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Thesis

The role of consumer leverage in financial crises

Abstract:

This thesis demonstrates that consumer leverage can contribute to financial crises such as the subprime mortgage crisis characterised by increased bankruptcy prospects and tightened credit access. A recession may follow even when the leveraged sector is not a production sector and can be triggered by seeming positive events such as a technological innovation and a relaxation of borrowing conditions. The first preliminary chapter updates the Bernanke, Gertler and Gilchrist (1999) approach w...

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Institution:
University of Oxford
Oxford college:
Balliol College
Department:
Social Sciences Division - Economics
Role:
Author

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Supervisor
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Funding agency for:
Dilyana Dimova
Publication date:
2015
Type of award:
DPhil
Level of award:
Doctoral
Awarding institution:
Oxford University, UK
URN:
uuid:cdc19fb0-183e-414e-90a6-ddac394e2ed1
Local pid:
ora:11749

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