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dc.contributor.authorWray, L. Randallen
dc.date.accessioned2012-03-30-
dc.date.accessioned2012-04-12T14:17:37Z-
dc.date.available2012-04-12T14:17:37Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/56974-
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
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x711en
dc.subject.jelB31en
dc.subject.jelE30en
dc.subject.jelE32en
dc.subject.jelE50en
dc.subject.jelG21en
dc.subject.ddc330en
dc.subject.keywordHyman Minskyen
dc.subject.keywordglobal financial crisisen
dc.subject.keywordfinancializationen
dc.subject.keywordmoney manager capitalismen
dc.subject.keywordbank bailouten
dc.subject.keywordquantitative easingen
dc.subject.keywordfinancial crisis inquiry reporten
dc.subject.keywordfrauden
dc.subject.keywordMinsky momenten
dc.subject.keywordreal estate bubbleen
dc.subject.keywordMERSen
dc.subject.keywordfederal reserveen
dc.titleGlobal Financial Crisis: A Minskyan interpretation of the causes, the Fed's bailout, and the future-
dc.typeWorking Paperen
dc.identifier.ppn689514182en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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