This will be a post in work. I am looking to list all sources of financial system leverage and hope your comments will contribute to the oeuvre!
- fractional reserve banking:
- national fiat currencies
- insurance system leverage
- leverage in the shadow financial system
- off-balance sheet accounting
- double gearing
- derivatives clearing houses
- unfunded government obligations: Medicare, pension liabilities.
- special drawing rights?
- uncollateralized interbank lending
[insert 2008 12 15:
- fraudulent leverage in Ponzi schemes (apparently substantial as witnessed in the Madoff case)]
[insert 2009 04 03:
- Mark to Optimism leverage due to FAS 157 amendment]
- GSE leverage, trust funds for S.S. and Medicare, for example (thanks to JP):
Can anyone think of more, or, more importantly, direct me to sources where this leverage is quantified? Or would anyone argue that certain concepts should not be in the list, or are counted more than once under different names?
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