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Why the subprime crisis is different: a Minskyian approach
Minsky's financial-instability model suggests that financial crises can be resolved efficiently with lender-of-last-resort and big-government interventions. The crisis that began in 2007 (hereafter,
Racial Exclusion and the Political Economy of the Subprime Crisis
This paper develops a political economic explanation of the 2007-09 US subprime crisis which focuses on one of its central causes: the transformation of racial exclusion in US mortgage markets. Until
Roemer's “General” Theory of Exploitation Is a Special Case: The Limits of Walrasian Marxism
In a series of recent writings, John Roemer (1982a, 1982b, 1985, 1988) has made a provocative claim: exploitation and class are merely second-order concepts within Marxian theory, because both
Discrimination in the Credit and Housing Markets: Findings and Challenges
Discrimination's dynamic nature means that no single theory, method, data or study should be relied upon to assess its magnitude, causes, or remedies. Despite some gains in our understanding, these
From Financial Exploitation to Global Banking Instability: Two Overlooked Roots of the Subprime Crisis
The current meltdown in global banking and credit markets, which bears the unlikely name of the “sub-prime lending crisis,” threatens to destroy asset values, financial markets, and national
Race, Gender, Power, and the US Subprime Mortgage and Foreclosure Crisis: A Meso Analysis
This study addresses two largely unanswered questions about the United States subprime crisis: why were minority applicants, who had been excluded from equal access to mortgage credit prior to the
Financial Globalization, Social Exclusion and Financial Crisis
Abstract This paper suggests one set of mechanisms that ties financial globalization processes to local dynamics of financial inclusion or exclusion. Specifically, this paper explores the worldwide
The Bank Merger Wave: The Economic Causes and Social Consequences of Financial Consolidation
This far-reaching study shows that operating efficiencies are not what are driving today's unrelenting bank merger mania. It suggests that bank mergers and consolidation may have effects that are
A Keynesian theory of bank behavior
This paper develops a microlevel model of the banking firm rooted in Keynes's insights as a microfoundation for post Keynesian theory. This model substantiates Keynes's claims that banks' functions