House Of Debt

Author : Atif Mian,Amir Sufi
Publisher : University of Chicago Press
Page : 238 pages
File Size : 49,7 Mb
Release : 2015-05-20
Category : Business & Economics
ISBN : 9780226277509

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House of Debt by Atif Mian,Amir Sufi Pdf

“A concise and powerful account of how the great recession happened and what should be done to avoid another one . . . well-argued and consistently informative.” —Wall Street Journal The Great American Recession of 2007-2009 resulted in the loss of eight million jobs and the loss of four million homes to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as less dramatic periods of economic malaise, were caused by a large run-up in household debt followed by a significantly large drop in household spending. Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. We can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place. Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing today’s economy: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?

Author : Margaret Atwood
Publisher : House of Anansi
Page : 242 pages
File Size : 42,9 Mb
Release : 2008
Category : Political Science
ISBN : 9780887848001

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Payback by Margaret Atwood Pdf

Explores debt as a central historical component of religion, literature, and societal structure, while examining the idea of humanity's debt to the natural world.

Author : Moritz Schularick
Publisher : University of Chicago Press
Page : 318 pages
File Size : 55,9 Mb
Release : 2022-12-14
Category : Business & Economics
ISBN : 9780226816937

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Leveraged by Moritz Schularick Pdf

Introduction : the new economics of debt and financial fragility /Moritz Schularik --Part 1. Finance unbound : the rise of finance and the economy.How to think about finance /Atif Mian ; comment by Karen Dynan --Reconsidering the costs and benefits of debt booms for the economy /Emil Verner ; comment by Holger Mueller --Part 2. Risk-taking : incentives, investors, institutions.Are bank CEO's to blame? /Rüdiger Fahlenbrach ; comment by Sameul G. Hanson --A new narrative of investors, subprime lending, and the 2008 crisis /Stefania Albanesi ; comment by Fernando Ferreira --Bank capital before and after financial crises /Òscar Jordà, Björn Richter, Moritz Schularick, and Alan M. Taylor ; comment by Anna Kovner --Part 3. Mispricing risks : credit booms and risk premia.Beliefs and risk-taking /Alessia de Stefani and Kaspar Zimmermann ; comment by Yueran Ma --A new approach to measuring banks' risk exposure /Juliane Begenau ; comment by Nina Boyarchenko --Is risk mispriced in credit booms? /Tyler Muir --Part 4. Financial crises : reconsidering the origins and consequences.Historical banking crises : a new database and a reassessment of their incidence and severity /Matthew Baron and Daniel Dieckelmann ; comment by Mark Carlson --Was the U.S. Great Depression a credit boom gone wrong? /Natascha Postel-Vinah ; comment by Eugene N. White --Sectoral credit booms and financial stability /Kärsten Muller ; comment by Orsola Costantini.

Author : Adair Turner
Publisher : Princeton University Press
Page : 330 pages
File Size : 54,8 Mb
Release : 2017-08-02
Category : Business & Economics
ISBN : 9780691175980

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Between Debt and the Devil by Adair Turner Pdf

Why our addiction to debt caused the global financial crisis and is the root of our financial woes Adair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn’t happen because banks are too big to fail—our addiction to private debt is to blame. Between Debt and the Devil challenges the belief that we need credit growth to fuel economic growth, and that rising debt is okay as long as inflation remains low. In fact, most credit is not needed for economic growth—but it drives real estate booms and busts and leads to financial crisis and depression. Turner explains why public policy needs to manage the growth and allocation of credit creation, and why debt needs to be taxed as a form of economic pollution. Banks need far more capital, real estate lending must be restricted, and we need to tackle inequality and mitigate the relentless rise of real estate prices. Turner also debunks the big myth about fiat money—the erroneous notion that printing money will lead to harmful inflation. To escape the mess created by past policy errors, we sometimes need to monetize government debt and finance fiscal deficits with central-bank money. Between Debt and the Devil shows why we need to reject the assumptions that private credit is essential to growth and fiat money is inevitably dangerous. Each has its advantages, and each creates risks that public policy must consciously balance.

