Abstract
Last global financial crisis, as well as liquidity trap in Japan, the theory of debt deflation, the financial fragility hypothesis, the theory of balance sheet recession testifies imperfections of financial relations based on debt financing. It forces to reconsider principles of functioning of the financial system and search new approaches to solving debt crises. In article some theories of debt crises are shown, and it is argued that the participation in assets that provides coupling of debts with assets will allow solving of debt crises.
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