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Subprime Crisis and Instability of Global Financial Markets

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  • Ognjen Radonjić

    ()
    (The Faculty of Philosophy, University of Belgrade, Serbia)

  • Miodrag Zec

    ()
    (The Faculty of Philosophy, University of Belgrade, Serbia)

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    Abstract

    In order to prescribe adequate remedies to treat the current financial crisis one has to understand what in the first place went wrong. An age ago, older generations wrote that disease could not be cured without an accurate diagnosis. In contrast to mainstream “efficient markets hypothesis” we argue that Minsky’s financial instability hypothesis gives numerous valuable insights into sources and possible consequences of current global financial crisis. Furthermore, two decades ago Hyman P. Minsky predicted possible developments and perils of ever growing process of securitization of illiquid assets.

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    File URL: http://www.panoeconomicus.rs/casopis/2010_2/05.pdf
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    Bibliographic Info

    Article provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.

    Volume (Year): 57 (2010)
    Issue (Month): 2 (June)
    Pages: 209-224

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    Handle: RePEc:voj:journl:v:57:y:2010:i:2:p:209-224

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    Web page: http://www.panoeconomicus.rs/

    Related research

    Keywords: Speculation; Debt; Financial instability hypothesis; Ponzi unit; Securitization.;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Jan Kregel, 2008. "Minsky’s Cushions of Safety: Systemic Risk and the Crisis in the U.S. Subprime Mortgage Market," Economics Public Policy Brief Archive ppb_93, Levy Economics Institute.
    2. J.A. Kregel, 1998. "Yes, "It" Did Happen Again - A Minsky Crisis Happened in Asia," Macroeconomics 9805017, EconWPA.
    3. L. Randall Wray, 2007. "Lessons from the Subprime Meltdown," Economics Working Paper Archive wp_522, Levy Economics Institute.
    4. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
    5. Eric Tymoigne, 2009. "Securitization, Deregulation, Economic Stability, and Financial Crisis, Part I--The Evolution of Securitization," Economics Working Paper Archive wp_573_1, Levy Economics Institute.
    6. L. Randall Wray & Eric Tymoigne, 2008. "Macroeconomics Meets Hyman P. Minsky: The Financial Theory of Investment," Economics Working Paper Archive wp_543, Levy Economics Institute.
    7. Hyman P. Minsky & L. Randall Wray, 2008. "Securitization," Economics Policy Note Archive 08-2, Levy Economics Institute.
    8. Jan Kregel, 2008. "Changes in the U.S. Financial System and the Subprime Crisis," Economics Working Paper Archive wp_530, Levy Economics Institute.
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    Cited by:
    1. Matthias Nnadi & Nyema Wogboroma & Bariyima Kabel, 2013. "Determinants of Dividend Policy: Evidence from Listed Firms in the African Stock Exchanges," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(6), pages 725-741, December.
    2. Sangjun Jeong & Hueechae Jung, 2013. "Bank Wholesale Funding and Credit Procyclicality:Evidence from Korea," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(5), pages 615-631, September.

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