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The recession which many countries experienced in the early 1990s had certain unusual aspects. Most notably, and common to all countries, was the behaviour of asset prices relative to the general price level. In consequence, reasons were sought to explain the special characteristics of the recession and as a result of the behaviour of asset prices attention turned to 'Debt-Deflation Theories' associated in different forms with Keynes and Irving Fisher. The contributors to this volume discuss the significance of debt deflation. Their striking common feature is that, on the evidence presented here, the behaviour of asset prices should not be of great concern to policy makers, or to those attempting to understand economic behaviour. However, residual doubts remain over the Japanese case. Inhaltsverzeichnis Notes on the Contributors - Opening Remarks; G.Pepper - Introduction; F.Capie & G.E.Wood - The Great Regime Shift: Asset Markets and Economic Activity in Sweden, 1985-1993; L.Jonung & J.Stymne - Debt Deflation and Financial Instability: Two Historical Explorations; B.Eichengreen & R.Grossman - Credit Crunch: A British Perspective; D.Llewellyn & L.Drake - Leverage as a State Variable for Employment, Inventory Accumulation, and Fixed Investment; C.Calomiris , A.Orphanides & S.Sharpe - Debt Deflation: Theory and Evidence; M.King - Debt-Deflation in Japan; K.Kaku - Index
List of contents
Notes on the Contributors - Opening Remarks; G.Pepper - Introduction; F.Capie & G.E.Wood - The Great Regime Shift: Asset Markets and Economic Activity in Sweden, 1985-1993; L.Jonung & J.Stymne - Debt Deflation and Financial Instability: Two Historical Explorations; B.Eichengreen & R.Grossman - Credit Crunch: A British Perspective; D.Llewellyn & L.Drake - Leverage as a State Variable for Employment, Inventory Accumulation, and Fixed Investment; C.Calomiris , A.Orphanides & S.Sharpe - Debt Deflation: Theory and Evidence; M.King - Debt-Deflation in Japan; K.Kaku - Index
