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dc.contributor.authorWray, L. Randallen_US
dc.date.accessioned2011-12-01en_US
dc.date.accessioned2012-01-06T14:13:50Z-
dc.date.available2012-01-06T14:13:50Z-
dc.date.issued2010en_US
dc.identifier.isbn978-1-936192-12-0en_US
dc.identifier.urihttp://hdl.handle.net/10419/54349-
dc.description.abstractIn this new brief, Senior Scholar L. Randall Wray examines the later works of Hyman P. Minsky, with a focus on Minsky's general approach to financial institutions and policy. The New Deal reforms of the 1930s strengthened the financial system by separating investment banks from commercial banks and putting in place government guarantees such as deposit insurance. But the system's relative stability, and relatively high rate of economic growth, encouraged innovations that subverted those constraints over time. Financial wealth (and private debt) grew on trend, producing immense sums of money under professional management: we had entered what Minsky, in the early 1990s, labeled the money manager phase of capitalism. With help from the government, power was consolidated in a handful of huge firms that provided the four main financial services: commercial banking, payments services, investment banking, and mortgages. Brokers didn't have a fiduciary responsibility to act in their clients' best interests, while financial institutions bet against households, firms, and governments. By the early 2000s, says Wray, banking had strayed far from the (Minskyan) notion that it should promote the capital development of the economy.en_US
dc.language.isoengen_US
dc.publisherLevy Economics Inst. Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesPublic policy brief // Jerome Levy Economics Institute of Bard College 115en_US
dc.subject.ddc330en_US
dc.subject.stwBanken_US
dc.subject.stwFinanzsektoren_US
dc.subject.stwBankensystemen_US
dc.subject.stwKapitalismusen_US
dc.subject.stwBankenpolitiken_US
dc.subject.stwBankenreformen_US
dc.titleWhat should banks do? A Minskyan analysisen_US
dc.typeResearch Reporten_US
dc.identifier.ppn651685516en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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