Author : David Graeber
Publisher : Melville House
Page : 566 pages
File Size : 47,8 Mb
Release : 2014-12-09
Category : Business & Economics
ISBN : 9781612194202

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Debt, Updated and Expanded by David Graeber Pdf

Now in paperback, the updated and expanded edition: David Graeber’s “fresh . . . fascinating . . . thought-provoking . . . and exceedingly timely” (Financial Times) history of debt Here anthropologist David Graeber presents a stunning reversal of conventional wisdom: he shows that before there was money, there was debt. For more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods—that is, long before the invention of coins or cash. It is in this era, Graeber argues, that we also first encounter a society divided into debtors and creditors. Graeber shows that arguments about debt and debt forgiveness have been at the center of political debates from Italy to China, as well as sparking innumerable insurrections. He also brilliantly demonstrates that the language of the ancient works of law and religion (words like “guilt,” “sin,” and “redemption”) derive in large part from ancient debates about debt, and shape even our most basic ideas of right and wrong. We are still fighting these battles today without knowing it.

Author : Steven Maxwell,Teri Maxwell
Publisher : Unknown
Page : 128 pages
File Size : 44,9 Mb
Release : 2014-03-24
Category : Electronic
ISBN : 194118300X

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Buying a House Debt-Free by Steven Maxwell,Teri Maxwell Pdf

Author : Featherstone, Mark
Publisher : Policy Press
Page : 264 pages
File Size : 47,9 Mb
Release : 2020-12-16
Category : Social Science
ISBN : 9781447339540

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The Sociology of Debt by Featherstone, Mark Pdf

Over the course of the last ten years the issue of debt has become a serious problem that threatens to destroy the global socio-economic system and ruin the everyday lives of millions of people. This collection brings together a range of perspectives of key thinkers on debt to provide a sociological analysis focused upon the social, political, economic, and cultural meanings of indebtedness. The contributors to the book consider both the lived experience of debt and the more abstract processes of financialisation taking place globally. Showing how debt functions on the level of both macro- and microeconomics, the book also provides a more holistic perspective, with accounts that span sociological, cultural, and economic forms of analysis.

Author : Peter Y. Paik,Merry Wiesner-Hanks
Publisher : Indiana University Press
Page : 244 pages
File Size : 54,7 Mb
Release : 2013-07-30
Category : Philosophy
ISBN : 9780253009432

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Debt by Peter Y. Paik,Merry Wiesner-Hanks Pdf

Essays exploring questions of what we owe—to corporations, to governments, to each other, to the past, and to the future. From personal finance and consumer spending to ballooning national expenditures on warfare and social welfare, debt is fundamental to the dynamics of global capitalism. The contributors to this volume explore the concept of indebtedness in its various senses and from a wide range of perspectives. They observe that many views of ethics, citizenship, and governance are based on a conception of debts owed by one individual to others; that artistic and literary creativity involves the artist’s dialogue with the works of the past; and that the specter of catastrophic climate change has underscored the debt those living in the present owe to future generations. “A welcome range of new perspectives on what has become a central issue for contemporary debate.” —Anthropological Notebooks

Author : Simon Johnson
Publisher : Vintage
Page : 386 pages
File Size : 47,5 Mb
Release : 2013-02-12
Category : Business & Economics
ISBN : 9780307947642

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White House Burning by Simon Johnson Pdf

From the authors of the national bestseller 13 Bankers, a chilling account of America’s unprecedented debt crisis: how it came to pass, why it threatens to topple the nation as a superpower, and what needs to be done about it. With bracing clarity, White House Burning explains why the national debt matters to your everyday life. Simon Johnson and James Kwak describe how the government has been able to pay off its debt in the past, even after the massive deficits incurred as a result of World War II, and analyze why this is near-impossible today. They closely examine, among other factors, macroeconomic shifts of the 1970s, Reaganism and the rise of conservatism, and demographic changes that led to the growth of major—and extremely popular—social insurance programs. What is unquestionably clear is how recent financial turmoil exacerbated the debt crisis while creating a political climate in which it is even more difficult to solve.

