Jump to ContentJump to Main Navigation
Debt, Financial Fragility, and Systemic Risk
Users without a subscription are not able to see the full content.

Debt, Financial Fragility, and Systemic Risk

E. Philip Davis

Abstract

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, volatile asset prices, and periods of financial stress, whether in the non‐financial sector, the financial sector, or both. At the same time, the economics profession has seen a notable advance in the scope and depth of the theory of finance, particularly as it relates to the nature and behaviour of financial institutions and markets. In this context, t ... More

Keywords: advanced industrial economies, asset prices, capital markets, debt, default, financial instability, financial institutions, financial structure, financial systems, systemic risk

Bibliographic Information

Print publication date: 1995 Print ISBN-13: 9780198233312
Published to Oxford Scholarship Online: November 2003 DOI:10.1093/0198233310.001.0001

Authors

Affiliations are at time of print publication.

E. Philip Davis, author
European Monetary Institute, Frankfurt
Author Webpage