The Great Leveraging
NBER Working Paper No. 18290
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.
Document Object Identifier (DOI): 10.3386/w18290
Published: Taylor, A. M. “The Great Leveraging.” In The Social Value of the Financial Sector: Too Big to Fail or Just Too Big? edited by V. V. Acharya, T. Beck, D. D. Evanoff, G. G. Kaufman, and R. Portes. World Scientific Studies in International Economics, vol. 29. Hackensack, N.J.: World Scientific Publishing, 2014.
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