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On the political economy of the financial crisis and bailout of 2008–2009

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  • Roger Congleton

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  • Roger Congleton, 2009. "On the political economy of the financial crisis and bailout of 2008–2009," Public Choice, Springer, vol. 140(3), pages 287-317, September.
  • Handle: RePEc:kap:pubcho:v:140:y:2009:i:3:p:287-317
    DOI: 10.1007/s11127-009-9478-z
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    1. Case Karl E. & Quigley John M. & Shiller Robert J., 2005. "Comparing Wealth Effects: The Stock Market versus the Housing Market," The B.E. Journal of Macroeconomics, De Gruyter, vol. 5(1), pages 1-34, May.
    2. George J. Stigler, 1971. "The Theory of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 3-21, Spring.
    3. Jesse M. Abraham & Patric H. Hendershott, 1994. "Bubbles in Metropolitan Housing Markets," NBER Working Papers 4774, National Bureau of Economic Research, Inc.
    4. Case, Karl E & Shiller, Robert J, 1989. "The Efficiency of the Market for Single-Family Homes," American Economic Review, American Economic Association, vol. 79(1), pages 125-137, March.
    5. V. V. Chari & Lawrence J. Christiano & Patrick J. Kehoe, 2008. "Facts and myths about the financial crisis of 2008," Working Papers 666, Federal Reserve Bank of Minneapolis.
    6. Breton, Albert & Wintrobe, Ronald, 1975. "The Equilibrium Size of a Budget-maximizing Bureau: A Note on Niskanen's Theory of Bureaucracy," Journal of Political Economy, University of Chicago Press, vol. 83(1), pages 195-207, February.
    7. Janet L. Yellen, 2005. "Housing bubbles and monetary policy," Speech 15, Federal Reserve Bank of San Francisco.
    8. Bank for International Settlements, 2008. "Ratings in structured finance: what went wrong and what can be done to address shortcomings?," CGFS Papers, Bank for International Settlements, number 32.
    9. Alan Greenspan, 2004. "Government-sponsored enterprises: testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, February 24, 2004," Speech 43, Board of Governors of the Federal Reserve System (U.S.).
    10. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411-411.
    11. Malpezzi, Stephen, 1999. "A Simple Error Correction Model of House Prices," Journal of Housing Economics, Elsevier, vol. 8(1), pages 27-62, March.
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    Cited by:

    1. G. P. Manish & Colin O’Reilly, 2019. "Banking regulation, regulatory capture and inequality," Public Choice, Springer, vol. 180(1), pages 145-164, July.
    2. Edward Stringham, 2014. "It’s not me, it’s you: the functioning of Wall Street during the 2008 economic downturn," Public Choice, Springer, vol. 161(3), pages 269-288, December.
    3. Craig B. Merrill & Taylor D. Nadauld & Philip E. Strahan, 2019. "Final Demand for Structured Finance Securities," Management Science, INFORMS, vol. 65(1), pages 390-412, January.
    4. Meg Patrick & Richard Wagner, 2015. "From mixed economy to entangled political economy: a Paretian social-theoretic orientation," Public Choice, Springer, vol. 164(1), pages 103-116, July.
    5. Vincenzo Galasso, 2014. "The role of political partisanship during economic crises," Public Choice, Springer, vol. 158(1), pages 143-165, January.
    6. Christian Falaster & Manuel Portugal Ferreira & Dan Li, 2021. "The influence of generalized and arbitrary institutional inefficiencies on the ownership decision in cross-border acquisitions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(9), pages 1724-1749, December.
    7. Roger Congleton, 2012. "On the political economy and limits of crisis insurance: the case of the 2008–11 bailouts," Public Choice, Springer, vol. 150(3), pages 399-423, March.
    8. Gebhard Kirchgässner, 2010. "Möglichkeiten der Konjunktursteuerung: Grundsätzliche Überlegungen für die Schweiz," Aussenwirtschaft, University of St. Gallen, School of Economics and Political Science, Swiss Institute for International Economics and Applied Economics Research, vol. 65(2), pages 111-127, June.
    9. Gebhard Kirchgässner, 2009. "Die Krise der Wirtschaft: Auch eine Krise der Wirtschaftswissenschaften?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 10(4), pages 436-468, November.
    10. Marta Podemska-Mikluch & Richard Wagner, 2013. "Dyads, triads, and the theory of exchange: Between liberty and coercion," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(2), pages 171-182, June.
    11. Michael Dorsch, 2013. "Bailout for sale? The vote to save Wall Street," Public Choice, Springer, vol. 155(3), pages 211-228, June.
    12. Martin F. Grace, 2009. "A Reexamination of Federal Regulation of the Insurance Industry," NFI Policy Briefs 2009-PB-02, Indiana State University, Scott College of Business, Networks Financial Institute.
    13. Vahabi, Mehrdad, 2011. "Soft budget constraint and the parastatal sector," MPRA Paper 37926, University Library of Munich, Germany.
    14. Jihad Dagher, 2018. "Regulatory Cycles: Revisiting the Political Economy of Financial Crises," IMF Working Papers 2018/008, International Monetary Fund.
    15. Adam Smith & Richard Wagner & Bruce Yandle, 2011. "A theory of entangled political economy, with application to TARP and NRA," Public Choice, Springer, vol. 148(1), pages 45-66, July.

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    More about this item

    Keywords

    Political economy; Crisis management; Regulatory failure; Financial markets; Housing markets; Credit markets; Asset bubbles; Public choice; D72; D73; D8; K2;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • K2 - Law and Economics - - Regulation and Business Law

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