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A remarkable feature of the period since 1970 has been the patterns of rapid and turbulent change in financing behaviour and financial structure in many advanced countries. These patterns have, in turn, often been marked by rising indebtedness, default on loans and periods of financial instability, whether in the non-financial sectors, the financial sector or both. This book explores, both in theoretical and empirical terms, the nature of the relationships between underlying phenomena; namely levels and changes in borrowing (debt), vulnerability to default in the corporate and household sectors (financial fragility), and widespread disorder in the financial sector (systemic risk). Davis focuses on the wider generality of the phenomena at issue whereby similar patterns are observable in several countries, but not in others, as well as in the international capital markets themselves. Particular attention is paid to the importance of the nature and evolution of financial structure to the genesis of instability. Given the international scope of the analysis, the work is germane to the study of the devlopment of financial systems in all advanced countries, as well as the euromarkets. It will be of particular relevance, however, in the US, Japan, Germany, France, the UK, and Canada, Italy, Australia, Sweden, Norway, Finland, whose experience is examined in detail. In this expanded and revised edition, the macroeconomic consequences of fragility and the appropriate policy response are examined in particular detail, with the analysis focusing on macroeconomic performance in eleven countries over 1988-93. A wide range of issues relating to financial stability, including risk in payments systems, derivatives, and property lending, are also considered.
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`The book's findings are relevant to all advanced countries, and especially to the USA, Japan, Germany, France, UK and Canada whose experience is examined in detail.'Banking WorldAbout the Author:
E. Philip Davis is at European Monetary Institute, Frankfurt.
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Book Description Clarendon Press, 1995. Paperback. Condition: New. Revised and expanded edition. 2004 reprint. New paperback. Seller Inventory # 134665
Book Description Condition: NEW. 9780198233312 This listing is a new book, a title currently in-print which we order directly and immediately from the publisher. For all enquiries, please contact Herb Tandree Philosophy Books directly - customer service is our primary goal. Seller Inventory # HTANDREE01580401
Book Description Oxford University Press, USA, 1995. Paperback. Condition: New. Rev Sub. Seller Inventory # DADAX0198233310
Book Description Oxford Univ Pr on Demand, 1995. Paperback. Condition: Brand New. revised subsequent edition. 393 pages. 9.50x6.25x1.00 inches. In Stock. Seller Inventory # __0198233310
Book Description Clarendon Press, 1995. Condition: New. book. Seller Inventory # M0198233310
Book Description Oxford Univ Pr on Demand, 1995. Paperback. Condition: Brand New. revised subsequent edition. 393 pages. 9.50x6.25x1.00 inches. In Stock. Seller Inventory # zk0198233310