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Changes in the U.S. Financial System and the Subprime Crisis

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  • Jan Kregel

Abstract

This paper traces the evolution of housing finance in the United States from the deregulation of the financial system in the 1970s to the breakdown of the savings and loan industry and the development of GSE (government-sponsored enterprise) securitization and the private financial system. The paper provides a background to the forces that have produced the present system of residential housing finance, the reasons for the current crisis in mortgage financing, and the impact of the crisis on the overall financial system.

Suggested Citation

  • Jan Kregel, 2008. "Changes in the U.S. Financial System and the Subprime Crisis," Economics Working Paper Archive wp_530, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_530
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    Cited by:

    1. Ognjen Radonjić & Miodrag Zec, 2010. "Subprime Crisis and Instability of Global Financial Markets," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(2), pages 209-224, June.
    2. Costa Cabral, Nazare, 2010. "Breve guia temático e bibliográfico sobre o estudo da actual crise financeira e económica [Short thematic guide to the study of current financial and economic crisis]," MPRA Paper 20743, University Library of Munich, Germany.
    3. Alexandr Rubinshtein, 2009. "Some Theoretical Considerations about the Nature of the Present Crisis," Journal of the New Economic Association, New Economic Association, issue 1-2, pages 240-242.
    4. Gökçer Özgür, 2021. "Shadow banking and financial intermediation," Metroeconomica, Wiley Blackwell, vol. 72(4), pages 731-757, November.
    5. Michal Jurek & Pawel Marszalek, 2014. "Subprime mortgages and the MBSs in generating and transmitting the global financial crisis," Working papers wpaper40, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    6. Jörg Bibow, 2010. "Alternative Strategien der Budgetkonsolidierung in Österreich nach der Rezession," IMK Studies 03-2010, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    7. Hasan Gungor & Angela Uzoamaka Simon, 2017. "Energy Consumption, Finance and Growth: The Role of Urbanization and Industrialization in South Africa," International Journal of Energy Economics and Policy, Econjournals, vol. 7(3), pages 268-276.
    8. Jerry Courvisanos, 2009. "Regional Innovation for Sustainable Development: An Australian Perspective," Journal of Innovation Economics, De Boeck Université, vol. 0(1), pages 119-143.

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