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Financial Markets Meltdown: What Can We Learn from Minsky

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  • L. Randall Wray

Abstract

According to this new Public Policy Brief by Senior Scholar L. Randall Wray, the current crisis in financial markets can be traced back to securitization (the "originate and distribute" model), leverage, the demise of relationship-based banking, and the dizzying array of extremely complex instruments that--quite literally--only a handful understand.

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File URL: http://www.levyinstitute.org/pubs/ppb_94.pdf
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Bibliographic Info

Paper provided by Levy Economics Institute in its series Economics Public Policy Brief Archive with number ppb_94.

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Date of creation: Apr 2008
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Handle: RePEc:lev:levppb:ppb_94

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References

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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, Levy Economics Institute ppb_93, Levy Economics Institute.
  2. Dimitri B. Papadimitriou & L. Randall Wray, 1998. "The Economic Contributions of Hyman Minsky: Varieties of Capitalism and Institutional Reform," Macroeconomics, EconWPA 9802018, EconWPA.
  3. L. Randall Wray, 2005. "The Ownership Society: Social Security Is Only the Beginning," Economics Public Policy Brief Archive, Levy Economics Institute ppb_82, Levy Economics Institute.
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Cited by:
  1. Orlowski, Lucjan T, 2008. "Stages of the 2007/2008 Global Financial Crisis: Is There a Wandering Asset-Price Bubble?," MPRA Paper 12696, University Library of Munich, Germany.
  2. Sunanda Sen, 2011. "The Global Crisis and the Remedial Actions: A Nonmainstream Perspective," Economics Working Paper Archive, Levy Economics Institute wp_677, Levy Economics Institute.
  3. Thomas I. Palley, 2009. "A Theory of Minsky Super-Cycles and Financial Crises," IMK Working Paper 05-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  4. Silipo, Damiano B., 2011. "It happened again: A Minskian analysis of the subprime loan crisis," Journal of Economics and Business, Elsevier, Elsevier, vol. 63(5), pages 441-455, September.
  5. Lucjan T. Orlowski, 2008. "Stages of the Ongoing Global Financial Crisis: Is There a Wandering Asset-Price Bubble?," CASE Network Studies and Analyses, CASE-Center for Social and Economic Research 0372, CASE-Center for Social and Economic Research.
  6. Soon Ryoo, 2009. "Long waves and short cycles in a model of endogenous financial fragility," UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics 2009-03, University of Massachusetts Amherst, Department of Economics.
  7. Marco, Passarella, 2011. "A simplified stock-flow consistent dynamic model of the systemic financial fragility in the 'New Capitalism'," MPRA Paper 28499, University Library of Munich, Germany.
  8. L. Randall Wray, 2008. "The Commodities Market Bubble: Money Manager Capitalism and the Financialization of Commodities," Economics Public Policy Brief Archive, Levy Economics Institute ppb_96, Levy Economics Institute.
  9. Lino Sau, 2013. "Instability and Crisis in Financial Complex Systems," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 25(3), pages 496-511, July.
  10. Marco, Passarella, 2011. "Systemic financial fragility and the monetary circuit: a stock-flow consistent approach," MPRA Paper 28498, University Library of Munich, Germany.
  11. Mornati, Fiorenzo & Becchio, Giandomenica & Marchionatti, Roberto & Cassata, Francesco, 2009. ""Quando l'economica italiana non era seconda a nessuno" Luigi Einaudi e la Scuola di Economia a Torino," CESMEP Working Papers, University of Turin 200910, University of Turin.
  12. József Móczár, 2010. "Anatomy and Lessons of the Global Financial Crisis," Public Finance Quarterly, State Audit Office of Hungary, State Audit Office of Hungary, vol. 55(4), pages 753-775.
  13. Iancu, Aurel, 2011. "Models of Financial System Fragility," Journal for Economic Forecasting, Institute for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 230-256, March.

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