But there remains the question of whether consumption share growth is sustainable that is, whether it is the result of income share growth or rising leverage. If it is supported by excessive leverage, effectively shifting future consumption to the present, China could face a significant slowdown or even a major crisis.

Meanwhile, a highly interdependent and (now) less dynamic world economy has been limiting the scope for external growth drivers. Accordingly, even countries with sound balance sheets and manageable leverage have experienced a growth slowdown.

One is leverage.

Seeing such data, one cannot help but be stupefied. According to the statistical data of Suning Financial Research Institute, the leverage ratio of Chinese households was only 3 in 1996 and 18 in 2008. But this figure doubled in just six years since the trend of rapid growth of leverage ratio set in, reaching 36.4 . By the third quarter of 2017, the leverage ratio of households has reached 48.6 .

But, to circumvent the restrictions in the state dominated financial system, a shadow banking system has developed, raising new risks economic distortions reliance on excess leverage to drive growth in the consumer, real estate, corporate, and government sectors and dangers associated with inadequate regulation. As a result, investors are worried that China could slip into the excess leverage growth model that has served many developed economies so poorly.

How do you leverage that information?

But it's not how you actually get leverage.

The fundamental problems that triggered alarm bells in the first place including real estate bubbles, local government debt, rapid growth in shadow banking activity, and rising corporate leverage ratios remain unresolved. Of these, the most immediate threat to China s economic and financial stability is the combination of high borrowing costs, low profitability for nonfinancial corporations, and very high corporate leverage ratios.

The appreciation of the dollar exacerbates the situation for US markets, because it creates headwinds for exporters and causes companies foreign earnings, reported in dollars, to decline. And a slowdown in productivity growth, together with excessive leverage and persistent public sector underinvestment, may be undermining medium term potential economic growth.

All told, these various initiatives are likely to leverage hundreds of billions of dollars in investment over the coming decade, speeding growth in the counterpart countries while deepening their production, trade, and financial linkages with China.

Given these trends, the search for more robust growth models will take much longer and be more complicated than many recognize especially as the world economy pivots away from unfettered globalization and high levels of leverage.

It's very cheap. We have a lot of leverage.

It shows leverage, trended out from 1919 to 2009.

Leverage has undoubtedly increased at unsustainable rates in recent years. But, given that debt growth began from a low base, it will not necessarily lead to a crisis as long as appropriate risk management is in place.

The US is adjusting structurally and generating real (inflation adjusted) GDP growth (though well below its potential annual rate of 3 3.5 ). The tradable sector is expanding and is not dependent on leverage to generate aggregate demand.

One is that, facing declining growth, policymakers will resort to excess investment or leverage (or both), creating instability. The other is that they will resort to neither, and that no alternative growth engines will have been started, leading to an extended slowdown with unpredictable political consequences at home and serious economic consequences abroad.

Much has been made of domestic consumption as a driver of Chinese growth in the future. But Justin Lin, a former World Bank chief economist, has argued forcefully that investment will and should remain a key growth driver, and that domestic consumption in China s growth pattern should not be pushed beyond its natural limits into a high leverage model based on rising consumer debt.

The one thing about this is it gives us extraordinary leverage.

So, a normal commercial bank has nine to 10 times leverage.

So there's huge leverage for making the car a lot lighter.

International agencies could use their leverage to help make this happen.

(c) Domestic economic considerations (leverage farming activities, increased domestic protein production)

Why not leverage the learnings that you've been learning your entire life?

We're using whatever leverage we have to bring them to the table.

And those three together, I think, give you leverage in the world.

Matty has found this ingenious way to leverage the kindness of strangers.

It's because there's a little more leverage in terms of the Chinese.

UNDP will also review opportunities to leverage unused PeopleSoft modules (para. 104).

China can leverage its considerable influence over the AIIB to bolster its international image, particularly by strengthening its relationships with developing countries. Many developing Asian countries, for example, have significant unmet need for infrastructure investment to buttress their long term economic growth.

Leverage in some emerging markets household and corporate sectors has reached record levels. China s annual economic growth has slowed to around 7.5 , while Indonesia and India and, outside Asia, Brazil and South Africa are experiencing sharp downward pressure on their exchange rates.

That pattern came to a sudden stop in the financial crisis of 2008. Private sector leverage declined and public sector leverage reached and exceeded sustainable limits, with Greece being only the most extreme example.

The disconnect between surging services and lagging growth in private consumption has been accompanied by a steady rise in China s urban saving rate to 30 in 2014 (versus 24 a decade earlier). This has occurred despite a significant increase in the personal income share of the Chinese economy, driven by services led employment growth and the income leverage of urbanization.

You might argue about the sanity of it, but the leverage is real.

It seems unlikely that not a single central bank analyst was the least bit worried about the massive growth in credit and leverage at the time. Economists at the Bank for International Settlements an organization of central banks were laying out the risks very starkly.

The hard part of fully realizing potential growth is shifting the composition of domestic demand from consumption to investment without adding leverage. That means paying for it on the public sector side, via taxes and a reduction in household consumption (and in wealth accumulation).

They should consciously recognize that they've built an appointment dynamic and leverage the games.

We can now leverage microfluidics, like this chip made by Steve Quake at Stanford.

It also means getting the balance between domestic and external demand right, and appreciating the sensitivity of medium and long term growth to the composition (and size) of domestic aggregate demand. Against this background, monetary policymakers must be cautious, because low interest rates can shift the growth model back toward leverage and domestic consumer demand, stalling the structural shift to the tradable side that is underway.

And the problem with leverage is it makes the U.S. financial system look like this.

50 years in which loosely coordinated groups are going to be given increasingly high leverage, and the more those groups forego traditional institutional imperatives like deciding in advance what's going to happen, or the profit motive the more leverage they'll get.

Third, international private investment flows are essential. It is the private sector that will finance most low carbon, sustainable growth. Public funding should help leverage climate friendly private investments. The multilateral development banks, in close collaboration with the UN system, can play a significant multiplier role in this regard.

It was stated that efforts to leverage financing through cooperation with international financial institutions should continue.

Regulators have recently woken up to the incentives for excessive leverage in this sector and to the risks that such leverage poses to lenders and the broader economy. Not surprisingly, big private equity firms seem determined to ignore or otherwise circumvent new restrictions.

Thereafter, the earnings from these projects serve to leverage additional projects and to replenish the administrative budget.

International leverage appeared necessary to clear these deadlocks, which were not primarily of Bosnia and Herzegovina's making.