Does Inequality Lead to a Financial Crisis?
---- Acknowledgements -----
Michael Bordo is a visiting scholar at the Federal Reserve Bank of Dallas and the Federal Reserve Bank of Cleveland, though the research in this paper was not funded by these institutions. We thank Ju Hyun Pyun, Peter Lindert, James Lothian, Daniel Waldenström, and participants at the 2011 JIMF/Santa Cruz Center for International Economics conference for many helpful comments and suggestions on an early draft of this paper. The aforementioned are of course not responsible for remaining errors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.