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The origins of the sub-prime crisis: Inappropriate policies, regulations, or both?

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  • Lewis, Mervyn K.

Abstract

This article analyses the origins of the sub-prime crisis. It argues that a series of serious policy errors in the United States created the conditions in which the sub-prime lending phenomenon took root, which were then compounded by regulatory developments and further policy mistakes as the credit crisis unfolded. These factors further explain why the sub-prime crisis assumed such global proportions.

Suggested Citation

  • Lewis, Mervyn K., 2009. "The origins of the sub-prime crisis: Inappropriate policies, regulations, or both?," Accounting forum, Elsevier, vol. 33(2), pages 114-126.
  • Handle: RePEc:eee:accfor:v:33:y:2009:i:2:p:114-126
    DOI: 10.1016/j.accfor.2009.04.001
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    References listed on IDEAS

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    1. Kevin L. Kliesen, 2006. "Survey says families are digging deeper into debt," The Regional Economist, Federal Reserve Bank of St. Louis, issue Jul, pages 12-13.
    2. Christina D. Romer & David Romer, 2002. "The evolution of economic understanding and postwar stabilization policy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 11-78.
    3. Mishkin, Frederic S., 1981. "The real interest rate: An empirical investigation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 15(1), pages 151-200, January.
    4. William Poole, 2007. "The GSEs: where do we stand?," Review, Federal Reserve Bank of St. Louis, issue May, pages 143-152.
    5. Francis E. Warnock & Veronica C. Warnock, 2005. "International Capital Flows and U.S. Interest Rates," The Institute for International Integration Studies Discussion Paper Series iiisdp103, IIIS.
    6. repec:fip:fedgsq:y:2005:i:mar10 is not listed on IDEAS
    7. William R. Emmons & Mark D. Vaughan & Timothy J. Yeager, 2004. "The housing giants in plain view," The Regional Economist, Federal Reserve Bank of St. Louis, issue Jul, pages 4-9.
    8. John M. Quigley, 2006. "Federal credit and insurance programs: housing," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 281-310.
    9. Yash P. Mehra, 2006. "Inflation uncertainty and the recent low level of the long bond rate," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 225-253.
    10. Thomas Palley, 2005. "The Questionable Legacy of Alan Greenspan," Challenge, Taylor & Francis Journals, vol. 48(6), pages 17-31.
    11. Ben S. Bernanke, 2005. "The global saving glut and the U.S. current account deficit," Speech 77, Board of Governors of the Federal Reserve System (U.S.).
    12. International Monetary Fund, 2006. "United States; Selected Issues," IMF Staff Country Reports 06/278, International Monetary Fund.
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    Cited by:

    1. repec:eee:accfor:v:34:y:2010:i:3:p:222-227 is not listed on IDEAS
    2. Mervyn K. Lewis, 2011. "Monetary Policies During the Financial Crisis: An Appraisal," Chapters,in: The Global Financial Crisis, chapter 8 Edward Elgar Publishing.
    3. Christopher J. Green & Eric J. Pentecost & Tom Weyman-Jones (ed.), 2011. "The Financial Crisis and the Regulation of Finance," Books, Edward Elgar Publishing, number 14248.
    4. repec:eee:accfor:v:38:y:2014:i:3:p:155-169 is not listed on IDEAS
    5. Mervyn Lewis, 2010. "An Islamic Economic Perspective on the Global Financial Crisis," Chapters,in: Macroeconomic Theory and its Failings, chapter 10 Edward Elgar Publishing.
    6. repec:eee:accfor:v:35:y:2011:i:2:p:90-103 is not listed on IDEAS
    7. Darrin Grimsey & Mervyn K. Lewis, 2011. "Minimizing Collateral Damage: Options for Financing Public–Private Partnerships in the Wake of the Financial Crisis," Chapters,in: The Financial Crisis and the Regulation of Finance, chapter 15 Edward Elgar Publishing.
    8. Neculai Tabara & Alina Rusu, 2011. "The role of accounting in the global financial crisis. Assumptions and realities," EuroEconomica, Danubius University of Galati, issue 29, pages 16-22, August.

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