Abstract"At the annual banking structure and competition conference of the Federal Reserve Bank of Chicago in May 1987, the buzzword heard in the corridors and used by many of the speakers was 'that which can be securitized, will be securitized.'" So notes Hyman Minsky in a prescient memo on the nature, and the implications, of securitization, written 20 years before an explosion in the securitization of home mortgages helped create the current financial crisis. This memo, which served as the basis for a lecture in Minsky's monetary theory class at Washington University, has not been widely circulated. It is published here in its entirety, with a preface and an afterword by Senior Scholar L. Randall Wray that places Minsky's work in context.
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Bibliographic InfoPaper provided by Levy Economics Institute in its series Economics Policy Note Archive with number 08-2.
Date of creation: Jun 2008
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-07-14 (All new papers)
- NEP-BAN-2008-07-14 (Banking)
- NEP-HIS-2008-07-14 (Business, Economic & Financial History)
- NEP-HPE-2008-07-14 (History & Philosophy of Economics)
- NEP-MON-2008-07-14 (Monetary Economics)
- NEP-PKE-2008-07-14 (Post Keynesian Economics)
- NEP-URE-2008-07-14 (Urban & Real Estate Economics)
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