Excessive leverage needs to be reined in.

But in the end, these very different circumstances produced a common and inherently simple problem over indebtedness.

Significantly, it does next to nothing to alleviate the twin problems of excess leverage and inadequate saving.

With little incentive to manufacture structured investment vehicles, few Spanish banks created them, thereby avoiding excessive leverage.

But offsetting fiscal austerity with ultra easy monetary policies risks fueling a resurgence of private leverage in advanced economies and already has produced the dangerous spillover of rising leverage in emerging economies.

Do we need financial institutions to be so highly leveraged (that is, carrying so much debt relative to equity)?

This recession was caused by a mispricing of risk, leading to excessive leverage and high prices for a wide range of assets.

This East Asian savings glut enabled a debt fuelled consumption glut in the US, Britain, and much of the Western world.

But we should realize that there are fundamental causes for the imbalance on the US side as well, such as over consumption financed by excessive leverage and high budget deficits.

Bankers want to be so highly leveraged for a simple reason implicit government guarantees mean that they get the upside when things go well, while the downside is someone else s problem.

Over levered households cannot spend, over levered banks cannot lend, and over levered governments cannot stimulate.

A decade of historically low interest rates has led to economic imbalances in favor of sectors that are highly leveraged the financial sector, the housing market, and private equity.

In its last phases, it had taken on large quantities of foreign debt, and over indebtedness finally sunk a model that had fundamentally failed long before that.

Excessive leverage, rather than skills, can be seen as the source of their resulting profits, which then flow disproportionately to employees, and of their sometimes massive losses, which are borne by shareholders and taxpayers.

LONDON Five years after the collapse of the US investment bank Lehman Brothers, the world has still not addressed the fundamental cause of the subsequent financial crisis an excess of debt.

Besides, well designed taxes on the financial sector might help alleviate problems caused by excessive leverage and banks that are too big to fail.

Worse yet, the fundamental excesses that fueled the crisis too much debt and leverage in the private sector (households, banks and other financial institutions, and even much of the corporate sector) have not been addressed.

Moreover, financial crises triggered by excessive debt and leverage in the private sector are followed after a few years by sovereign defaults and or high inflation to wipe out the real value of public debts.

This tax would have two positive effects it would induce banks to recapitalize, thereby reducing their excessive leverage, while forcing managers to have more skin in the game.

Growth based on high leverage typically proves to be illusory. And yet the illusion continues to entice policymakers.

Bankers want to be so highly leveraged for a simple reason implicit government guarantees mean that they get the upside when things go well, while the downside is someone else s problem.

The second question is how to constrain leveraged growth in the future.

True enough, interest rates were falling, though not as fast as the fall in expected profit on new investment. So, even in the so called boom years, most Western economies were kept afloat not by new investment, but by asset bubbles based on increasingly unsustainable leverage.

Over exploitation of living marine resources through excessive fishing continues to be of grave concern to the international community.

The titans of Wall Street and the City of London were exposed as hugely over leveraged.

Sami died from an overdose of sleeping pills that he had taken.

But too much coordination can be a bad thing.

Leverage in some emerging markets household and corporate sectors has reached record levels.

Over diagnosis of bipolar disorder has costs.

But overfishing is taking a socio economic and environmental toll.

For too long, African governments have listened to the siren song of free trade and have suffered from too much openness, not too little.

But insufficient diagnostic rigor can result in over diagnosis.

The tradable sector is expanding and is not dependent on leverage to generate aggregate demand.

However, there seemed to be more over diagnosis than under diagnosis.

Indeed, China has a rare problem excessive savings.

Excessive taxation can dull incentives and hinder growth.

The point is that debt fueled demand emanates from particular households in particular regions for particular goods.

To avoid excessive false positives, CAD ignores the normal colon wall, including the haustral folds.

Both can have negative consequences.

Access is good excess is bad.

Second, perverse incentives led financial institutions to assume excessive risks.

But excessive secrecy leads to scarce resources being diverted into wild goose chases.

The most pressing threats to the GMR come from overfishing and illegal fishing.

Japan s lost decades after 1990 were the direct and inevitable consequence of the excessive leverage built up in the 1980 s.

Consider also the depletion of ocean fisheries through over fishing.