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Managerial Action And Financial Crisis

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  • Andreas Horsch

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    (University of Technology Bergakademie Freiberg)

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    Abstract

    Much has been written about the origins and contagious processes that led to the subprime crisis of 2007 first and to the financial crisis thereafter that characterize financial markets ever since. This retrospective is designed to illustrate that it has been human action in the very entrepreneurial or managerial sense that has caused the financial crisis to emanate and spread. From this viewpoint, responsible actors can be identified not only within financial intermediaries, but as bureaucratic and political entrepreneurs within public institutions as well.

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    Bibliographic Info

    Article provided by Czestochowa Technical University, Department of Management in its journal Polish Journal of Management Studies.

    Volume (Year): 5 (2012)
    Issue (Month): 1 (June)
    Pages: 7-33

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    Handle: RePEc:pcz:journl:v:5:y:2012:i:1:p:7-33

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    Related research

    Keywords: human action; financial crisis; financial institutions;

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    References

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    1. Ashok Vir Bhatia, 2007. "New Landscape, New Challenges," IMF Working Papers 07/195, International Monetary Fund.
    2. Bernd Rudolph & Julia Scholz, 2008. "Driving Factors of the Subprime Crisis and Some Reform Proposals," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 6(3), pages 14-19, October.
    3. Luci Ellis, 2008. "The housing meltdown: Why did it happen in the United States?," BIS Working Papers 259, Bank for International Settlements.
    4. Longstaff, Francis A., 2010. "The subprime credit crisis and contagion in financial markets," Journal of Financial Economics, Elsevier, vol. 97(3), pages 436-450, September.
    5. Jose A. Scheinkman & Wei Xiong, 2003. "Overconfidence and Speculative Bubbles," Journal of Political Economy, University of Chicago Press, vol. 111(6), pages 1183-1219, December.
    6. Andy Mullineux, 2008. "British banking regulation and supervision: between a rock and a hard place," International Economics and Economic Policy, Springer, vol. 4(4), pages 363-370, February.
    7. Shiller Robert J., 2006. "Long-Term Perspectives on the Current Boom in Home Prices," The Economists' Voice, De Gruyter, vol. 3(4), pages 1-11, March.
    8. Franklin Allen & Elena Carletti, 2008. "Financial system: shock absorber or amplifier?," BIS Working Papers 257, Bank for International Settlements.
    9. Allen Frankel, 2006. "Prime or not so prime? An exploration of US housing finance in the new century," BIS Quarterly Review, Bank for International Settlements, March.
    10. Charles Goodhart, 2008. "The Regulatory Response to the Financial Crisis," FMG Special Papers sp177, Financial Markets Group.
    11. Victoria Chick, 2008. "Could the Crisis at Northern Rock have been Predicted?: An Evolutionary Approach-super- 1," Contributions to Political Economy, Oxford University Press, vol. 27(1), pages 115-124.
    12. Stephen G Cecchetti & Jacob Gyntelberg & Marc Hollanders, 2009. "Central counterparties for over-the-counter derivatives," BIS Quarterly Review, Bank for International Settlements, September.
    13. Yuliya Demyanyk & Otto Van Hemert, 2011. "Understanding the Subprime Mortgage Crisis," Review of Financial Studies, Society for Financial Studies, vol. 24(6), pages 1848-1880.
    14. Hahn Robert & Passell Peter, 2008. "The Rush to Re-Regulate," The Economists' Voice, De Gruyter, vol. 5(3), pages 1-3, July.
    15. Karl E. Case & Robert J. Shiller, 2003. "Is There a Bubble in the Housing Market?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 299-362.
    16. Adrian, T. & Shin, H S., 2008. "Liquidity and financial contagion," Financial Stability Review, Banque de France, issue 11, pages 1-7, February.
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