Moritz Schularick

Involvement

Moritz Schularick is a Fellow at the Institute for New Economic Thinking (INET) and professor of economics at the University of Bonn. He was previously a professor at the John F. Kennedy Institute of the Free University of Berlin, Germany, a visiting scholar at Cambridge University, and worked in the financial industry for several years. His current work focuses on credit cycles, the determinants of financial crises, and the international monetary system. Together with Niall Ferguson, he coined the term “Chimerica” to describe the intimate financial relations between the United States and China. Working at the crossroads of monetary and international economics as well as economic history, his contributions can be found in the American Economic Review, the Quarterly Journal of Economics, the Journal of Monetary Economics, the Journal of International Economics, the Journal of Economic History, and several other journals.

By this expert

When Credit Bites Back: Leverage, Business Cycles and Crises

Paper Working Paper Series | | Oct 2015

This paper studies the role of credit in the business cycle, with a focus on private credit overhang.

Sovereigns versus Banks: Credit, Crises and Consequences

Paper Working Paper Series | | Feb 2014

Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the risks of lax fiscal policies. However, the two may interact in important and understudied ways.

Sovereigns versus banks: Crises, causes and consequences

Article | Oct 18, 2013

In the aftermath of the global financial crisis, few would dispute the risks of excessive borrowing. But which debts should one worry about – public or private? This column presents new research on the interplay of public and private debts since 1870 in 17 advanced economies. History demonstrates that excessive private-sector borrowing plays a greater role than fiscal profligacy in generating financial instability. However, when the credit boom collapses, the government’s capacity to alleviate the downturn is limited by the prevailing level of public debt.

The Making of America’s Imbalances

Paper Grantee paper | | Jun 2012

This paper tracks the development of sectoral saving and borrowing in the US economy over the past 50 years.

Featuring this expert

Debt Talks Episode 6 | Who’s Afraid of European Banks?

with Martin Arnold, Elena Carletti and Richard Vague; moderated by Thomas Fricke and Moritz Schularick

Event Webinar | Hosted by Private Debt | Feb 23, 2021

Does the COVID recession still have the potential to turn into a broader financial meltdown?

Debt Talks Episode 5 | Developing Country Debt: What's Next?

with Sarah-Jayne Clifton, Mitu Gulati, and Philippa Sigl-Glöckner; moderated by Moritz Schularick

Event Webinar | Hosted by Private Debt | Dec 8, 2020

Can developing countries cope with high debt levels? How dire is the situation? Has the policy response been adequate? And what’s the situation in private external debt, and what should be done about private creditors? This edition of Debt Talks will discuss the situation in developing country debt during and after the COVID-19 pandemic.

Debt Talks Episode 4 | Do We Need a Debt Jubilee?

moderated by Moritz Schularick with Sebnem Kalemli-Ozcan, Astra Taylor and Richard Vague

Event Webinar | Hosted by Private Debt | Nov 17, 2020

What is the current situation in private indebtedness in the U.S.? Recent ideas suggest that excessive levels of debt are an obstacle to a quick recovery and sustained economic growth.

Debt Talks Episode 3 | How Bad Can It Still Get? Credit Risks, Debt Overhang, and the COVID-19 Recession

Click to Register | moderated by Moritz Schularick with Megan Greene, Anatole Koletsky and Yueran Ma

Event Webinar | Hosted by Private Debt | Oct 20, 2020

What is the current situation in credit markets? Will an overhang of debt on corporate balance sheets slow down the recovery from the COVID recession and be a drag on investment going forward? Does the COVID recession still have the potential to turn into a broader financial meltdown?