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Indebitamento, Insolvenza E Crisi Economica: Dalla Logica Speculativa Alla Logica Allocativa

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  • Salvatore Michele De Marco

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Abstract

Il fenomeno dell'indebitamento, insolvenza e crisi economica nel capitalismo è interpretato dall'ortodossia economica secondo la logica speculativa. La nostra intenzione, invece, è interpretare il fenomeno dell'indebitamento, insolvenza e crisi economica nel capitalismo secondo la logica allocativa. Si tratta di due approcci teorici contrapposti che portano a spiegazioni inconciliabili a riguardo delle criticità che avanzano sul mercato del credito, davanti ai quali, però, non si può rimanere imparziali, ma preferire quello allocativo allo speculativo per il suo maggiore spessore scientifico. Da un punto di visto empirico, l'insolvenza del comparto privato titolare del debito privato, sia nella forma del credito al consumo sia nella forma dei mutui subprime, che si sta imponendo per grandezza sull'insolvenza del comparto pubblico titolare del debito pubblico e sull'insolvenza del comparto estero titolare del debito estero, causa della crisi economica iniziata nell'estate 2007, si spiega proprio utilizzando la logica allocativa.

Suggested Citation

  • Salvatore Michele De Marco, 2009. "Indebitamento, Insolvenza E Crisi Economica: Dalla Logica Speculativa Alla Logica Allocativa," Quaderni DSEMS 04-2009, Dipartimento di Scienze Economiche, Matematiche e Statistiche, Universita' di Foggia.
  • Handle: RePEc:ufg:qdsems:04-2009
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    References listed on IDEAS

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    1. Eswar S. Prasad & Raghuram G. Rajan & Arvind Subramanian, 2007. "Foreign Capital and Economic Growth," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 38(1), pages 153-230.
    2. Maurice Obstfeld & Kenneth S. Rogoff, 2005. "Global Current Account Imbalances and Exchange Rate Adjustments," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 36(1), pages 67-146.
    3. Smith, Clifford Jr., 1986. "Investment banking and the capital acquisition process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 3-29.
    4. Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
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    More about this item

    Keywords

    Attività allocativa; Bolla speculativa; Credito al consumo; Crisi economica; Debito privato; Insolvenza bancaria; Mercato del credito; Mutui subprime.;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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