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Author: Federico Ferretti Publisher: Cambridge University Press ISBN: 1108426735 Category : Business & Economics Languages : en Pages : 257
Book Description
Analyses personal debt and the over-indebtedness of consumers in the European Union from the multi-disciplinary perspectives of economics, policy, and law.
Author: Federico Ferretti Publisher: Cambridge University Press ISBN: 1108426735 Category : Business & Economics Languages : en Pages : 257
Book Description
Analyses personal debt and the over-indebtedness of consumers in the European Union from the multi-disciplinary perspectives of economics, policy, and law.
Author: Professor Hans W Micklitz Publisher: Ashgate Publishing, Ltd. ISBN: 1472449037 Category : Law Languages : en Pages : 265
Book Description
This study fills a vital gap in the current literature on the effects of the financial and economic crisis, and features detailed reports from six European countries which form the empirical background for five analyses of different aspects of the social inclusion-exclusion dichotomy through over-indebtedness in Europe since 2008. The account shows how the current design of the consumer credit and mortgage system in Europe has helped to produce individual over-indebtedness while disregarding the consequential danger of social exclusion.
Author: Samba Mbaye Publisher: International Monetary Fund ISBN: 1484353595 Category : Business & Economics Languages : en Pages : 52
Book Description
This paper describes the compilation of the Global Debt Database (GDD), a cutting-edge dataset covering private and public debt for virtually the entire world (190 countries) dating back to the 1950s. The GDD is the result of a multiyear investigative process that started with the October 2016 Fiscal Monitor, which pioneered the expansion of private debt series to a global sample. It differs from existing datasets in three major ways. First, it takes a fundamentally new approach to compiling historical data. Where most debt datasets either provide long series with a narrow and changing definition of debt or comprehensive debt concepts over a short period, the GDD adopts a multidimensional approach by offering multiple debt series with different coverages, thus ensuring consistency across time. Second, it more than doubles the cross-sectional dimension of existing private debt datasets. Finally, the integrity of the data has been checked through bilateral consultations with officials and IMF country desks of all countries in the sample, setting a higher data quality standard.
Author: Mr.Shekhar Aiyar Publisher: International Monetary Fund ISBN: 1513511653 Category : Business & Economics Languages : en Pages : 79
Book Description
Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.
Author: Atif Mian Publisher: University of Chicago Press ISBN: 022627750X Category : Business & Economics Languages : en Pages : 238
Book Description
“A concise and powerful account of how the great recession happened and what should be done to avoid another one . . . well-argued and consistently informative.” —Wall Street Journal The Great American Recession of 2007-2009 resulted in the loss of eight million jobs and the loss of four million homes 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 less dramatic periods of economic malaise, 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. 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 today’s economy: 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?
Author: Hans-W. Micklitz Publisher: Routledge ISBN: 1317161254 Category : Law Languages : en Pages : 310
Book Description
This book analyses the dichotomy between the goal of social inclusion and the effect of social exclusion through over-indebtedness since 2008 in Europe. Filling a vital gap in the current literature on the effects of the financial and economic crisis, this volume puts into context academic discussion with the real-life dimension of over-indebtedness. Reports from six European countries provide socio-economic and legal information on over-indebtedness as well as the regulatory and judicial responses to the problems entailed by over-indebtedness. They form the empirical background for five analyses of different aspects of the inclusion-exclusion dichotomy. It becomes clear that in the context of credit expansion, individual over-indebtedness has turned into a social issue, which the current design of the consumer credit and mortgage system in Europe has helped to produce while disregarding the consequential danger of social exclusion.
