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1
Haro, Lea, and Maria Sullivan. "The American Mortgage Crisis Goes Global." Critique 37, no. 1 (2009): 51–65. http://dx.doi.org/10.1080/03017600802598195.
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Bosworth, Barry, and Aaron Flaaen. "Financial Crisis American Style." Asian Economic Papers 8, no. 3 (2009): 146–70. http://dx.doi.org/10.1162/asep.2009.8.3.146.
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This paper reviews some of the research on the causes of the financial crisis of 2008–09, highlights the key events that triggered a financial panic in September 2008, and summarizes the key policy actions that the United States has taken to ameliorate the crisis. We document the characteristics and growth of the sub-prime mortgage market, and the distorted incentives and flawed regulatory structure surrounding the secondary market for mortgage-backed securities. We also assess the role for macroeconomic determinants of the crisis that serve to explain the bubble in U.S. asset prices, most notably low global interest rates attributed to either loose monetary policy or excess global saving. Although low global interest rates may have contributed to the boom in housing markets and speculative excesses, we believe that the financial innovations and microeconomic distortions played a more fundamental role. Finally, a recovery marked by higher private saving, weak domestic investment, and a large public deficit appears to be unsustainable. Ultimately, the U.S. economy will need to shift about 3 percent of GDP from domestic consumption to the export sector. This will pose some serious challenges to Asian economies that have come to rely on exports to the U.S. market.
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Avramenko, Richard, and Richard Boyd. "Subprime Virtues: The Moral Dimensions of American Housing and Mortgage Policy." Perspectives on Politics 11, no. 1 (2013): 111–31. http://dx.doi.org/10.1017/s1537592712003672.
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The so-called “subprime mortgage crisis” has led to intense scrutiny of American housing policy, mortgage finance, and even the goods of homeownership. Some critics allege that the housing bubble and ensuing financial crisis were consequences of misguided state intervention, while others contend that the sources of the crisis lay in the pathologies of unregulated markets. Both sides, however, treat the crisis and its underlying causes primarily through an economic lens of cost-benefit analysis. Building on the insights of contemporary political theorists and the new institutionalism in political science, we consider American housing policy from the vantage of virtue theory. Not only is housing and mortgage policy inevitably normative, but public policy can be an important tool in fostering what we call the “subprime virtues” of truth-telling, promise-keeping, frugality, moderation, commitment, foresight, and judgment that are absolute prerequisites for any decent society.
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Kuebler, Meghan. "Lending in the Modern Era: Does Racial Composition of Neighborhoods Matter When Individuals Seek Home Financing? A Pilot Study in New England." City & Community 11, no. 1 (2012): 31–50. http://dx.doi.org/10.1111/j.1540-6040.2011.01391.x.
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This article explores the relationship between racial composition of neighborhoods and approval and origination of mortgages. It measures independent neighborhood effects, above and beyond applicant race effects preceding the recent housing market crisis for rental and owner–occupied homes. Mortgage applications are selected from the dozen most populated metropolitan areas in New England. Applications are linked to corresponding neighborhood data and generalized linear mixed modeling is applied. Data include prehousing market crash Housing Mortgage Disclosure Act data matched to American Community Survey 5–year data for over one million applications. Findings indicate, although controlling for income, gender, and race of the applicant, poverty and tenure, and additional socioeconomic variables, neighborhood racial composition has a statistically significant effect on whether mortgages are approved and originated. Minority presence is correlated with a negative effect on mortgage origination regardless of race of the individual loan applicant. More specifically, whites’ applications are also turned down in minority neighborhoods, especially black neighborhoods.
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Walker, Cooper M. "Robbing Peter and Blaming Paul." Texas A&M Journal of Property Law 2, no. 1 (2014): 147–68. http://dx.doi.org/10.37419/jpl.v2.i1.7.
