Between Debt and the Devil (eBook)

Money, Credit, and Fixing Global Finance

Adair Turner (Autor)

eBook Download: PDF | EPUB

2017
320 Seiten
Princeton University Press (Verlag)
978-1-4008-8565-7 (ISBN)

Infos

Adair Turner is chairman of the Institute for New Economic Thinking and the author of Economics after the Crisis.

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Why our addiction to debt caused the global financial crisis and is the root of our financial woesAdair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn't happen because banks are too big to fail-our addiction to private debt is to blame.Between Debt and the Devil challenges the belief that we need credit growth to fuel economic growth, and that rising debt is okay as long as inflation remains low. In fact, most credit is not needed for economic growth-but it drives real estate booms and busts and leads to financial crisis and depression. Turner explains why public policy needs to manage the growth and allocation of credit creation, and why debt needs to be taxed as a form of economic pollution. Banks need far more capital, real estate lending must be restricted, and we need to tackle inequality and mitigate the relentless rise of real estate prices. Turner also debunks the big myth about fiat money-the erroneous notion that printing money will lead to harmful inflation. To escape the mess created by past policy errors, we sometimes need to monetize government debt and finance fiscal deficits with central-bank money.Between Debt and the Devil shows why we need to reject the assumptions that private credit is essential to growth and fiat money is inevitably dangerous. Each has its advantages, and each creates risks that public policy must consciously balance.

Produkt-Details

• Erscheint lt. Verlag: 2.8.2017
• Nachwort: Adair Turner
• Zusatzinfo: 19 line illus.
• Verlagsort: Princeton
• Sprache: englisch
• Themenwelt: Sozialwissenschaften ► Politik / Verwaltung ► Staat / Verwaltung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik
• Schlagworte: Accounting • asset • Austerity • balance sheet • Bank • bank failure • Bond Market • Bond Yield • Capital Allocation • Capitalism • Capital Market • Capital requirement • Central Bank • Commercial Bank • Consumption (Economics) • Credit cycle • Credit (finance) • Creditor • credit risk • Current Account • Customer • debt • Debt Overhang • Deficit Spending • Deflation • Deleveraging • Deposit account • developed country • disaster • Economic Development • Economic Growth • Economic History • Economics • economist • economy • efficient-market hypothesis • Entrepreneurship • Equity Market • Eurozone • Exchange Rate • Expenditure • Expense • Fiat Money • Finance • Financial asset • Financial Crisis • financial deepening • Financial innovation • Financial institution • Financial regulation • Financial Services • Fractional-reserve banking • Funding • global imbalances • Globalization • Government bond • Government budget balance • Government Debt • Great Recession • Incentive • income • Inflation • Inflation Targeting • institutional investor • Interest Rate • Intermediation • Investment • Investor • Irving Fisher • John Maynard Keynes • Leverage (finance) • Liability (financial accounting) • Liberalization • Macroeconomics • Market (economics) • market liquidity • Market Price • Milton Friedman • monetary policy • mortgage loan • percentage • Price Discovery • private sector • purchasing power • Quantitative Easing • Quantity • Real estate appraisal • Recession • Risk Management • saving • Securitization • Shadow Banking System • Speculation • Supply (economics) • Tax • Trader (finance) • Valuation (finance) • Value (economics) • Wealth • World Economy
• ISBN-10: 1-4008-8565-5 / 1400885655
• ISBN-13: 978-1-4008-8565-7 / 9781400885657