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Five explanations for the international financial crisis

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  • Evans, Trevor

Abstract

This paper first briefly outlines the background to the 2007-08 international financial crisis. It then goes on to examine five of the main approaches that have been put forward to explain the crisis: the widespread presence of perverse incentives; the over-expansionary monetary policy of the US Federal Reserve; the impact of global imbalances and a so-called 'savings glut' in developing countries; the extensive deregulation of the financial system since the 1970s; and the attempt to generate an increasing return on all forms of capital and the associated pressure on wages. The paper concludes with a brief note on the policy implications which follow from each of these explanations.

Suggested Citation

  • Evans, Trevor, 2010. "Five explanations for the international financial crisis," IPE Working Papers 08/2010, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    • Handle: RePEc:zbw:ipewps:082010
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    File URL: https://www.econstor.eu/bitstream/10419/59313/1/718084454.pdf
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    Cited by:

    1. Thomas Goda, 2013. "The role of income inequality in crisis theories and in the subprime crisis," Working Papers PKWP1305, Post Keynesian Economics Society (PKES).
    2. Thomas Goda, 2017. "A comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007-2009," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 9(1), pages 151-174, February.

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