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Mortgage subprimes crisis and its impact on the venezuelan economy

Author

Listed:
  • Marysergia Esther Peña Guerra

    (Departamento de Economía. Facultad de Ciencias Económicas y Sociales. Universidad de los Andes. Mérida. Teléfono: +58 274 2401017. Zona Postal 5101. Venezuela.)

  • Luisa Maribel Rivero de Elcure

    (Departamento de Economía. Facultad de Ciencias Económicas y Sociales. Universidad de los Andes. Mérida. Teléfono: +58 274 2401017. Zona Postal 5101. Venezuela.)

Abstract

The purpose of this paper is to analyze the impact of 2008 mortgages subprime crisis on the venezuelan economy. The study is presented in two sections: first, we characterized the triggersof the crisis through Minsky’s theory, and the second, is analyzed, using descriptive statistics, its impact on macroeconomic aggregates Venezuela. We conclude that the crisis was transmitted to the Venezuelan economy in two ways: by the commercial channel, especially its impact on energy markets and, to a lesser significant, by the financial channel, through the fall in the foreign investment.

Suggested Citation

  • Marysergia Esther Peña Guerra & Luisa Maribel Rivero de Elcure, 2015. "Mortgage subprimes crisis and its impact on the venezuelan economy," Economía, Instituto de Investigaciones Económicas y Sociales (IIES). Facultad de Ciencias Económicas y Sociales. Universidad de Los Andes. Mérida, Venezuela, vol. 40(40), pages 11-46, july-dece.
    • Handle: RePEc:ula:econom:v:40:y:2015:i:40:p:11-46
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    More about this item

    Keywords

    Subprime mortgages; external shocks; oil market; venezuelan public finances.;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)

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