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Five explanations for the international financial crisis

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  • Evans, Trevor

Abstract

This paper first briefly outlines the background to the 2007-08 international financial crisis. It then goes on to examine five of the main approaches that have been put forward to explain the crisis: the widespread presence of perverse incentives; the over-expansionary monetary policy of the US Federal Reserve; the impact of global imbalances and a so-called 'savings glut' in developing countries; the extensive deregulation of the financial system since the 1970s; and the attempt to generate an increasing return on all forms of capital and the associated pressure on wages. The paper concludes with a brief note on the policy implications which follow from each of these explanations.

Suggested Citation

  • Evans, Trevor, 2010. "Five explanations for the international financial crisis," IPE Working Papers 08/2010, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    • Handle: RePEc:zbw:ipewps:082010
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    File URL: https://www.econstor.eu/bitstream/10419/59313/1/718084454.pdf
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    Cited by:

    1. Thomas Goda, 2017. "A comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007-2009," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 9(1), pages 151-174, February.
    2. Thomas Goda, 2013. "The role of income inequality in crisis theories and in the subprime crisis," Working Papers PKWP1305, Post Keynesian Economics Society (PKES).

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