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Financial Markets Meltdown: What Can We Learn from Minsky

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  • 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.

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  • 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
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    References listed on IDEAS

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    1. L. Randall Wray, 2005. "The Ownership Society: Social Security Is Only the Beginning," Economics Public Policy Brief Archive ppb_82, Levy Economics Institute.
    2. 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.
    3. 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.
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