Get quick answers to your questions about the article from our AI researcher chatbot
{'id': 'https://openalex.org/W1533977396', 'doi': None, 'title': 'Balance Sheet Crises: Causes, Consequences, and Responses', 'display_name': 'Balance Sheet Crises: Causes, Consequences, and Responses', 'publication_year': 2013, 'publication_date': '2013-09-22', 'ids': {'openalex': 'https://openalex.org/W1533977396', 'mag': '1533977396'}, 'language': 'en', 'primary_location': {'is_oa': False, 'landing_page_url': 'https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2013/9/cjv33n3-10.pdf', 'pdf_url': None, 'source': {'id': 'https://openalex.org/S147728512', 'display_name': 'Cato Journal', 'issn_l': '0273-3072', 'issn': ['0273-3072', '1943-3468'], 'is_oa': False, 'is_in_doaj': False, 'is_core': True, 'host_organization': 'https://openalex.org/P4310315727', 'host_organization_name': 'Cato Institute', 'host_organization_lineage': ['https://openalex.org/P4310315727'], 'host_organization_lineage_names': ['Cato Institute'], 'type': 'journal'}, 'license': None, 'license_id': None, 'version': 'submittedVersion', 'is_accepted': False, 'is_published': False}, 'type': 'article', 'type_crossref': 'posted-content', 'indexed_in': [], 'open_access': {'is_oa': False, 'oa_status': 'closed', 'oa_url': None, 'any_repository_has_fulltext': False}, 'authorships': [{'author_position': 'first', 'author': {'id': 'https://openalex.org/A5054459767', 'display_name': 'Steven Gjerstad', 'orcid': None}, 'institutions': [{'id': 'https://openalex.org/I185071736', 'display_name': 'Chapman University', 'ror': 'https://ror.org/0452jzg20', 'country_code': 'US', 'type': 'education', 'lineage': ['https://openalex.org/I185071736']}], 'countries': ['US'], 'is_corresponding': False, 'raw_author_name': 'Steven D. Gjerstad', 'raw_affiliation_strings': ['Chapman University'], 'affiliations': [{'raw_affiliation_string': 'Chapman University', 'institution_ids': ['https://openalex.org/I185071736']}]}, {'author_position': 'last', 'author': {'id': 'https://openalex.org/A5084218206', 'display_name': 'Vernon L. Smith', 'orcid': 'https://orcid.org/0000-0001-7917-1870'}, 'institutions': [{'id': 'https://openalex.org/I185071736', 'display_name': 'Chapman University', 'ror': 'https://ror.org/0452jzg20', 'country_code': 'US', 'type': 'education', 'lineage': ['https://openalex.org/I185071736']}], 'countries': ['US'], 'is_corresponding': False, 'raw_author_name': 'Vernon L. Smith', 'raw_affiliation_strings': ['Chapman University'], 'affiliations': [{'raw_affiliation_string': 'Chapman University', 'institution_ids': ['https://openalex.org/I185071736']}]}], 'institution_assertions': [], 'countries_distinct_count': 1, 'institutions_distinct_count': 1, 'corresponding_author_ids': [], 'corresponding_institution_ids': [], 'apc_list': None, 'apc_paid': None, 'fwci': 1.975, 'has_fulltext': False, 'cited_by_count': 6, 'citation_normalized_percentile': {'value': 0.63961, 'is_in_top_1_percent': False, 'is_in_top_10_percent': False}, 'cited_by_percentile_year': {'min': 81, 'max': 83}, 'biblio': {'volume': '33', 'issue': '3', 'first_page': '437', 'last_page': '470'}, 'is_retracted': False, 'is_paratext': False, 'primary_topic': {'id': 'https://openalex.org/T10127', 'display_name': 'Banking stability, regulation, efficiency', 'score': 0.9871, 'subfield': {'id': 'https://openalex.org/subfields/2003', 'display_name': 'Finance'}, 'field': {'id': 'https://openalex.org/fields/20', 'display_name': 'Economics, Econometrics and Finance'}, 'domain': {'id': 'https://openalex.org/domains/2', 'display_name': 'Social Sciences'}}, 'topics': [{'id': 'https://openalex.org/T10127', 