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All Fall Down

Debt, Deregulation and Financial Crises

Jane D’Arista

All Fall Down traces the ways in which changes in financial structure and regulation eroded monetary control and led to historically high levels of debt relative to GDP in both developed and emerging economies. Rising stocks of debt drove the global financial system into crisis in 2008 when households, businesses, financial institutions and the public sector in some countries strained to generate sufficient income for debt service. The stagnation and fall in asset prices that followed began the process of unwinding that led to a run on the financial sector by the financial sector.
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Jane D’Arista

26.1  Current balance sheet structure for depository institutions

26.2  Current balance sheet structure for the Federal Reserve System

26.3  Balance sheet structure for financial institutions using asset-based reserve requirements

26.4  Federal Reserve balance sheet structure using asset-based reserve requirements

27.1  Current open market operations

27.2  Expansionary open market operations using asset-based reserve requirements

27.3  Contractionary open market operations using asset-based reserve requirements

31.1  ICA clearing function

31.2  Exchange rate adjustment under ICA proposal

31.3  Adjustment in reserve holdings

31.4  International open market operations (expansionary)

31.5  International open market operations (contractionary)