Modelli formali della crisi
AbstractIn this paper a distinction is made between the immediate technical-financial causes that unleashed the crisis in the United States, and its macroeconomic causes, which also explain its international transmission. Two formal paradigmatic models are considered. The first is Liâ€™s formula on default correlation (â€œThe Formula that Killed Wall Streetâ€), whose misuse gave rise to the crisis. The second is the international financial multiplier set forth by Paul Krugman. After examining these two models, the paper concludes that, contrary to widespread opinion, the crisis was indeed foreseen by some economists, who, coming from the non-mainstream side of the profession, were largely ignored.
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Bibliographic InfoArticle provided by Economia civile in its journal Moneta e Credito.
Volume (Year): 63 (2010)
Issue (Month): 249 ()
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Web page: http://www.economiacivile.it
Find related papers by JEL classification:
- G01 - Financial Economics - - General - - - Financial Crises
- F3 - International Economics - - International Finance
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
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