Financial Globalization, Inequality, and the Raising of Public Debt

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Top Incomes and the Great Recession: Recent Evolutions and Policy Implications (2013, background): “9 the nancial system more fragile and more vulnerable to shocks (see e.g. Kumhof and Ranciere (2010), Rajan (2010), Bertrand and Morse (2012); see also Azzimonti et al (2012) for a similar story operating through the accumulation of government debt).”
From Financial Crash to Debt Crisis (2011, unknown): “The reasons for this temporal sequence may be the contingent liability story emphasized by Carlos Diaz-Alejandro (1985) and formalized in Velasco (1987), in which the government takes on massive debts from the private banks, thus undermining its own solvency.”