NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Great Leveraging

Alan M. Taylor

NBER Working Paper No. 18290
Issued in August 2012
NBER Program(s):   DAE   IFM   ME

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.

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This paper was revised on October 19, 2012

Acknowledgments

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