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dc.contributor.authorWray, L. Randallen_US
dc.description.abstractThis paper provides a quick review of the causes of the Global Financial Crisis that began in 2007. There were many contributing factors, but among the most important were rising inequality and stagnant incomes for most American workers, growing private sector debt in the United States and many other countries, financialization of the global economy (itself a very complex process), deregulation and desupervision of financial institutions, and overly tight fiscal policy in many nations. The analysis adopts the stages approach developed by Hyman P. Minsky, according to which a gradual transformation of the economy over the postwar period has in many ways reproduced the conditions that led to the Great Depression. The paper then moves on to an examination of the US government's bailout of the global financial system. While other governments played a role, the US Treasury and the Federal Reserve assumed much of the responsibility for the bailout. A detailed examination of the Fed's response shows how unprecedented - and possibly illegal - was its extension of the government's safety net to the biggest financial institutions. The paper closes with an assessment of the problems the bailout itself poses for the future.en_US
dc.publisherLevy Economics Institute of Bard College Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesWorking paper, Levy Economics Institute 711en_US
dc.subject.keywordHyman Minskyen_US
dc.subject.keywordglobal financial crisisen_US
dc.subject.keywordmoney manager capitalismen_US
dc.subject.keywordbank bailouten_US
dc.subject.keywordquantitative easingen_US
dc.subject.keywordfinancial crisis inquiry reporten_US
dc.subject.keywordMinsky momenten_US
dc.subject.keywordreal estate bubbleen_US
dc.subject.keywordfederal reserveen_US
dc.titleGlobal Financial Crisis: A Minskyan interpretation of the causes, the Fed's bailout, and the futureen_US
dc.typeWorking Paperen_US
Appears in Collections:Working Papers, Levy Economics Institute of Bard College

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