'display_name': 'Banking stability, regulation, efficiency', 'score': 0.9871, 'subfield': {'id': 'https://openalex.org/subfields/2003', 'display_name': 'Finance'}, 'field': {'id': 'https://openalex.org/fields/20', 'display_name': 'Economics, Econometrics and Finance'}, 'domain': {'id': 'https://openalex.org/domains/2', 'display_name': 'Social Sciences'}}, {'id': 'https://openalex.org/T10503', 'display_name': 'Global Financial Crisis and Policies', 'score': 0.9745, 'subfield': {'id': 'https://openalex.org/subfields/2003', 'display_name': 'Finance'}, 'field': {'id': 'https://openalex.org/fields/20', 'display_name': 'Economics, Econometrics and Finance'}, 'domain': {'id': 'https://openalex.org/domains/2', 'display_name': 'Social Sciences'}}, {'id': 'https://openalex.org/T11621', 'display_name': 'Fiscal Policies and Political Economy', 'score': 0.9735, 'subfield': {'id': 'https://openalex.org/subfields/2002', 'display_name': 'Economics and Econometrics'}, 'field': {'id': 'https://openalex.org/fields/20', 'display_name': 'Economics, Econometrics and Finance'}, 'domain': {'id': 'https://openalex.org/domains/2', 'display_name': 'Social Sciences'}}], 'keywords': [{'id': 'https://openalex.org/keywords/fell', 'display_name': 'Fell', 'score': 0.7479397}, {'id': 'https://openalex.org/keywords/great-depression', 'display_name': 'Great Depression', 'score': 0.6687854}, {'id': 'https://openalex.org/keywords/economic-collapse', 'display_name': 'Economic collapse', 'score': 0.52390826}, {'id': 'https://openalex.org/keywords/equity', 'display_name': 'Equity', 'score': 0.4844289}, {'id': 'https://openalex.org/keywords/home-equity', 'display_name': 'Home equity', 'score': 0.4690362}], 'concepts': [{'id': 'https://openalex.org/C195742910', 'wikidata': 'https://www.wikidata.org/wiki/Q176494', 'display_name': 'Recession', 'level': 2, 'score': 0.7530402}, {'id': 'https://openalex.org/C109167261', 'wikidata': 'https://www.wikidata.org/wiki/Q5421955', 'display_name': 'Fell', 'level': 2, 'score': 0.7479397}, {'id': 'https://openalex.org/C183206440', 'wikidata': 'https://www.wikidata.org/wiki/Q46834', 'display_name': 'Balance sheet', 'level': 2, 'score': 0.7167951}, {'id': 'https://openalex.org/C552438157', 'wikidata': 'https://www.wikidata.org/wiki/Q8698', 'display_name': 'Great Depression', 'level': 2, 'score': 0.6687854}, {'id': 'https://openalex.org/C162324750', 'wikidata': 'https://www.wikidata.org/wiki/Q8134', 'display_name': 'Economics', 'level': 0, 'score': 0.64263994}, {'id': 'https://openalex.org/C120527767', 'wikidata': 'https://www.wikidata.org/wiki/Q3196867', 'display_name': 'Debt', 'level': 2, 'score': 0.53296405}, {'id': 'https://openalex.org/C2776535124', 'wikidata': 'https://www.wikidata.org/wiki/Q2357355', 'display_name': 'Economic collapse', 'level': 3, 'score': 0.52390826}, {'id': 'https://openalex.org/C199728807', 'wikidata': 'https://www.wikidata.org/wiki/Q2578557', 'display_name': 'Equity (law)', 'level': 2, 'score': 0.4844289}, {'id': 'https://openalex.org/C2780850388', 'wikidata': 'https://www.wikidata.org/wiki/Q5888995', 'display_name': 'Home equity', 'level': 2, 'score': 0.4690362}, {'id': 'https://openalex.org/C556758197', 'wikidata': 'https://www.wikidata.org/wiki/Q580018', 'display_name': 'Monetary economics', 'level': 1, 'score': 0.4561661}, {'id': 'https://openalex.org/C2778300220', 'wikidata': 'https://www.wikidata.org/wiki/Q114380', 'display_name': 'Financial crisis', 'level': 2, 'score': 0.44552436}, {'id': 'https://openalex.org/C165556158', 'wikidata': 'https://www.wikidata.org/wiki/Q83937', 'display_name': 'Keynesian economics', 'level': 1, 'score': 