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|c 5.00 USD
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|z 9781484310762
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Kumhof, Michael.
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|a Inequality, Leverage and Crises :
|b The Case of Endogenous Default /
|c Michael Kumhof, Romain Ranciere, Pablo Winant.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2013.
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|a 1 online resource (48 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a The paper studies how high household leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of high-income households, a large increase in debt leverage of the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where higher leverage and crises arise endogenously in response to a growing income share of high-income households. The model matches the profiles of the income distribution, the debt-to-income ratio and crisis risk for the three decades prior to the Great Recession.
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|a Mode of access: Internet
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|a Ranciere, Romain.
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|a Winant, Pablo.
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|a IMF Working Papers; Working Paper ;
|v No. 2013/249
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2013/249/001.2013.issue-249-en.xml
|z IMF e-Library
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