The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009. More than four million homes were lost to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run-up in household debt followed by a significantly large drop in household spending.
Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. More aggressive debt forgiveness after the crash helps, but as they illustrate, we can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place.
Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?
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Da: Regno Unito a: Italia
Descrizione libro Paperback. Condizione: New. BRAND NEW ** SUPER FAST SHIPPING FROM UK WAREHOUSE ** 30 DAY MONEY BACK GUARANTEE. Codice articolo 9780226271651-GDR
Descrizione libro Condizione: New. Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward? This book offers convincing answers to some of the most important questions faced by the economy. Num Pages: 227 pages, 16 halftones. BIC Classification: 1KBB; 3JMC; KCX. Category: (G) General (US: Trade). Dimension: 228 x 155 x 21. Weight in Grams: 378. . 2015. First Edition, Enlarged. Paperback. . . . . Codice articolo V9780226271651
Descrizione libro paperback. Condizione: New. Language: ENG. Codice articolo 9780226271651
Descrizione libro PAP. Condizione: New. New Book. Shipped from UK. Established seller since 2000. Codice articolo WG-9780226271651
Descrizione libro Condizione: new. Codice articolo 09202f442bcfe58be756bef379f36075
Descrizione libro Condizione: New. Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward? This book offers convincing answers to some of the most important questions faced by the economy. Num Pages: 227 pages, 16 halftones. BIC Classification: 1KBB; 3JMC; KCX. Category: (G) General (US: Trade). Dimension: 228 x 155 x 21. Weight in Grams: 378. . 2015. First Edition, Enlarged. Paperback. . . . . Books ship from the US and Ireland. Codice articolo V9780226271651
Descrizione libro PAP. Condizione: New. New Book. Shipped from UK. Established seller since 2000. Codice articolo WG-9780226271651
Descrizione libro Taschenbuch. Condizione: Neu. Neuware - With clear and powerful evidence, 'House of Debt' shows how society s reliance on debt is dangerous and leads to economic disaster. Atif Mian and Amir Sufi compellingly illustrate how debt too easily destroys common borrowers net worth, how these borrowers stop spending, and how people lose jobs as a result. Thoroughly grounded in compelling economic evidence, 'House of Debt' offers convincing answers to some of the most important questions facing the modern economy today.' 232 pp. Englisch. Codice articolo 9780226271651
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