0.28841072}, {'id': 'https://openalex.org/C10138342', 'wikidata': 'https://www.wikidata.org/wiki/Q43015', 'display_name': 'Finance', 'level': 1, 'score': 0.2502305}, {'id': 'https://openalex.org/C17744445', 'wikidata': 'https://www.wikidata.org/wiki/Q36442', 'display_name': 'Political science', 'level': 0, 'score': 0.12767199}, {'id': 'https://openalex.org/C205649164', 'wikidata': 'https://www.wikidata.org/wiki/Q1071', 'display_name': 'Geography', 'level': 0, 'score': 0.10620341}, {'id': 'https://openalex.org/C94625758', 'wikidata': 'https://www.wikidata.org/wiki/Q7163', 'display_name': 'Politics', 'level': 2, 'score': 0.097552896}, {'id': 'https://openalex.org/C58640448', 'wikidata': 'https://www.wikidata.org/wiki/Q42515', 'display_name': 'Cartography', 'level': 1, 'score': 0.0}, {'id': 'https://openalex.org/C199539241', 'wikidata': 'https://www.wikidata.org/wiki/Q7748', 'display_name': 'Law', 'level': 1, 'score': 0.0}], 'mesh': [], 'locations_count': 1, 'locations': [{'is_oa': False, 'landing_page_url': 'https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2013/9/cjv33n3-10.pdf', 'pdf_url': None, 'source': {'id': 'https://openalex.org/S147728512', 'display_name': 'Cato Journal', 'issn_l': '0273-3072', 'issn': ['0273-3072', '1943-3468'], 'is_oa': False, 'is_in_doaj': False, 'is_core': True, 'host_organization': 'https://openalex.org/P4310315727', 'host_organization_name': 'Cato Institute', 'host_organization_lineage': ['https://openalex.org/P4310315727'], 'host_organization_lineage_names': ['Cato Institute'], 'type': 'journal'}, 'license': None, 'license_id': None, 'version': 'submittedVersion', 'is_accepted': False, 'is_published': False}], 'best_oa_location': None, 'sustainable_development_goals': [], 'grants': [], 'datasets': [], 'versions': [], 'referenced_works_count': 18, 'referenced_works': ['https://openalex.org/W1549162356', 'https://openalex.org/W1571436454', 'https://openalex.org/W1696972619', 'https://openalex.org/W1978285565', 'https://openalex.org/W2002402728', 'https://openalex.org/W2033493309', 'https://openalex.org/W2078637869', 'https://openalex.org/W2112066207', 'https://openalex.org/W2135387720', 'https://openalex.org/W2142251602', 'https://openalex.org/W2236084939', 'https://openalex.org/W2321610622', 'https://openalex.org/W3088625296', 'https://openalex.org/W3121346495', 'https://openalex.org/W3122610688', 'https://openalex.org/W3123675599', 'https://openalex.org/W43800846', 'https://openalex.org/W813924567'], 'related_works': ['https://openalex.org/W334606231', 'https://openalex.org/W3164994040', 'https://openalex.org/W3125415124', 'https://openalex.org/W3123930046', 'https://openalex.org/W3121374980', 'https://openalex.org/W2993108325', 'https://openalex.org/W2967742771', 'https://openalex.org/W2883477487', 'https://openalex.org/W2736957107', 'https://openalex.org/W2588796706', 'https://openalex.org/W2565400928', 'https://openalex.org/W2487983194', 'https://openalex.org/W2187614883', 'https://openalex.org/W2146649587', 'https://openalex.org/W1983120539', 'https://openalex.org/W192892150', 'https://openalex.org/W1891954655', 'https://openalex.org/W1655463427', 'https://openalex.org/W1528473026', 'https://openalex.org/W1485773389'], 'abstract_inverted_index': {'Being': [0], 'the': [1, 24, 43, 90, 98, 110, 122, 130, 137, 151, 158, 175, 246, 254, 270, 278, 291, 296, 314, 320, 327, 334, 340, 343, 356, 360, 363, 398, 410, 448, 500, 505, 539, 553, 570], 'managers': [2], 'rather': [3], 'of': [4, 9, 45, 59, 82, 114, 121, 140, 193, 203, 245, 268, 293, 298, 304, 316, 326, 330, 342, 378, 391, 447, 502, 508, 541, 555, 573, 586, 612], 'other': [5, 437], "people's": [6], 