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The Author’s purpose is to show the American community—and specifically the legal community—how and why Hockett’s proposal is not an ethically correct or appropriate solution for the underwater mortgage crisis. To achieve this end, the Author will give a detailed explanation of Professor Hockett’s proposal in Part II. Next, the Author will set forth Hockett’s explanation of what caused the underwater mortgage crisis in Part III. In Part IV the Author will provide his own belief on what the cause of the underwater mortgage crisis is. Then, after showing how Hockett does not assess the cause of the underwater mortgage crisis correctly, the Author will then show the reader how Hockett’s solution is not ethically appropriate in Part V. This Comment will evaluate the ethical resolve of Hockett’s solution using the legal philosophy of St. Thomas Aquinas. However, the Author is confident that if the reader is willing to inspect Hockett’s solution against the facts of what created the underwater mortgage crisis, the reader will then develop an intuitive sense for why Hockett’s solution is neither ethically correct nor appropriate.
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Tighe, J. Rosie. "Book Review: The American Mortgage System: Crisis and Reform." Urban Affairs Review 48, no. 6 (2012): 907–9. http://dx.doi.org/10.1177/1078087411436108.
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Krekoten, Iryna, Lyudmyla Svіstun, and Yulia Khudolii. "Prospects of using security mechanism in the process of rehabili-tation the building sphere in Ukraine." International Journal of Engineering & Technology 7, no. 3.2 (2018): 219. http://dx.doi.org/10.14419/ijet.v7i3.2.14406.
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In this article, securitization was investigated as one of the most important sources of financing for the construction of residential real estate in Ukraine. The main purpose of the article is to explore ways to refinance mortgage loans used in the world practice for the rehabilitation the building sphere in residential real estate and to identify ways of expanding and cheapening them. The authors have found that a depository financing model uses on the Ukrainian mortgage market has significantly reduced the possibilities for its development and makes the mortgage expensive. Also, the models of the European and American mortgage markets were compared, identified the advantages and disadvantages of each model. And the possibility of using these models in Ukraine was considered. The current state of the mortgage market in Ukraine was examined. In addition, the trend of mortgage market development in a pre-crisis and post-crisis period was demonstrated in this article. Finally, the following conclusion was drawn: in order to increase the availability of mortgage loans and to rehabilitation the construction sphere, it is necessary to introduce mechanisms for refinancing mortgage loans.
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Danielsen, Karen A. "A Review of “The American mortgage system; Crisis and reform”." Journal of the American Planning Association 78, no. 3 (2012): 351. http://dx.doi.org/10.1080/01944363.2012.693001.
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Rose, Jonathan D. "Financial crises at insurance companies: learning from the demise of the National Surety Company during the Great Depression." Financial History Review 24, no. 3 (2017): 239–64. http://dx.doi.org/10.1017/s0968565017000245.
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This article explores the economic issues related to financial crises at insurance companies, using an example from the Great Depression, the National Surety Company. National Surety was a large and diverse American insurance company that experienced a major crisis in 1933 due to losses from its guarantees of mortgage-backed securities. I find that policyholders were able to stage a massive run on the company by demanding the return of their unearned premiums. A key dynamic of the crisis was that policyholders at an insurance company have a dual role as holders of liabilities and as providers of income. In addition, I establish that government officials believed National Surety to be systemically important, due to the size of its insurance business and because many of its counterparties were societal actors that these officials sought to protect. As a result, the New York State Insurance Commissioner used emergency powers to reorganize the company, with the goal of providing continuity to its business lines outside mortgage-backed security insurance.
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Chen, Jian Bao, Ting Yang, and Huo Biao Zhou. "Contagion Effect Analysis of Financial Crisis in Soybean Futures Markets Based on Copula Functions." Applied Mechanics and Materials 198-199 (September 2012): 885–88. http://dx.doi.org/10.4028/www.scientific.net/amm.198-199.885.
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Using five kinds of Copula functions to investigate the changes of correlations among soybean futures in Tokyo Grain Exchange, Chicago Board of Trade and Dalian Commodity Exchange market before and after the financial crisis caused by American subprime mortgage, this paper verifies the existence of contagion effect of this crisis in the international soybean futures markets.
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Jobbágy, Péter, and Attila Bai. "The effects of the global economic crisis on the markets for fossil and renewable fuels." Applied Studies in Agribusiness and Commerce 6, no. 3-4 (2012): 131–36. http://dx.doi.org/10.19041/apstract/2012/3-4/19.
