Five-player model of debt cycles: borrower-debtors, lender-creditors, intermediary banks, central banks, central governments. Understanding each player’s incentive structure and capacity constraints is the basis for macro cycle analysis.
Five-player model of debt cycles: borrower-debtors, lender-creditors, intermediary banks, central banks, central governments. Understanding each player’s incentive structure and capacity constraints is the basis for macro cycle analysis.