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Asset inflation and deflation triggered by the US housing financial system

Author

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  • Maria Cristina Penido de Freitas
  • Marcos Antonio Macedo Cintra

Abstract

This paper deals with the financial crisis triggered after the default of subprime mortgages in the United States which expanded to a global systemic crisis. It is divided into a brief introduction and three sections. The first section sums up the dynamics of inflation and deflation of real estate and financial assets which characterizes finance-led cycles. The second section covers major effect of financial assets deflation on the American and European banks. The third section focuses on measures implemented by central banks in order to manage this financial crisis. JEL Classification: E31; E32; G12; G21; G24.

Suggested Citation

  • Maria Cristina Penido de Freitas & Marcos Antonio Macedo Cintra, 2008. "Asset inflation and deflation triggered by the US housing financial system," Brazilian Journal of Political Economy, Center of Political Economy, vol. 28(3), pages 414-433.
    • Handle: RePEc:ekm:repojs:v:28:y:2008:i:3:p:414-433:id:534
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/534/532
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    More about this item

    Keywords

    subprime mortgages; financial innovations; financial crisis; asset inflation and deflation; role of central banks;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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