly reduction of unsustainable debts, innovations in risk management and lending models to ensure continued access to credit for households and businesses, and improvements in sovereign debt management to preserve the ability of governments to support an equitable recovery.

Fiscal Monitor, April 2021

International Monetary Fund
Fiscal Monitor April 2021 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 122 pages
File Size : 52,9 Mb
Release : 2021-04-07
Category : Business & Economics
ISBN : 9781513571553

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Fiscal Monitor, April 2021 by International Monetary Fund Pdf

The April 2021 edition of the Fiscal Monitor focuses on tailoring fiscal responses to the COVID-19 pandemic and adopting policies to reduce inequality and gaps