In sum, economists can find arguments to explain why countries are able to borrow abroad despite the limited rights of creditors. But the arguments are surprisingly complex, suggesting that sustainable debt levels may be fragile as well. Concerns over future access to capital markets, maintaining trade, and possibly broader international relations all support debt flows, with the relative emphasis and weights depending on factors specific to each situation. That is, even if lenders cannot directly go in and seize assets as in a conventional domestic default, they still retain leverage sufficient to entice a country to repay loans of at least modest size. We can dismiss, however, the popular notion that countries pay back their debts so that they can borrow even more in the future. Ponzi sc... (查看原文)
Two features stand out from the summary statistics presented in table. First is the persistence of the cycle in real housing prices in both advanced economies and emerging markets, typically for four to six years. The second feature that stands out from table is that the magnitudes of the declines in real housing prices around banking crises from peak to trough are not appreciably different in emerging and advanced economie. This comparability is quite surprising given that most macroeconomic time series exhibit drastically greater volatility in emerging markets; therefore, it merits further attention. Certainly the first results presented here from comparisons of housing price booms and busts around the dates of banking crises appears to provide strong support for the contention that bank... (查看原文)
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机械工业出版社2012版
左其盛
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机械工业出版社2012版
0 有用 阿狸 2011-10-13 16:00:58
里面提出了不少问题值得思考
2 有用 伊卡洛斯 2012-08-02 08:43:48
技术在变，人的身高在变，时尚也在变，但政府和投资者自我欺骗的能力并没有变
0 有用 猫熊不要黑眼圈 2010-11-26 17:49:11
学术味儿浓，读着累人！图表值得一看，仅此而已~
0 有用 yimingwho 2011-12-29 22:19:52
数据实在是多点
0 有用 Shawn 2013-04-24 17:03:37
可以