Year: 2004
Type: preprint
Abstract: The idea that the financial structure of firms together with thecharacteristics of their access to credit could be a major source ofeconomic fluctuations dates back to the time of the Great Depression.Irving Fisher was one of the first contemporary scholars who tried torelate price deflations to reallocations of wealth from debtors tocreditors leading to a fall in the overall demand. His work emphasizedthe high increase in the real burden of borrowers debt in the expansionpreceding 1929: “The depression out of which we are now (I trust)emerging is an example of a debt-deflation depression of the mostserious sort. The debts of 1929 were the greatest known, both nominallyand really, up to that time”
Author: Attar, Andrea
Language: English
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W87836322