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The 2008/2009 world economic crisis had significant impact on oil and fuel markets. This crisis has been developed from the meltdown of the American mortgage and financial market and spread throughout the global economy. As each country reacted differently to the crisis, the changes in the fuel market have also shown significant geographic variation. In our present research, the changes of the US, German and Hungarian fuel markets were analysed, looking for answers to the reasons behind different crisis reactions. We examined the tendency of fuel consumption, the changes of gasoline and diesel price elasticity and the possible effects of the crisis on the regulatory system.
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Jobbágy, Péter, and Attila Bai. "The effects of global real economic crisis on the markets for fossil and renewable fuels." Applied Studies in Agribusiness and Commerce 6, no. 5 (2012): 51–56. http://dx.doi.org/10.19041/apstract/2012/5/8.
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The 2008/2009 world economic crisis had significant impact on the oil and fuel markets. The crisis developed from the meltdown of American and European mortgage and financial markets and rapidly involved the global real economy. As each country reacted differently to the crisis, the changes in the fuel market also showed significant geographic variation. In our present research, the actions of the US, German and Hungarian fuel markets were analysed for the answer to the reasons for the differences in crisis reactions. We examined the tendency of fuel consumption, the changes of price elasticity for gasoline and diesel and the possible effects of the crisis on the regulatory system.
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Płuciennik, Piotr. "Influence of the American Financial Market on Other Markets During the Subprime Crisis." Folia Oeconomica Stetinensia 12, no. 2 (2012): 19–30. http://dx.doi.org/10.2478/v10031-012-0031-8.
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Abstract Subprime crisis which started in the USA in 2007 was the cause of the most significant economic disturbances since the Great Depression in 1930s. Soon it transmitted to other countries, including those in which banks were not engaged in the subprime mortgage market. The crisis hit various sectors of national economies and led to changing of the trends on the stock markets, which are connected to American capital market. In the following article we researched the influence of the American market on the other markets in the context of the financial crisis. Our analysis is based on the results obtained from the multivariate parametric models. Seeing that the data space is high-dimensional, we used GO-GARCH models introduced by van der Weide (2005) and Boswijk and van der Weide (2006).
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Gierczyńska, Kornelia, and Andrzej Wojciechowski. "The consequences of subprime crisis for the Polish economy." Equilibrium 2, no. 1 (2009): 9–16. http://dx.doi.org/10.12775/equil.2009.001.
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In march 2008 the situation on the mortgage market was called a crisis. Many companies collapsed, including New Century Financial Corporation – the biggest credit company in the United States. After few months this virus infected other countries including Poland. The purpose of this article is to show the background of the subprime mortgage crisis and the possible outcomes for the Polish economy. The first part is trying to find out what are the causes and course of this financial breakdown. That part is mainly focused on subprime loans and its significance to this crisis. After that paper contain information about the main channel of infestation, the securitization of the debt by the banks and selling the securities to the investors all over the world. The next chapter contains the data about the impact that crisis have on polish economy, including GDP growth rate and what would likely happen on housing market and stock exchange. Polish banking and credit system is sounder then American one and there is no risk of insolvency but still we are feeling the consequences of the financial crash. In the end author concludes that in the globalized world financial markets are linked and it is impossible to maintain unaffected by crisis that happened on the other side of the globe.
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Jacobs, Lawrence, and Desmond King. "America's Political Crisis: The Unsustainable State in a Time of Unraveling." PS: Political Science & Politics 42, no. 02 (2009): 277–85. http://dx.doi.org/10.1017/s1049096509090568.
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The American economy and financial system is experiencing upheaval on a scale not seen since the Great Depression of the 1930s. A number of the largest and most established banks and investment firms have declared bankruptcy (including Bear Stearns and Lehman Brothers) or been taken over at fire-sale rates (as was the case, for example, with Merrill Lynch). In the fall of 2008, Congress and the U.S. Treasury along with the Federal Reserve Bank committed more than eight trillion dollars in payments, loans, and guarantees of various sorts to prop up financial institutions (including the semi-governmental mortgage entities, Fannie Mae and Freddie Mac) as well as the country's largest insurer, American International Group (AIG). The speed, number, and scope of these interventions lack historical precedent.
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Morelli, Giacomo, and Lea Petrella. "Option Pricing, Zero Lower Bound, and COVID-19." Risks 9, no. 9 (2021): 167. http://dx.doi.org/10.3390/risks9090167.
