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Financial Crises And Econonomic Institutions An Institutional Account Of The Usa Financial Crisis

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  • Yochanan Shachmurove

Abstract

This paper uses the framework of institutional economics to explain the recurring phenomena of financial crises. How do various institutions fail in predicting, responding to and reducing the burden of the crises? How do they further contribute to the domino effects that nearly led to the collapse of financial institutions worldwide? Institutional economics holds that a country's institutions - its political, educational, and social systems - determine and characterize its economy. Institutional environments shape the way people perceive economic relations. The interdependence of economics, law and morality characterize the ability of institutions to act on unforeseen circumstances and to adapt to changes.

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Bibliographic Info

Article provided by Economic Laboratory for Transition Research (ELIT) in its journal Montenegrin Journal of Economics.

Volume (Year): 8 (2012)
Issue (Month): 2 ()
Pages: 45-52

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Handle: RePEc:mje:mjejnl:v:8:y:2012:i:2:p:45-52

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  1. Daron Acemoglu & Davide Cantoni & Simon Johnson & James A. Robinson, 2011. "The Consequences of Radical Reform: The French Revolution," American Economic Review, American Economic Association, vol. 101(7), pages 3286-3307, December.
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  11. Oliver E. Williamson, 2003. "Examining economic organization through the lens of contract," Industrial and Corporate Change, Oxford University Press, vol. 12(4), pages 917-942, August.
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  13. Yochanan Shachmurove, 2010. "The Next Financial Crisis," PIER Working Paper Archive 10-027, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
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  15. North, Douglass C., 1993. "Economic Performance through Time," Nobel Prize in Economics documents 1993-2, Nobel Prize Committee.
  16. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
  17. Polterovich, Victor, 2007. "Institutional Trap," MPRA Paper 20595, University Library of Munich, Germany.
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