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Financial Crisis in Terms of the Market Disequilibrium

Author

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  • Yuli Radev

    (University of Mining and Geology, Sofia, Bulgaria)

Abstract

This article continues the debate on the re­cent financial crisis and the lessons that econo­mists should read from it. The model presented summarizes in itself as some of the traditional and more modern models of financial crises. A challenge for the author is the analysis of the financial crises in terms of the theory of disequi­librium, which won many adherents during the last years. Disturbing factor in this design of dis­equilibrium is the financial sector. Following the classical dichotomy, the real sector determines the economic development, and the financial sector is adjusted toward the equilibrium. During this adjustment the financial sector can develop independently of real sector. The question about reliability of the conventional economic models in analyses of financial crises remains open.

Suggested Citation

  • Yuli Radev, 2015. "Financial Crisis in Terms of the Market Disequilibrium," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 5-31, Janyary.
    • Handle: RePEc:nwe:iisabg:y:2015:i:1:p:5-31
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    More about this item

    Keywords

    market disequilibrium;

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • E03 - Macroeconomics and Monetary Economics - - General - - - Behavioral Macroeconomics
    • G01 - Financial Economics - - General - - - Financial Crises

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