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This paper provides a quantitative assessment of equity options priced at the Zero Lower Bound, i.e., when interest rates are set essentially to zero. We obtain closed form formulas for American options when the Zero Lower Bound policy holds. We perform numerical implementation of American put options written on the stock Federal National Mortgage Association (FNMA) and of related bounds for the optimal exercise. The results show similarities with the corresponding European options priced at the Zero Lower Bound during the COVID-19 crisis.
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Donnelly, Catherine, and Paul Embrechts. "The Devil is in the Tails: Actuarial Mathematics and the Subprime Mortgage Crisis." ASTIN Bulletin 40, no. 1 (2010): 1–33. http://dx.doi.org/10.2143/ast.40.1.2049222.
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AbstractIn the aftermath of the 2007-2008 financial crisis, there has been criticism of mathematics and the mathematical models used by the finance industry. We answer these criticisms through a discussion of some of the actuarial models used in the pricing of credit derivatives. As an example, we focus in particular on the Gaussian copula model and its drawbacks. To put this discussion into its proper context, we give a synopsis of the financial crisis and a brief introduction to some of the common credit derivatives and highlight the difficulties in valuing some of them.We also take a closer look at the risk management issues in part of the insurance industry that came to light during the financial crisis. As a backdrop to this, we recount the events that took place at American International Group during the financial crisis. Finally, through our paper we hope to bring to the attention of a broad actuarial readership some “lessons (to be) learned” or “events not to be forgotten”.
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Salmi, Jamil. "The Challenge of Sustaining Student Loan System: Colombia and Chile." International Higher Education, no. 72 (March 17, 2015): 21–23. http://dx.doi.org/10.6017/ihe.2013.72.6107.
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Traditional, mortgage-type student loan schemes are vulnerable by design, as illustrated by the problems faced by the Chilean and Colombian agencies in recent years. Without an income-contingent provision, times of economic crisis are bound to create difficulties, as unemployment rises and incomes stagnate. This article documents the challenges encountered in these two Latin American nations and draws a few lessons that could help strengthen existing student loan systems.
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Ruddy, Thomas Fay. "Anglo-American Credit Scoring and Consumer Debt in the Subprime Mortgage Crisis of 2007 as Models for Other Countries?" tripleC: Communication, Capitalism & Critique. Open Access Journal for a Global Sustainable Information Society 8, no. 2 (2010): 275–84. http://dx.doi.org/10.31269/triplec.v8i2.176.
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The system of credit scoring has been built up in recent times on the basis of a compromise struck between individuality and surveillance in ways that boosted consumption through consumer debt. This paper considers the role of credit scoring in the recent financial crisis, concluding that even if credit scoring had worked as intended under its own terms, the practice would not have been enough to limit the defaulting of mortgage borrowers under conditions of falling house prices. The broader economic problem is the crippling amount of consumer debt involved; hence the paper places credit scoring in the larger explanatory framework of consumer debt and, more generally, consumerism in its more problematic form. The sorting accomplished by credit scoring is open to abuses in the marketplace, unless it is tempered by the application of guardrails by a regulatory authority. As cultures beyond the Anglo-American sphere adopt this practice, guardrails like those applied to credit scoring in America are needed; as even the current U.S. Administration has acknowledged, the existing guardrails will have to be complemented by stricter social standards. The paper provides a derivation of the theoretical background on credit scoring as surveillance, and includes a literature survey.
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Ruddy, Thomas Fay. "Anglo-American Credit Scoring and Consumer Debt in the Subprime Mortgage Crisis of 2007 as Models for Other Countries?" tripleC: Communication, Capitalism & Critique. Open Access Journal for a Global Sustainable Information Society 8, no. 2 (2010): 275–84. http://dx.doi.org/10.31269/vol8iss2pp275-284.
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The system of credit scoring has been built up in recent times on the basis of a compromise struck between individuality and surveillance in ways that boosted consumption through consumer debt. This paper considers the role of credit scoring in the recent financial crisis, concluding that even if credit scoring had worked as intended under its own terms, the practice would not have been enough to limit the defaulting of mortgage borrowers under conditions of falling house prices. The broader economic problem is the crippling amount of consumer debt involved; hence the paper places credit scoring in the larger explanatory framework of consumer debt and, more generally, consumerism in its more problematic form. The sorting accomplished by credit scoring is open to abuses in the marketplace, unless it is tempered by the application of guardrails by a regulatory authority. As cultures beyond the Anglo-American sphere adopt this practice, guardrails like those applied to credit scoring in America are needed; as even the current U.S. Administration has acknowledged, the existing guardrails will have to be complemented by stricter social standards. The paper provides a derivation of the theoretical background on credit scoring as surveillance, and includes a literature survey.