'money': [7, 357], 'than': [8, 217], 'their': [10, 34, 60, 630], 'own,': [11], 'it': [12, 22], 'cannot': [13], 'well': [14], 'be': [15], 'expected,': [16], 'that': [17, 92, 142, 150, 170, 229, 412, 439, 454, 469], 'they': [18, 413], 'should': [19], 'watch': [20, 32], 'over': [21, 33, 362, 397, 592, 602], 'with': [23, 28, 132, 336, 476, 576], 'same': [25], 'anxious': [26], 'vigilance': [27], 'which': [29, 42, 567, 578], '[they]': [30], 'frequently': [31], 'own.': [35], '--Adam': [36], 'Smith': [37], 'Balance': [38], 'sheet': [39, 116, 168, 429, 463, 558], 'crises,': [40], 'in': [41, 88, 109, 155, 162, 189, 198, 261, 266, 339, 371, 415, 451, 480, 561, 614], 'prices': [44], 'widely': [46], 'held': [47], 'and': [48, 62, 68, 95, 103, 112, 157, 197, 205, 253, 265, 277, 295, 308, 322, 333, 359, 385, 393, 490, 519, 546, 619, 625, 628, 632], 'highly': [49], 'leveraged': [50], 'assets': [51, 380, 507, 590], 'collapse,': [52, 104], 'pose': [53], 'distinctive': [54], 'economic': [55, 138, 238, 337], 'challenges.': [56], 'An': [57], 'understanding': [58], 'causes': [61], 'consequences': [63], 'is': [64, 70, 85, 124, 300, 387, 513, 530, 608], 'only': [65, 225], 'recently': [66], 'developing,': [67], 'there': [69, 386], 'no': [71], 'agreement': [72], 'at': [73], 'all': [74, 267], 'on': [75, 191, 313, 319, 355, 504, 549, 588], 'effective': [76], 'policy': [77, 276, 289, 318, 332, 349, 420], 'responses.': [78], 'A': [79], 'preliminary': [80], 'purpose': [81], 'this': [83, 305], 'article': [84, 123], 'to': [86, 94, 125, 408, 514, 522, 531, 534, 538, 582], 'examine': [87], 'detail': [89], 'events': [91, 128], 'led': [93, 258], 'resulted': [96], 'from': [97, 174, 436], 'recent': [99], 'U.S.': [100], 'housing': [101, 195, 211, 230, 263, 323, 344, 399], 'bubble': [102, 345], 'as': [105], 'a': [106, 133, 282, 301, 375, 388, 427, 445, 461, 477, 593, 603, 609], 'case': [107], 'study': [108], 'formation': [111], 'propagation': [113], 'balance': [115, 167, 383, 428, 462, 557], 'crises.': [117], 'The': [118, 527], 'primary': [119], 'objective': [120], 'evaluate': [126, 552], 'similar': [127], 'around': [129], 'world': [131], 'view': [134], 'toward': [135], 'assessing': [136], 'performance': [139], 'countries': [141, 438, 453, 468], 'have': [143, 422, 455, 470, 473, 484, 496], 'pursued': [144], 'varied': [145], 'alternative': [146], 'policies.': [147], 'We': [148, 431, 551, 617], 'propose': [149], 'Great': [152, 159, 255], 'Depression': [153], 'beginning': [154], '1929': [156], 'Recession': [160, 256], 'starting': [161], '2007': [163], 'were': [164, 171, 240, 257], 'both': [165, 209, 487], 'household-bank': [166], 'crises--events': [169], 'quite': [172], 'distinguishable': [173], 'recessions': [176, 248], 'appearing': [177], 'between': [178, 249, 272, 290], 'them.': [179], 'Each': [180], 'episode,': [181], 'we': [182], 'hypothesize,': [183], 'was': [184, 281], 'preceded': [185], 'by': [186, 259, 564], 'unsustainable': [187], 'rises': [188], 'expenditures': [190, 264, 489], 'construction': [192], 'new': [194, 204, 262], 'units': [196], 'mortgage': [199, 221, 321], 'credit': [200], 'for': [201, 591, 601], 'purchases': [202], 'existing': [206], 'homes.': [207], 'In': [208, 465], 'cases': [210], 'values': [212], 'rapidly': [213, 472], 'collapsed': [214], 'by,': [215], 'more': [216], '30': [218], 'percent': [219], 'but': [220, 483], 'debt': [222], 'obligations': [223], 'fell': [224, 232], 'very': [226], 'slowly,': [227], 'so': [228, 352], 'equity': [231, 544], 'sharply.': [233], '(1)': [234], 'Between': [235], 'these': [236], 'two': [237], 'calamities': [239], '12': [241], 'smaller': [242], 'recessions.': [243], 