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The origins of the sub-prime crisis: Inappropriate policies, regulations, or both?

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  • Mervyn K. Lewis

Abstract

This article analyses the origins of the sub-prime crisis. It argues that a series of serious policy errors in the United States created the conditions in which the sub-prime lending phenomenon took root, which were then compounded by regulatory developments and further policy mistakes as the credit crisis unfolded. These factors further explain why the sub-prime crisis assumed such global proportions.

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  • Mervyn K. Lewis, 2009. "The origins of the sub-prime crisis: Inappropriate policies, regulations, or both?," Accounting Forum, Taylor & Francis Journals, vol. 33(2), pages 114-126, June.
    • Handle: RePEc:taf:accfor:v:33:y:2009:i:2:p:114-126
    DOI: 10.1016/j.accfor.2009.04.001
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    Cited by:

    1. Christopher J. Green & Eric J. Pentecost & Tom Weyman-Jones (ed.), 2011. "The Financial Crisis and the Regulation of Finance," Books, Edward Elgar Publishing, number 14248.
    2. Iley, Richard A. & Lewis, Mervyn K., 2011. "Has the global financial crisis produced a New World Order?," Accounting forum, Elsevier, vol. 35(2), pages 90-103.
    3. Marco Locurcio & Pierluigi Morano & Francesco Tajani & Felicia Di Liddo, 2020. "An Innovative GIS-Based Territorial Information Tool for the Evaluation of Corporate Properties: An Application to the Italian Context," Sustainability, MDPI, vol. 12(14), pages 1-29, July.
    4. Günsür, Başak Tanyeri & Bulut, Emre, 2022. "Investor reactions to major events in the sub-prime mortgage crisis," Finance Research Letters, Elsevier, vol. 47(PB).
    5. Grougiou, Vassiliki & Leventis, Stergios & Dedoulis, Emmanouil & Owusu-Ansah, Stephen, 2014. "Corporate social responsibility and earnings management in U.S. banks," Accounting forum, Elsevier, vol. 38(3), pages 155-169.
    6. Darrin Grimsey & Mervyn K. Lewis, 2011. "Minimizing Collateral Damage: Options for Financing Public–Private Partnerships in the Wake of the Financial Crisis," Chapters, in: Christopher J. Green & Eric J. Pentecost & Tom Weyman-Jones (ed.), The Financial Crisis and the Regulation of Finance, chapter 15, Edward Elgar Publishing.
    7. Mervyn K. Lewis, 2011. "Monetary Policies During the Financial Crisis: An Appraisal," Chapters, in: Steven Kates (ed.), The Global Financial Crisis, chapter 8, Edward Elgar Publishing.
    8. Neculai Tabara & Alina Rusu, 2011. "The role of accounting in the global financial crisis. Assumptions and realities," EuroEconomica, Danubius University of Galati, issue 29, pages 16-22, August.
    9. Lewis, Mervyn K., 2010. "Did Berle and Means get it wrong? Reflections on Thorstein Veblen, Paul Samuelson, and ‘Corporate Strategy Financialized’," Accounting forum, Elsevier, vol. 34(3), pages 222-227.

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