Inequality, Leverage And Crises
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| Originally published | November 2010 |
| Authors | Michael Kumhof |
| Romain Ranciere | |
| Date of Reg. | |
| Date of Upd. | |
| ID | 2454197 |
About Inequality, Leverage And Crises
The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of the rich, a large increase in leverage for the remainder, and an eventual financial and real crisis. . . .