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Transformation of the Financial System: Financialisation, Concentration and the Shift to Shadow Banking

In: Minsky, Crisis and Development

Author

Listed:
  • Yeva Nersisyan
  • L. Randall Wray

Abstract

There is little doubt that the current crisis is the worst since the Great Depression. US real GDP fell by 5.4 per cent in the first quarter of 2009 alone and investment shrank by 50 per cent. The economy shed as many as 571,000 jobs from August to September, 2009 and November’s official unemployment rate jumped to 10.2 per cent while the broader measure (U-6) rose to a post-depression record of 17.5 per cent (BLS). Yet despite all the dire statistics, most economists believe that the US economy is on the path to a recovery, albeit a jobless one. The conventional view points to the following as evidence: the Dow Jones Industrial Average crossed the 10,000 mark, the housing market is widely believed to have bottomed and credit is flowing again at least to some sectors.

Suggested Citation

  • Yeva Nersisyan & L. Randall Wray, 2010. "Transformation of the Financial System: Financialisation, Concentration and the Shift to Shadow Banking," Palgrave Macmillan Books, in: Daniela Tavasci & Jan Toporowski (ed.), Minsky, Crisis and Development, chapter 2, pages 32-49, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29232-1_3
    DOI: 10.1057/9780230292321_3
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    Cited by:

    1. Ozgur, Gokcer, 2023. "The cross-border interconnectedness of shadow banking," Economic Modelling, Elsevier, vol. 126(C).
    2. L. Randall Wray, 2011. "Minsky crisis," The New Palgrave Dictionary of Economics,, Palgrave Macmillan.
    3. Gökçer Özgür, 2021. "Shadow banking and financial intermediation," Metroeconomica, Wiley Blackwell, vol. 72(4), pages 731-757, November.
    4. Victor Ekpu & Alberto Paloni, 2015. "Financialisation, Business Lending And Profitability In The Uk," Working Papers 2015_18, Business School - Economics, University of Glasgow.

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