LEADER 03199cam a2200445 i 4500003 hubpceuo 005 20190923083316.0 006 a|||||r|||| 00| 0 007 ta 008 150810s2016 njua b 001 0 eng 010 2015015015 020 9780691169644 (hardback : alk. paper) 020 0691169640 (hardback : alk. paper) 040 DLC |beng |cDLC |erda |dDLC |dhubpceuo 041 eng 042 pcc 050 00 HG3881 |b.T88 2016 082 00 332/.042 |223 100 1 Turner, Adair, |d1955- |eauthor. 245 10 Between debt and the devil : |bmoney, credit, and fixing global finance / |cAdair Turner. 260 Princeton ;Oxford : |bPrinceton University Press, |c2016. 300 xiv, 302 pages : |billustrations ; |c25 cm 337 unmediated 504 Includes bibliographical references and index. 520 "Adair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn't happen because banks are too big to fail--our addiction to private debt is to blame. Between Debt and the Devil challenges the belief that we need credit growth to fuel economic growth, and that rising debt is okay as long as inflation remains low. In fact, most credit is not needed for economic growth--but it drives real estate booms and busts and leads to financial crisis and depression. Turner explains why public policy needs to manage the growth and allocation of credit creation, and why debt needs to be taxed as a form of economic pollution. Banks need far more capital, real estate lending must be restricted, and we need to tackle inequality and mitigate the relentless rise of real estate prices. Turner also debunks the big myth about fiat money--the erroneous notion that printing money will lead to harmful inflation. To escape the mess created by past policy errors, we sometimes need to monetize government debt and finance fiscal deficits with central-bank money. Between Debt and the Devil shows why we need to reject the assumption that private credit is essential to growth and fiat money is inevitably dangerous. Each has its advantages, and each creates risks that public policy must consciously balance. "-- 580 HU OSA 207 - Donation of the Open Society Institute-Budapest 650 0 International finance. 650 0 Finance. 650 0 Financial institutions. 650 0 Credit. 650 0 Financial crises. 650 0 Monetary policy. 650 0 Economic policy. 942 |2ddc |cBK 955 |brm15 2015-08-10 |crm15 2015-08-10 ONIX |irm15 2015-08-10 (telework)rm15 2015-08-10 to Deweyxn12 2015-11-24 1 copy rec'd., to CIP ver. 952 |00 |10 |2ddc |40 |6332_000000000000000__042_TUR |70 |8GEN |9128724OSA |bOSA |d2019-09-23 |eSOROSHU |l0 |o332/.042 TUR |r2019-09-23 |w2019-09-23 |yBK |cOSA Repository 920 01 yYg3gOY2 992 01 332_000000000000000__042_TUR |bWWX_ZZZZZZZZZZZZZZZ__ZVX_658 966 |cIn the Research Room