IDEAS home Printed from https://ideas.repec.org/p/lev/levppb/ppb_94.html
   My bibliography  Save this paper

Financial Markets Meltdown: What Can We Learn from Minsky

Author

Listed:
  • L. Randall Wray

Abstract

According to this new Public Policy Brief by Senior Scholar L. Randall Wray, the current crisis in financial markets can be traced back to securitization (the "originate and distribute" model), leverage, the demise of relationship-based banking, and the dizzying array of extremely complex instruments that--quite literally--only a handful understand.

Suggested Citation

  • L. Randall Wray, 2008. "Financial Markets Meltdown: What Can We Learn from Minsky," Economics Public Policy Brief Archive ppb_94, Levy Economics Institute.
    • Handle: RePEc:lev:levppb:ppb_94
    as

    Download full text from publisher

    File URL: http://www.levyinstitute.org/pubs/ppb_94.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Dimitri Papadimitriou & L. Randall Wray, 1998. "The Economic Contributions of Hyman Minsky: varieties of capitalism and institutional reform," Review of Political Economy, Taylor & Francis Journals, vol. 10(2), pages 199-225.
    2. Jan Kregel, 2008. "Minsky’s Cushions of Safety: Systemic Risk and the Crisis in the U.S. Subprime Mortgage Market," Economics Public Policy Brief Archive ppb_93, Levy Economics Institute.
    3. L. Randall Wray, 2005. "The Ownership Society: Social Security Is Only the Beginning," Economics Public Policy Brief Archive ppb_82, Levy Economics Institute.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jan Toporowski, 2013. "The Elgar Companion to Hyman Minsky," Review of Political Economy, Taylor & Francis Journals, vol. 25(1), pages 175-177, January.
    2. Hyman P. Minsky & L. Randall Wray, 2008. "Securitization," Economics Policy Note Archive 08-2, Levy Economics Institute.
    3. L. Randall Wray, 2012. "Global Financial Crisis: A Minskyan Interpretation of the Causes, the Fed's Bailout, and the Future," Economics Working Paper Archive wp_711, Levy Economics Institute.
    4. Shazia Ghani, 2011. "A re-visit to Minsky after 2007 financial meltdown," Post-Print halshs-01027435, HAL.
    5. Charles Whalen, 2011. "Minsky Goes to Buffalo—and Takes on the Economics Establishment," Forum for Social Economics, Springer;The Association for Social Economics, vol. 40(2), pages 273-280, July.
    6. Giorgos Argitis, 2013. "Veblenian and Minskian financial markets," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 28-43.
    7. Noemi Levy-Orlik, 2012. "Financial Market Organizations, Central Banks and Credits: The Experience of Developing Economies," Chapters, in: Louis-Philippe Rochon & Salewa ‘Yinka Olawoye (ed.), Monetary Policy and Central Banking, chapter 5, Edward Elgar Publishing.
    8. Mariana Mazzucato & Caetano C.R. Penna, 2016. "Beyond market failures: the market creating and shaping roles of state investment banks," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 19(4), pages 305-326, October.
    9. Ryoo, Soon, 2010. "Long waves and short cycles in a model of endogenous financial fragility," Journal of Economic Behavior & Organization, Elsevier, vol. 74(3), pages 163-186, June.
    10. Bruno Bonizzi, 2013. "Capital Flows to Emerging Markets: An alternative Theoretical Framework," Working Papers 186, Department of Economics, SOAS University of London, UK.
    11. Mariana Mazzucato & L. Randall Wray, 2015. "Financing the Capital Development of the Economy: A Keynes-Schumpeter-Minsky Synthesis," LEM Papers Series 2015/14, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    12. Guttmann, Robert, 2008. "A Primer on Finance-Led Capitalism and Its Crisis," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 3.
    13. Georgios Argitis & Stella Michopoulou, 2011. "Are Full Employment and Social Cohesion Possible Under Financialization?," Forum for Social Economics, Taylor & Francis Journals, vol. 40(2), pages 139-155, January.
    14. Steven Kates (ed.), 2011. "The Global Financial Crisis," Books, Edward Elgar Publishing, number 14454, March.
    15. L. Randall Wray, 2011. "The Dismal State of Macroeconomics and the Opportunity for a New Beginning," Chapters, in: John B. Davis & D. Wade Hands (ed.), The Elgar Companion to Recent Economic Methodology, chapter 19, Edward Elgar Publishing.
    16. Riccardo Bellofiore & Joseph Halevi & Marco Passarella, 2010. "Minsky in the ‘New’ Capitalism: The New Clothes of the Financial Instability Hypothesis," Chapters, in: Dimitri B. Papadimitriou & L. Randall Wray (ed.), The Elgar Companion to Hyman Minsky, chapter 4, Edward Elgar Publishing.
    17. Silipo, Damiano B., 2011. "It happened again: A Minskian analysis of the subprime loan crisis," Journal of Economics and Business, Elsevier, vol. 63(5), pages 441-455, September.
    18. Lim, Chen, 2018. "The Financial Instability Hypothesis Applied to the 2007 Financial Crisis," MPRA Paper 92142, University Library of Munich, Germany.
    19. L. Randall Wray, 2010. "Minsky, the Global Money-Manager Crisis, and the Return of Big Government," Chapters, in: Steven Kates (ed.), Macroeconomic Theory and its Failings, chapter 15, Edward Elgar Publishing.
    20. L. Randall Wray, 2011. "Minsky crisis," The New Palgrave Dictionary of Economics,, Palgrave Macmillan.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:lev:levppb:ppb_94. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Elizabeth Dunn The email address of this maintainer does not seem to be valid anymore. Please ask Elizabeth Dunn to update the entry or send us the correct address (email available below). General contact details of provider: http://www.levyinstitute.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.