An Autopsy of the U.S. Financial System
AbstractIn this postmortem, I find that the design, implementation, and maintenance of financial policies during the period from 1996 through 2006 were primary causes of the financial system’s demise. The evidence is inconsistent with the view that the collapse of the financial system was caused only by the popping of the housing bubble and the herding behavior of financiers rushing to create and market increasingly complex and questionable financial products. Rather, the evidence indicates that regulatory agencies were aware of the growing fragility of the financial system associated with their policies during the decade before the crisis and yet chose not to modify those policies.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15956.
Date of creation: Apr 2010
Date of revision:
Publication status: published as “An Autopsy of the U.S. Financial System: Accident, Suicide, or Murder?” Journal of Financial Economic Policy, 2010 2(3), 196 - 213.
Note: CF IFM PE
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Find related papers by JEL classification:
- E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
- G01 - Financial Economics - - General - - - Financial Crises
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- H1 - Public Economics - - Structure and Scope of Government
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-05-08 (All new papers)
- NEP-BAN-2010-05-08 (Banking)
- NEP-FMK-2010-05-08 (Financial Markets)
- NEP-HIS-2010-05-08 (Business, Economic & Financial History)
- NEP-MAC-2010-05-08 (Macroeconomics)
- NEP-PKE-2010-05-08 (Post Keynesian Economics)
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