Author : Neil Irwin
Publisher : Unknown
Page : 544 pages
File Size : 49,6 Mb
Release : 2014
Category : Banks and banking, Central
ISBN : 0755362683

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The Alchemists by Neil Irwin Pdf

An unprecedented and important insight into the secret world behind our economy.

Author : Martin Wolf
Publisher : Penguin UK
Page : 528 pages
File Size : 52,7 Mb
Release : 2014-09-04
Category : Business & Economics
ISBN : 9780718197971

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The Shifts and the Shocks by Martin Wolf Pdf

In The Shifts and the Shocks, Martin Wolf - one of the world's most influential economic commentators and author of Why Globalization Works - presents his controversial and highly original analysis of the economic course of the last seven years There have been many books that have sought to explain the causes and courses of the financial and economic crisis which began in 2007-8. The Shifts and the Shocks is not another detailed history of the crisis, but the most persuasive and complete account yet published of what the crisis should teach us us about modern economies and economics. The book identifies the origin of the crisis in the complex interaction between globalization, hugely destabilizing global imbalances and our dangerously fragile financial system. In the eurozone, these sources of instability were multiplied by the tragically defective architecture of the monetary union. It also shows how much of the orthodoxy that shaped monetary and financial policy before the crisis occurred was complacent and wrong. In doing so, it mercilessly reveals the failures of the financial, political and intellectual elites who ran the system. The book also examines what has been done to reform the financial and monetary systems since the worst of the crisis passed. 'Are we now on a sustainable course?' Wolf asks. 'The answer is no.' He explains with great clarity why 'further crises seem certain' and why the management of the eurozone in particular 'guarantees a huge political crisis at some point in the future.' Wolf provides far more ambitious and comprehensive plans for reform than any currently being implemented. Written with all the intellectual command and trenchant judgement that have made Martin Wolf one of the world's most influential economic commentators, The Shifts and the Shocks matches impressive analysis with no-holds-barred criticism and persuasive prescription for a more stable future. It is a book no-one with an interest in global affairs will want to neglect. MARTIN WOLF is Associate Editor and Chief Economics Commentator at the Financial Times, London. He is the recipient of many awards for financial journalism, for which he was also made a CBE in 2000. His previous books include Why Globalization Works and Fixing Global Finance. "We have been inundated with books about the 'financial' aspects of the crisis. There have also been many books about specific institutions or memoirs by retired policy-makers. We need something different. There are two dimensions of the crisis that have received surprisingly little treatment. One is the link between developments in the macro-economy and the behaviour of the financial sector. The other is the global dimension of the crisis. Both these lie at the heart of Martin Wolf's analysis of the causes of the crisis and of his proposals to reduce the risk of another crisis. For these two reasons this is an important book that will be influential. Most important of all, it is in my view the right analysis and remedy" Mervyn King "To think straight about the causes and solutions of the financial crisis we must reject orthodox assumptions that more finance and global financial integration are limitlessly beneficial. The Shifts and the Shocks does just that, providing an intellectually sparkling and vital account of why the crisis occurred, and of the radical reforms needed if we are to avoid a future repeat" Adair Turner "Martin Wolf is unsurpassed in the world of economic journalists. His superb book may be the best of all those spawned by the Great Recession. It is analytical and rigorous without ever succumbing to fatalism or complacency" Lawrence Summers

Author : R.T. Naylor
Publisher : McGill-Queen's Press - MQUP
Page : 563 pages
File Size : 41,7 Mb
Release : 2004-08-17
Category : Business & Economics
ISBN : 9780773572072

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Hot Money and the Politics of Debt by R.T. Naylor Pdf

A ball of hot money rolls around the world. It seeks anonymity and political refuge. It dodges taxes and sidesteps currency controls. It rolls through offshore shell companies and secret bank accounts, phoney charities and fraudulent religious foundations. It is kept rolling by white-collar criminals, gun-runners, drug dealers, insurgent groups, scam artists, tax evaders, gold and gem smugglers, and, not least, secret service agents plotting coups and financing revolutions. R.T. Naylor explains the origins of this pool of hot and homeless money, its origins, its uses and abuses, how the world of high finance, corporate and governmental, became hostage to it, and the price the world is paying and will continue to pay until the hostages are released. This book was one of the first, and remains the most comprehensive, to dissect the world of offshore finance, capital flight, money laundering, and tax evasion. Once a subject of concern principally to tax authorities and finance ministries, since the September 11, 2001 hot and homeless money has now become a central preoccupation for police forces and intelligence services around the world.

