By A. Van Riet , Peter Bull Bernhard Winkler
Offers a accomplished evaluate of a huge variety of makes use of of the stream of money in the critical financial institution neighborhood in addition to within the educational box, ready by way of overseas specialists within the box. in line with the challenge adventure, it deals an summary of classes for macrofinancial research and fiscal balance.
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Additional info for A Flow-of-Funds Perspective on the Financial Crisis: Volume I: Money, Credit and Sectoral Balance Sheets
Importantly, their study of FoF and the quest to ‘explain why the ﬂows were what they were’ has led them and other FoF practitioners to recognise that the ﬂow effect of increasing (or shrinking) total assets and liabilities is ultimately due to bank credit creation (see also Winkler, 2010). This is indeed an insight that 28 Richard A. Werner is signiﬁcantly more advanced than the attempts by neoclassical, new classical or new Keynesian approaches to model the interaction between the real economy and the ﬁnancial sector, where banks do not feature as discrete and important players.
6): whenever banks in aggregate create money and lend it for transactions that do not contribute to GDP, they start an unsustainable Ponzi scheme, since any gains from such transactions are not income but capital gains contingent upon the continued expansion in bank credit for such asset transactions. 6) holds true in the upswing of the cycle, but equally, when the music stops and it is found that there are not enough chairs, speculators go bankrupt, nonperforming loans rise and bank credit is in accelerating retreat (such as in Ireland, Spain or Greece in the wake of the 2008 ﬁnancial crisis, where veritable credit destructions and implosions followed on the heels of the credit boom of the earlier years – entirely avoidable but hugely costly policy mistakes).
Regression of household debt ratios also highlights the interaction between debt and assets (housing or pension wealth) as well as with other sectors (public net assets) together with macro variables like the short-term real interest rate, inﬂation or NAIRU. They ﬁnd that higher gross household debt ratios lead to a greater sensitivity of households to changes in interest rates and unemployment, as well as a greater volatility in private consumption. This may be accompanied by increased losses on bank lending to ﬁrms and risks to ﬁnancial stability.
A Flow-of-Funds Perspective on the Financial Crisis: Volume I: Money, Credit and Sectoral Balance Sheets by A. Van Riet , Peter Bull Bernhard Winkler