'Nine': [244], 'ten': [247], 'World': [250], 'War': [251], 'II': [252], 'declines': [260], 'those': [269], 'interaction': [271, 306], 'Federal': [273, 286], 'Reserve': [274, 287], 'monetary': [275, 288, 317, 331, 348, 419], 'housing-mortgage': [279], 'market': [280], 'clearly': [283], 'discernible': [284], 'feature.': [285], 'fall': [292], '1979': [294], 'summer': [297], '1982': [299], 'prominent': [302, 610], 'example': [303], 'effect,': [307], 'an': [309], 'excellent': [310], 'natural': [311], 'experiment': [312], 'impact': [315, 329], 'markets.': [324], 'Examination': [325], 'normal': [328, 416, 424], 'contrast': [335], 'conditions': [338, 572], 'aftermath': [341], 'suggests': [346], 'why': [347], 'has': [350, 442], 'had': [351, 456], 'little': [353], 'effect': [354, 425], 'supply': [358], 'economy': [361], 'past': [364, 525], 'five': [365], 'years.': [366], 'When': [367], 'households': [368], 'are': [369], 'awash': [370], 'debt,': [372], 'banks': [373, 581], 'face': [374], 'continuing': [376], 'legacy': [377], 'impaired': [379, 506, 571], 'mad': [381], 'damaged': [382], 'sheets,': [384], 'large': [389], 'inventory': [390], 'unsold': [392], 'foreclosed': [394], 'homes': [395], 'hanging': [396], 'market,': [400], 'low': [401], 'short-term': [402], 'interest': [403], 'rates': [404], "don't": [405], 'stimulate': [406], 'lending': [407], 'nearly': [409], 'extent': [411], 'do': [414], 'times.': [417], 'Consequently,': [418], "doesn't": [421], 'its': [423, 574, 580], 'during': [426], 'crisis.': [430, 464], 'also': [432], 'provide': [433], 'direct': [434], 'evidence': [435], 'fiscal': [440], 'stimulus': [441], 'not': [443], 'been': [444, 497], 'part': [446], 'recovery': [449, 613], 'process': [450], 'many': [452, 615], 'robust': [457], 'growth': [458], 'soon': [459, 485], 'after': [460], 'fact,': [466], 'most': [467], 'recovered': [471, 596], 'first': [474], 'contended': [475], 'rapid': [478], 'increase': [479], 'government': [481, 488, 491], 'deficits': [482], 'reduced': [486], 'deficits.': [492], 'Widely': [493], 'differing': [494], 'approaches': [495], 'taken': [498], 'regarding': [499], 'recognition': [501, 585], 'losses': [503, 587], 'financial': [509, 517, 562], 'institutions.': [510], 'One': [511], 'approach': [512, 529], 'shore': [515], 'up': [516], 'institutions': [518], 'allow': [520], 'them': [521], 'slowly': [523], 'recognize': [524, 535], 'losses.': [526], 'opposite': [528], 'force': [532], 'lenders': [533], 'losses,': [536], 'even': [537], 'point': [540], 'wiping': [542], 'out': [543, 584], 'holders': [545], 'forcing': [547], 'haircuts': [548], 'bondholders.': [550], 'effects': [554], 'confronting': [556], 'problems,': [559], 'especially': [560], 'institutions,': [563], 'contrasting': [565], 'Sweden,': [566], 'aggressively': [568], 'addressed': [569], 'banks,': [575], 'Japan,': [577], 'allowed': [579], 'stretch': [583], 'bad': [589], 'decade.': [594, 604], 'Sweden': [595], 'quickly': [597], 'while': [598], 'Japan': [599], 'languished': [600], 'Market': [605], 'currency': [606], 'depreciation': [607], 'feature': [611], 'countries.': [616], 'discuss': [618], 'chart': [620], 'three': [621], 'disparate': [622], 'examples--Finland,': [623], 'Thailand,': [624], 'Iceland--that': [626], 'illustrate': [627], 'explicate': [629], 'significant,': [631], 'common': [633], 'recurring,': [634], 'features.': [635], '…': [636]}, 'cited_by_api_url': 'https://api.openalex.org/works?filter=cites:W1533977396', 'counts_by_year': [{'year': 2014, 'cited_by_count': 3}, {'year': 2013, 'cited_by_count': 3}], 'updated_date': '2024-12-16T07:01:18.421936', 'created_date': '2016-06-24'}