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Behind the 2008 Capital Market Collapse

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  • C-René Dominique

Abstract

Greed and the unethical behavior of financial institutions obviously played a part in the collapse of the world capital market in 2008. But, this paper argues that the main culprits are the neo-liberal ideology (requiring ever smaller gov-ernments and privatization) and the flawed theories of risk assessment. It also finds that given the fact that market economies are fractal structures, the objective assessment and / or the quantification of risks is not even possible. It concludes with some recommendations as to how to avoid future collapses.

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Bibliographic Info

Paper provided by Economics and Econometrics Research Institute (EERI), Brussels in its series EERI Research Paper Series with number EERI_RP_2008_17.

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Length: 14 pages
Date of creation: 26 Oct 2008
Date of revision:
Handle: RePEc:eei:rpaper:eeri_rp_2008_17

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Keywords: Efficiency and self-correction in market economies; Linear-positive and non-linear modelings; creative destruction of coefficients; determinism and randomness; and risk assessment.;

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  1. Christina D. Romer, 1999. "Changes in Business Cycles: Evidence and Explanations," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 23-44, Spring.
  2. Rothschild, Michael & Stiglitz, Joseph E., 1971. "Increasing risk II: Its economic consequences," Journal of Economic Theory, Elsevier, vol. 3(1), pages 66-84, March.
  3. Sheffrin, Steven M., 1988. "Have economic fluctuations been dampened? : A look at evidence outside the United States," Journal of Monetary Economics, Elsevier, vol. 21(1), pages 73-83, January.
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