Author: M. Ayhan Kose Publisher: World Bank Publications ISBN: 1464815453 Category : Business & Economics Languages : en Pages : 403
Book Description
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author: Miriam Anderson Publisher: ISBN: 9789089521989 Category : Housing Languages : en Pages : 460
Book Description
How has European Private Law responded to the property and mortgage markets crisis? And in what way is this reaction likely to model domestic systems? The financial and economic crisis that marked the beginning of the century has had a devastating effect on the property and mortgage markets in many Member States of the European Union. Despite this, the European legislator took its time to respond. This book analyzes the impact of the Mortgage Credit Directive (Directive 2014/17) in twelve different jurisdictions: Belgium, England, France, Germany, Greece, Ireland, Italy, Malta, The Netherlands, Poland, Portugal, and Spain. The reports show how in some instances only certain products (such as foreign currency loans) or practices (irresponsible lending, homeownership promoting policies, the use of unfair terms) were factors that triggered the property crash; in other cases; the system completely failed to address an exceptional situation; and, finally, how in some instances prudent lending explained why the market was virtually not hit at all. This book aims to find out whether the two goals of Directive 2014/17 (financial sector stability and enhanced consumer protection) can be achieved in light of its provisions and of the transposition carried out by the different Member States, and whether the changes it introduces have a significant impact in the jurisdictions considered here. Some systems are already showing signs of yet another property bubble. There is room for hope: perhaps we have learned from the past, perhaps the Directive is a step forward, but more importantly this book shows that we can learn from each other. [Subject: European Law, Private Law, Property Law]
Author: World Bank Publisher: World Bank Publications ISBN: 1464816115 Category : Business & Economics Languages : en Pages : 227
Book Description
International Debt Statistics (IDS), a long-standing annual publication of the World Bank, features external debt statistics and analysis for the 120 low- and middle-income countries that report to the World Bank Debtor Reporting System. IDS 2021 includes (1) an overview analyzing global trends in debt stocks of and debt flows to low- and middle-income countries within the framework of aggregate capital flows (debt and equity); (2) a feature story on the World Bank and International Monetary Fund Debt Service Suspension Initiative in response to the COVID-19 pandemic; (3) tables and charts detailing debtor and creditor composition of debt stock and flows, terms of new commitments, and maturity structure of future debt service payments and debt burdens, measured in relation to gross national income and export earnings for each country; (4) one-page summaries per country, plus global, regional, and income group aggregates showing debt stocks and flows, relevant debt indicators, and metadata for six years (2009 and 2015†“19); and (5) a user guide describing the tables and content, definitions and rationale for the country and income groupings used in the report, data notes, and information about additional resources and comprehensive data sets available to users online. Unique in its coverage of the important trends and issues fundamental to the financing of low- and middle-income countries, IDS 2021 is an indispensable resource for governments, economists, investors, financial consultants, academics, bankers, and the entire development community. For more information on IDS 2021 and related products, please visit the World Bank’s Data Catalog at https://datacatalog.worldbank.org/dataset/international-debt-statistics.
Author: George K. Zestos Publisher: Routledge ISBN: 1317627644 Category : Business & Economics Languages : en Pages : 301
Book Description
Although banking and sovereign debt crises are not unusual, the crisis that has unfolded across the world since 2007 has been unique in both its scale and scope. It has also been unusual in being both triggered by, and mainly affecting, developed economies. Starting with the US subprime mortgage crisis, and the recession in 2007-2009, the problem soon erupted into financial crisis in Europe. A few of these countries came to the brink of bankruptcy, and were rescued by the EU and the IMF on the condition they adopt austerity measures. The detrimental social effects of the crisis in both the US and Europe are still emerging. Although there have been several studies published on the US crisis in particular, there has so far been an absence of an accessible comparative overview of both crises. This insightful text aims to fill this gap, offering a critical overview of causes, policy responses, effects and future implications. Starting with the historical context and mutation of the crisis, the book explores the policies, regulations, and governance reforms that have been implemented to cope with the US subprime mortgage crisis. A parallel analysis considers the causes of the European sovereign debt crisis and the responses of the European Union (EU), examining why the EU is as yet unable to resolve the crisis. This book is supported with eResources that include essay questions and class discussion questions in order to assist students in their understanding. This uniquely comprehensive and readable overview will be of interest and relevance to those studying financial crises, financial governance, international economics and international political economy.
Author: Federico Ferretti
Author: Federico Ferretti
Author: Professor Hans W Micklitz
Author: Samba Mbaye
Author: Mr.Shekhar Aiyar
Author: Atif Mian
Author: Hans-W. Micklitz
Author: M. Ayhan Kose
Author: Miriam Anderson
Author: World Bank
Author: George K. Zestos