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Expansiunea creditului si "economia în trei timpi". Despre boom-crisis-bust în cazul subprime

Author

Listed:
  • Octavian-Dragomir Jora

    () (Bucharest Academy of Economic Studies, Romania)

Abstract

A proven fact though is that an “economic crisis” is also an “intellectual crisis” in the economists tribe. For almost a century economists didn’t manage to reach a consensus on the final cause and perfect answer to such economic troubles. Mainstreamers say there is neither bubble nor boom-bust cycles, just complex states of the economy, due to atypical evolutions in factor structure, such as new technologies, that the government cannot ever systematically control. The ones grounded in Keynes’ work oppose with “market psychology” and anti-cyclic policies that can calm the boom and fight the bust. Finally, a third set blames all these problems on the fundamental model on which modern banking systems work, with a fractional reserve and the back-up of a central bank. The later belong to the Austrian School of Economics, whose theory of business cycle the author of this article is going to briefly apply to the subprime crisis, as well as to its further developments.

Suggested Citation

  • Octavian-Dragomir Jora, 2009. "Expansiunea creditului si "economia în trei timpi". Despre boom-crisis-bust în cazul subprime," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 12(31), pages 43-74, (1).
  • Handle: RePEc:rej:journl:v:12:y:2009:i:31:p:43-74
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    File URL: http://www.rejournal.eu/sites/rejournal.versatech.ro/files/articole/2014-04-14/2159/je203120-20octavian20jora.pdf
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    References listed on IDEAS

    as
    1. Rainer Fehn & Thomas Fuchs, 2003. "Capital Market Institutions and Venture Capital: Do They Affect Unemployment and Labour Demand?," CESifo Working Paper Series 898, CESifo Group Munich.
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    3. Keilbach, Max & Engel, Dirk, 2002. "Firm Level Implications of Early Stage Venture Capital Investment: An Empirical Investigation," ZEW Discussion Papers 02-82, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    4. Hellmann, Thomas & Puri, Manju, 2000. "The Interaction between Product Market and Financing Strategy: The Role of Venture Capital," Review of Financial Studies, Society for Financial Studies, pages 959-984.
    5. Zoltán Ács & Attila Varga, 2005. "Entrepreneurship, Agglomeration and Technological Change," Small Business Economics, Springer, pages 323-334.
    6. Engel, Dirk, 2002. "The Impact of Venture Capital on Firm Growth: An Empirical Investigation," ZEW Discussion Papers 02-02, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    7. Megginson, William L & Weiss, Kathleen A, 1991. " Venture Capitalist Certification in Initial Public Offerings," Journal of Finance, American Finance Association, vol. 46(3), pages 879-903, July.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    the austrian theory of the business cycle; subprime; money; banking; interventionism;

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • G01 - Financial Economics - - General - - - Financial Crises
    • H0 - Public Economics - - General

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