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Modeling Financial Crises: A Schematic Approach

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  • John Harvey

    ()
    (Department of Economics, Texas Christian University)

Abstract

John Maynard Keynes’ argued that crises were systemic and that, unless serious reforms were implemented, they would tend to grow in frequency and severity. The paper sets out to build a Keynes-style model of crises that captures both the unique characteristics of each type and their common roots. A schematic method is employed that traces the processes in time and shows how events become interrelated and mutually causal. This permits us, as much as possible, to see everything at once, a necessity when the build up to a crisis may manifest itself in so many places

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File URL: http://www.econ.tcu.edu/RePEc/tcu/wpaper/wp10-01.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by Texas Christian University, Department of Economics in its series Working Papers with number 201001.

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Length: 32 pages
Date of creation: Jan 2010
Date of revision:
Publication status: Published in Journal of Post Keynesian Econoimics, Fall 2010, pp.61-81
Handle: RePEc:tcu:wpaper:201001

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Web page: http://www.econ.tcu.edu/
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Keywords: financial crisis; Keynes; Minsky;

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References

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  1. Gary A. Dymski, 1988. "A Keynesian Theory of Bank Behavior," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 10(4), pages 499-526, July.
  2. Taylor, Lance, 1998. "Capital Market Crises: Liberalisation, Fixed Exchange Rates and Market-Driven Destabilisation," Cambridge Journal of Economics, Oxford University Press, vol. 22(6), pages 663-76, November.
  3. Daniel Kahneman & Dan Lovallo, 1993. "Timid Choices and Bold Forecasts: A Cognitive Perspective on Risk Taking," Management Science, INFORMS, vol. 39(1), pages 17-31, January.
  4. Ilene Grabel, 2003. "Averting crisis? Assessing measures to manage financial integration in emerging economies," Cambridge Journal of Economics, Oxford University Press, vol. 27(3), pages 317-336, May.
  5. Stephen P. Dunn, 2001. "Bounded Rationality Is Not Fundamental Uncertainty: A Post Keynesian Perspective," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 23(4), pages 567-587, July.
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Cited by:
  1. Thomas Goda, 2013. "The role of income inequality in crisis theories and in the subprime crisis," Working Papers PKWP1305, Post Keynesian Economics Study Group (PKSG).

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