Author : Clara Han
Publisher : Univ of California Press
Page : 298 pages
File Size : 47,9 Mb
Release : 2012-06-05
Category : Social Science
ISBN : 9780520951754

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Life in Debt by Clara Han Pdf

Chile is widely known as the first experiment in neoliberalism in Latin America, carried out and made possible through state violence. Since the beginning of the transition in 1990, the state has pursued a national project of reconciliation construed as debts owed to the population. The state owed a "social debt" to the poor accrued through inequalities generated by economic liberalization, while society owed a "moral debt" to the victims of human rights violations. Life in Debt invites us into lives and world of a poor urban neighborhood in Santiago. Tracing relations and lives between 1999 and 2010, Clara Han explores how the moral and political subjects imagined and asserted by poverty and mental health policies and reparations for human rights violations are refracted through relational modes and their boundaries. Attending to intimate scenes and neighborhood life, Han reveals the force of relations in the making of selves in a world in which unstable work patterns, illness, and pervasive economic indebtedness are aspects of everyday life. Lucidly written, Life in Debt provides a unique meditation on both the past inhabiting actual life conditions but also on the difficulties of obligation and achievements of responsiveness.

Author : Alexander X. Douglas
Publisher : Routledge
Page : 180 pages
File Size : 43,6 Mb
Release : 2015-11-06
Category : Business & Economics
ISBN : 9781317398868

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The Philosophy of Debt by Alexander X. Douglas Pdf

I owe you a dinner invitation, you owe ten years on your mortgage, and the government owes billions. We speak confidently about these cases of debt, but is that concept clear in its meaning? This book aims to clarify the concept of debt so we can find better answers to important moral and political questions. This book seeks to accomplish two things. The first is to clarify the concept of debt by examining how the word is used in language. The second is to develop a general, principled account of how debts generate genuine obligations. This allows us to avoid settling each case by a bare appeal to moral intuitions, which is what we seem to currently do. It requires a close examination of many institutions, e.g. money, contract law, profit-driven finance, government fiscal operations, and central banking. To properly understand the moral and political nature of debt, we must understand how these institutions have worked, how they do work, and how they might be made to work. There have been many excellent anthropological and sociological studies of debt and its related institutions. Philosophy can contribute to the emerging discussion and help us to keep our language precise and to identify the implicit principles contained in our intuitions.

Author : Shannon Lee Simmons
Publisher : HarperCollins
Page : 336 pages
File Size : 43,5 Mb
Release : 2018-12-18
Category : Business & Economics
ISBN : 9781443457606

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Living Debt-Free by Shannon Lee Simmons Pdf

Get rid of your debt without giving up your life No one wants to be in debt. But life happens and if you’ve got debt, life has happened to you. Whether you have a rolling balance of $2,000 on your credit card or an $80,000 line of credit you are positive you will carry to your grave, debt can be a huge cause of stress—affecting both your emotional and financial wellness. After working with thousands of financial planning clients, Shannon Lee Simmons knows that your only way out of the debt cycle is to truly understand all of your spending triggers so you can shut them down for good. In Living Debt-Free, she shows you that it is possible to have a life and pay down debt at the same time. In fact, that’s the only way your debt plan will work. You will learn to take control of your finances and pay down your debt in a realistic way that will keep you motivated long enough to see it through to the end. No shame. No blame. No scare tactics. In Living Debt-Free, Simmons focuses on creating a debt repayment plan that will motivate you for a long time, rather than an unrealistic one that’s strictly about paying the least amount of interest charges. (Collective gasp—how dare she!?) Listen, everyone knows that paying interest on debt is bad and to be avoided as much as possible, but human beings are complex. Life is complex. Debt is complex. There cannot be a one-size-fits-all plan, so Living Debt-Free will help you build your plan—the one that will help you finally put the debt behind you, start fresh and feel good about your money again.