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All Things Considered: The Interaction of the Reasons for the Financial Crisis

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  • Abdala Rioja, Yamile E

Abstract

The present paper reviews the causes that led to the financial crisis. Unlike other interpretations, this paper does not place main significance on a single source or on a set of causes. I consider all major standpoints highlighted by research and media prior, during and after the financial market turmoil in 2007. When evidence permits, reasons are validated and their potential consequences are reviewed by means of reductio ad absurdum, specifically by proof by contradiction. This analysis proposes arguments that are in favor and against a specific source whenever applicable, so as to address each cause’s major implications and deterrents. Ultimately, this analysis reveals through graph theory the interconnections among the analyzed sources for the crisis and their forbearance as a cluster that projected the final downturn.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 33408.

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Date of creation: 13 Sep 2011
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Handle: RePEc:pra:mprapa:33408

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Keywords: financial crisis; subprime crisis; systemic risk; financial regulation; monetary policy; global imbalances; global savings glut; shadow banking system; predatory lending; too big to fail; securitization; housing bubble; interest rates; credit ratings; toxic assets; liar loans; graph theory; directed graph; finitary relations;

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  1. David Colander & Hans Föllmer & Armin Haas & Michael Goldberg & Katarina Juselius & Alan Kirman & Thomas Lux & Birgitte Sloth, 2009. "The Financial Crisis and the Systemic Failure of Academic Economics," Discussion Papers 09-03, University of Copenhagen. Department of Economics.
  2. Giovanni Dell'Ariccia & Olivier J. Blanchard & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," IMF Staff Position Notes 2010/03, International Monetary Fund.
  3. Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "Is the 2007 US Sub-prime Financial Crisis So Different? An International Historical Comparison," American Economic Review, American Economic Association, vol. 98(2), pages 339-44, May.
  4. Mark Doms & Fred Furlong & John Krainer, 2007. "Subprime mortgage delinquency rates," Working Paper Series 2007-33, Federal Reserve Bank of San Francisco.
  5. Astley, Mark & Giese, Julia & Hume, Michael & Kubelec, Chris, 2009. "Global imbalances and the financial crisis," Bank of England Quarterly Bulletin, Bank of England, vol. 49(3), pages 178-190.
  6. Yuliya Demyanyk, 2008. "Did credit scores predict the subprime crisis?," The Regional Economist, Federal Reserve Bank of St. Louis, issue Oct, pages 12-13.
  7. Tarr, David G., 2010. "The political, regulatory and market failures that caused the US financial crisis," Policy Research Working Paper Series 5324, The World Bank.
  8. Ingo Fender & Martin Scheicher, 2008. "The ABX: how do the markets price subprime mortgage risk?," BIS Quarterly Review, Bank for International Settlements, September.
  9. Karl Whelan, 2010. "Global Imbalances and the Financial Crisis," Working Papers 201013, School Of Economics, University College Dublin.
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