EconStor >
Bard College, Annandale-on-Hudson (NY) >
Levy Economics Institute of Bard College >
Working Papers, Levy Economics Institute of Bard College >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/56996
  
Title:Lessons we should have learned from the global financial crisis but didn't PDF Logo
Authors:Wray, L. Randall
Issue Date:2011
Series/Report no.:Working paper, Levy Economics Institute 681
Abstract:In this paper, I first quickly recount the causes and consequences of the global financial crisis (GFC). Of course, the triggering event was the unfolding of the subprime crisis; however, I argue that the financial system was already so fragile that just about anything could have caused the collapse. I then move on to an assessment of the lessons we should have learned. Briefly, these include: (a) the GFC was not a liquidity crisis, (b) underwriting matters, (c) unregulated and unsupervised financial institutions naturally evolve into control frauds, and (d) the worst part is the cover-up of the crimes. I argue that we cannot resolve the crisis until we begin going after the fraud. Finally, I outline an agenda for reform, along the lines suggested by the work of Hyman P. Minsky.
Subjects:global financial crisis
subprime crisis
Hyman P. Minsky
Galbraith and the Great Crash
control fraud
underwriting
deregulation
financial reform
JEL:E3
E11
E12
E32
E44
G01
G21
G38
Document Type:Working Paper
Appears in Collections:Working Papers, Levy Economics Institute of Bard College

Files in This Item:
File Description SizeFormat
667605401.pdf199.63 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/56996

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.