O papel macroeconômico das famílias e a geração de fragilidade financeira

TL;DRAbstract

The financial crisis that began in 2007, in the U.S., can be understood as a result of restrictions and inability of the supervision and regulation of the State linked to the evolution of practices and financial innovation inherent to financial system operation, mainly due to the processes of financial deregulation and liberalization ongoing for decades. However, the reversion and sluggish recuperation of American economy have highlighted other aspects, among then, that families were directly involved in the creation of the financial fragility that preceded the crisis. The debt of these agents is one of the most visible elements of this process; nevertheless, has received restricted and, sometimes, inconsistent interpretations in terms of the aggregated and stock and flow variables. At this point, the leveraged consumption could be understood from a more sophisticated process in view of the structure of liabilities and assets of families and the complex nature of decisions involved. Th

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