Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/121680
Authors: 
Torres Filho, Ernani Teixeira
Year of Publication: 
2015
Series/Report no.: 
Texto para Discussão, Instituto de Pesquisa Econômica Aplicada (IPEA) 2096
Abstract (Translated): 
This paper analyzes on a comparative basis the impact of the two major contemporary financial crises in Japan and in the United States. They were both the result of the burst of speculative bubbles that had allowed the high increase in the value of real estate and equity. The abrupt reversal of the financial markets led to the accumulation of huge losses not only by banks but also by non-financial corporations and households. In response, the private sector has been since then been systematically reducing its net debt and the level of investment, despite the recovery on the levels of profits and the long periods of interest rates at levels close to zero
Subjects: 
financial globalization
speculative bubbles
balance-sheet recession
JEL: 
E44
F65
G15
N20
Document Type: 
Working Paper

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