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Michael Haliassos

Michael Haliassos is Professor and Chair of Macroeconomics and Finance at Goethe University Frankfurt, Director of the Center for Financial Studies there, and Research Fellow at the Center for Economic Policy Research (CEPR). He is a coeditor of Household Portfolios (MIT Press, 2001) and Stockholding in Europe.

Titles by This Editor

Too Much or Too Little?

In assigning blame for the recent economic crisis, many have pointed to the proliferation of new, complex financial products--mortgage securitization in particular--as being at the heart of the meltdown. The prominent economists from academia, policy institutions, and financial practice who contribute to this book, however, take a more nuanced view of financial innovation. They argue that it was not too much innovation but too little innovation--and the lack of balance between debt-related products and asset-related products--that lies behind the crisis.

Until recently, researchers in economics and finance paid relatively little attention to household portfolios. Reasons included the tendency of most households to hold simple portfolios, the inability of the dominant asset pricing models to account for household portfolio incompleteness, and the lack of detailed databases on household portfolios in many countries until the late 1980s or 1990s. Now, however, the analysis of household portfolios is emerging as a field of vigorous study.