We may end up with a world based more on equity than debt, or more on market debt instruments than bank intermediation; but how and why we get there is a mystery. Absent significant regulatory or tax changes, and a… — Alan M. Taylor Copy Share Image
In the immediate postwar era, financial crises in advanced countries were rare events, and before 1970 did not happen at all. Since then they… — Alan M. Taylor Copy Share Image
We have never in human history seen a run-up in credit of the kind we have just witnessed in advanced economies since 1970, and… — Alan M. Taylor Copy Share Image
The basic aggregate measure of gearing or leverage is telling us that today's advanced economies' operating systems are more heavily dependent on private sector… — Alan M. Taylor Copy Share Image
It's just very hard to teach a class of students about what has happened in the Global Financial Crisis, how we ended up there… — Alan M. Taylor Copy Share Image
A possibility is that we see more and more leverage, and credit-to-GDP ratios rise once more to even higher levels; eventually the banking systems… — Alan M. Taylor Copy Share Image
Macroeconomic stability will be more elusive and that will affect all of our lives: from the risks many will face in childhood, to the… — Alan M. Taylor Copy Share Image
We may end up with a world based more on equity than debt, or more on market debt instruments than bank intermediation; but how… — Alan M. Taylor Copy Share Image
