Knowledge@SMU

Authors

Knowledge@SMU

Publication Type

Journal Article

Publication Date

5-2009

Abstract

Why did the Wall Street crash of October 1929 cause the global economy to decline and stagnate over a long time? Till today, macroeconomists are still trying to answer what Ben Bernanke describes as the “Holy Grail” – an enlightened understanding of what went wrong. Richard Koo, author of “The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession”, attempts an explanation with the “balance sheet recession” concept, based on his observations in Japan, where companies try to pay down their debt on time, if not earlier.

Disciplines

Accounting | Business | Finance and Financial Management

Copyright Owner and Holder

Copyright © Singapore Management University 2012

Article ID

1209

Subject(s)

Finance and Accounting

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