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Crisis in Academic Economics

In: Financial Instability

Author

Listed:
  • Vincenzo D’Apice

    (Italian Banking Association)

  • Giovanni Ferri

    (University of Bari)

Abstract

In spite of some encouraging signals of recovery, the global economy still faces uncertainty about the consequences of the recession triggered by the Great Crisis of 2007–09. This uncertainty largely stems from the unprecedented disruption of the financial system as a whole brought about by the crisis. Thus, it is useful to analyse from an academic point of view what caused the financial excesses and rising leverage in the precrisis USA and elsewhere. The genesis of this is related to various underlying factors. Poor incentives were provided in a context of intense financial innovation accompanied by regulatory loopholes. On its part, an exceedingly lenient monetary policy underestimated the perils of inflation in asset prices. Furthermore, the set-up for the governance of globalization proved inadequate.

Suggested Citation

  • Vincenzo D’Apice & Giovanni Ferri, 2010. "Crisis in Academic Economics," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Financial Instability, chapter 11, pages 170-183, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-29711-1_12
    DOI: 10.1057/9780230297111_12
    as

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