Debt, Financial Fragility and Systemic Risk
By (author) E. Philip Davis
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Debt, Financial Fragility and Systemic Risk by E. Philip Davis
Book DescriptionA remarkable feature of the period since 1970 has been the patterns of rapid and turbulent change in financing behaviour and financial structure in many advanced countries. These patterns have, in turn, often been marked by rising indebtedness, default on loans and periods of financial instability, whether in the non-financial sectors, the financial sector or both. This book explores, both in theoretical and empirical terms, the nature of the relationships between underlying phenomena; namely levels and changes in borrowing (debt), vulnerability to default in the corporate and household sectors (financial fragility), and widespread disorder in the financial sector (systemic risk). Davis focuses on the wider generality of the phenomena at issue whereby similar patterns are observable in several countries, but not in others, as well as in the international capital markets themselves. Particular attention is paid to the importance of the nature and evolution of financial structure to the genesis of instability. Given the international scope of the analysis, the work is germane to the study of the devlopment of financial systems in all advanced countries, as well as the euromarkets. It will be of particular relevance, however, in the US, Japan, Germany, France, the UK, and Canada, Italy, Australia, Sweden, Norway, Finland, whose experience is examined in detail. In this expanded and revised edition, the macroeconomic consequences of fragility and the appropriate policy response are examined in particular detail, with the analysis focusing on macroeconomic performance in eleven countries over 1988-93. A wide range of issues relating to financial stability, including risk in payments systems, derivatives, and property lending, are also considered.
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Book DetailsISBN: 9780198233312
(233mm x 154mm x 25mm)
Imprint: Clarendon Press
Publisher: Oxford University Press
Publish Date: 5-Oct-1995
Country of Publication: United Kingdom
Books By Author E. Philip Davis
Institutional Investors, Paperback (March 2004)
A comprehensive economic assessment of the implications of increasing institutionalized saving for the securities trading industry, the financial sector, and the economy as a whole.
Financial Structure, Hardback (August 2003)
An investigation of theory and extant empirical work across the balance sheets in the G-7, between 1970 and 2000.
Pension Funds, Paperback (January 1998)» View all books by E. Philip Davis
Coping with an ageing population without considerable economic disruption is a major challenge facing the global economy and world financial markets both now and for the coming decades. This book assesses the economic issues of occupational pension funds as they have arisen in 12 OECD countries.
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