All Fall Down: debt, deregulation and financial crises

All Fall Down traces the ways in which changes in financial structure and regulation eroded monetary control and led to historically high levels of debt relative to GDP in both developed and emerging economies. Rising stocks of debt drove the global financial system into crisis in 2008 when households, businesses, financial institutions and the public sector in some countries strained to generate sufficient income for debt service. The stagnation and fall in asset prices that followed began the process of unwinding that led to a run on the financial sector by the financial sector.

Front Matter; Copyright; Contents; Tables; Foreword; Acknowledgments; Abbreviations; 1. Introduction and summary; PART I The unraveling of the 1930s-era framework; 2. The euro market erodes US financial structure; 3. Commercial paper guarantees and the emergence of a parallel banking system; 4. ERISA moves savings into securities markets; PART IIDeregulation and financial innovation create the context for crisis; 5. An overview of financiar estructuring and its consequences; 6. Securitization; 7. Weaving the web of interconnectedness; 8. Opaque markets and opaque balance sheets

9. Growing concentration leads to "too big to fail"10. Regulating the post-crisis system; 11. Mending the financial safety net for savers; PART III The advent of globalization; 12. Dollar hegemony; 13. Foreign exchange reserves; 14. An overview of developments in global financial markets in the 1990s; PART IV Building toward crisis in the global economy; 15. Concerns and warnings; 16. Crises in the periphery of the global system; 17. Liquidity expansion in the period before the crisis; PART V Debt and the collapse of monetary control

18. The failure to halt the emergence and growth of the debt bubble19. R…