By Martin Feldstein (ed.)
The lovely cave in of the thrift undefined, the most important inventory hunch of 1987, emerging company debt, wild fluctuations of currency trading charges, and a rash of defaults on constructing nation accounts have revived fading stories of the good melancholy and fueled fears of an imminent fiscal situation. below what stipulations are monetary markets prone to disruption and what fiscal outcomes happen whilst those markets holiday down? during this available and thought-provoking quantity, Benjamin M. Friedman investigates the origins of economic concern in family capital markets, Paul Krugman examines the foreign origins and transmission of economic and monetary crises, and Lawrence H. Summers explores the transition from monetary quandary to monetary cave in. within the introductory essay, Martin Feldstein stories the foremost monetary difficulties of the Nineteen Eighties and discusses classes to be realized from this event. The ebook additionally comprises provocative observations through senior lecturers and others who've performed best roles in company and executive.
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Additional resources for The Risk of Economic Crisis (National Bureau of Economic Research Conference Report)
Example text
Banks’ exposure to debt issued in the course of leveraged buy outs or other transactions substituting debt for equity capitalization now exceeds their risk-adjusted capital, even with all bank assets (including loans to developing countries) counted at book value. Although this exposure is not (yet) as large as that due to banks’ LDC loans, the two sets of risks are not independent. The implications of these developments for public policy in the United States are, at least potentially, profound.
Friedman Roach (1989) has advanced an additional argument that further buttresses Jensen’s confidence that the corporations that have greatly increased their leverage in the 1980s have, for the most part, done so under specific circumstances that do not represent greater financial fragility. According to Roach’s data, firms involved in leveraged buy outs have been disproportionately engaged in lines of business typically subject to smaller than average fluctuation of earnings over the course of ordinary business cycles.
The Anatomy ofthe High Yield Debt Market. New York: Morgan Stanley. Asquith, Paul, David W. , and Eric D. Wolff. 1989.