IIMR Aug 2024 Debt deflation downward spiral, and developments in China
Автор: Institute of International Monetary Research
Загружено: 2024-08-27
Просмотров: 1160
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In this video, Tim Congdon discusses Irving Fisher's 1933 article The Debt-Deflation Theory of Great Depressions which looked at how the repayment of loans in the aftermath of the Wall Street Crash provoked a debt-deflation spiral. Professor Congdon argues that in 1929-33, the state should have borrowed from the banks to offset the lack of lending by the private sector. This, in effect, is what Quantitative Easing is.
The video considers the relevance of Fisher's article to contemporary China, where banks are incurring losses on loans. Could something similar happen there? On balance, probably not, but such a scenario cannot be totally ruled out.
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