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What were the causes of the Great Recession? The mainstream approach vs. the monetary interpretation

In: Money in the Great Recession

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  • Tim Congdon

Abstract

Most analyses of the Great Recession have blamed it on weaknesses of banking systems, notably excessive losses and a lack of capital. However, this mainstream approach is far from convincing, as most banks had higher capital/asset ratios ahead of the crisis than on average in recent decades. An alternative argument – that the falls in asset prices and slump in demand were due to a crash in the rate of money growth – is proposed, and is shown to be applicable to the main countries.

Suggested Citation

  • Tim Congdon, 2017. "What were the causes of the Great Recession? The mainstream approach vs. the monetary interpretation," Chapters, in: Tim Congdon (ed.), Money in the Great Recession, chapter 1, pages 27-56, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16533_1
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    Keywords

    Economics and Finance;

    Statistics

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