Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops
NBER Working Paper No. 21843
---- Acknowledgments ----
The research leading to these results has received funding from the European Research Council (Grant Agreements #249429 and #669217). Financial support of the research initiative "market risk and value creation" of the Chaire SCOR under the aegis of the Fondation du Risque is also acknowledged. We thank seminar participants at numerous institutions, as well five referees, an associate editor, a managing editor, Manuel Amador, Xavier Freixas, Gita Gopinath, Olivier Jeanne, Anton Korinek, Guido Lorenzoni, Thomas Philippon, and Vania Stravrakeva for useful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
---- Disclosure of Financial Relationships for Jean Tirole ----
Jean Tirole is scientific director of the Institute for Industrial Economics (IDEI), a research institute funded through research grants by a variety of private and public sources. These can be found at http://idei.fr/ . He chairs the board of the Toulouse School of Economics (TSE http://www.tse-fr.eu/ ) and the executive committee of the Institute for Advanced Study in Toulouse (IAST http://www.iast.fr/ ), the sources of funding are indicated on the corresponding websites. He is also a member of the French Prime Minister's Council of Economic Advisors (CAE http://www.cae-eco.fr/ ).