Table of contents
1.1 Motivation and main conclusions
1.2 Leverage: What we mean by it and why it matters
1.3 Guide to the report
2 Global debt analysis: Deleveraging? What deleveraging?
3 Leverage cycles and the poisonous combination of rising leverage and slowing growth
3.1 Leverage cycles and debt capacity
3.2 A poisonous combination of high leverage and slower output
Appendix 3A: The Leverage cycle
Appendix 3B: Debt capacity
4 Case studies
4.1 The United States
4.2 Eurozone: A policy problem
4.3 Emerging markets: The next crisis?
5 Policy issues 75
5.1 What have we learnt from past crises?
5.2 Policy options. Where are we now?