The Great Leveraging

39 Pages Posted: 10 Aug 2012  

Alan M. Taylor

University of California, Davis - Department of Economics; University of Virginia - Department of Economics; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

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Date Written: August 2012

Abstract

What can history tell us about the relationship between the banking system, financial crises, the global economy, and economic performance? Evidence shows that in the advanced economies we live in a world that is more financialized than ever before as measured by importance of credit in the economy. I term this long---run evolution "The Great Leveraging" and present a ten‐point examination of its main contours and implications.

Suggested Citation

Taylor, Alan M., The Great Leveraging (August 2012). NBER Working Paper No. w18290. Available at SSRN: https://ssrn.com/abstract=2127554

Alan M. Taylor (Contact Author)

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