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Immergluck, Dan. "The American Mortgage System: Crisis and Reform Edited by Susan M. Wachter and Marvin M. Smith." Journal of Urban Affairs 34, no. 2 (2012): 228–29. http://dx.doi.org/10.1111/j.1467-9906.2012.00615.x.
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Vogl, Joseph. "The Undoing of Functional Differentiation." October 149 (July 2014): 89–94. http://dx.doi.org/10.1162/octo_a_00185.
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On Friday morning, September 12, 2008, the New York investment bank Lehman Brothers was on the brink of bankruptcy. Over the course of the next four days, this situation would precipitate a rapid series of crisis meetings between American and British government officials, central-bank leaders, major international banks, and private investors. Already in March of the same year, the investment bank Bear Stearns had been forced to accept a merger with JPMorgan Chase, supported by a $29 billion government guarantee, and after the mortgage lenders Fannie Mae and Freddie Mac received a $140 billion bailout during the summer, the US secretary of the Treasury, Henry Paulsen, refused to consider the use of additional taxpayer dollars to save Lehman. By Friday evening, then, it had become clear to the American and European bank representatives that a private-sector solution was necessary. Various investors would take part; risk would be spread out. Bank of America and Barclays, based in London, were interested. Meanwhile, the insurance firm American International Group (AIG) also announced liquidity problems, and by Saturday morning it was obvious that the “well-being of the global financial system” was in danger, as one of the participating bank managers put it. At the same time, the investment bank Merrill Lynch, also hard hit, was looking for additional capital investment, concerned that, following the Lehman bailout, the crisis would seek out the next weakest link in the system. And indeed, after hasty and secret negotiations, Merrill was taken over by Bank of America, which hoped the acquisition would give it better access to the international investment business. But Bank of America was no longer interested in saving Lehman Brothers.
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Grimes, Paul W., Kevin E. Rogers, and William D. Bosshardt. "Economic Education and Household Financial Outcomes during the Financial Crisis." Journal of Risk and Financial Management 14, no. 7 (2021): 316. http://dx.doi.org/10.3390/jrfm14070316.
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Using cross-sectional data from a nation-wide survey of American head-of-households conducted in the spring of 2010, we examined the ameliorating effects of economic literacy on the probability of specific household financial outcomes resulting from the 2008 financial crisis and the associated Great Recession. A series of probit regressions were estimated to capture the impact of economic literacy on the probability that households experienced job loss, delinquent mortgage payments, delinquent credit card payments, delinquent auto loan payments, loss of home, and personal bankruptcy. The head-of-household’s economic literacy was measured by the level of formal education received in economics and by the score achieved on an in-survey quiz of basic economic concepts and principles. The results indicate that realized quiz scores were correlated with the mitigation of job loss, late payment behavior, and personal bankruptcy, ceteris paribus. However, the results for the impact of formal economic coursework in school were mixed.
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Wu, Maoguo, and Yanyuan Wang. "Risk Analysis of World Major Stock Index Before and After the 2008 Financial Crisis – Based on GARCH-VaR Approach." International Journal of Financial Research 9, no. 2 (2018): 39. http://dx.doi.org/10.5430/ijfr.v9n2p39.
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In 2008, the U.S. subprime mortgage crisis overwhelmed the global financial system, which sparked drastic fluctuation of world stock index. Subsequently, the risk of investment in global stock markets has augmented considerably. Applying the VaR approach based on GARCH model, this paper attempts to thoroughly investigate the volatility of S&P 500, NASDAQ, DJIA, GDAXI and CSI 300. For the purpose of comparison, data are divided into 2 parts: before the 2008 financial crisis and after the 2008 financial crisis. Thus, the paper elaborates impacts of the 2008 financial crisis on global stock index. In addition, this paper puts forward policy implications of risk control in Chinese financial market. According to empirical results, before the 2008 financial crisis, S&P 500, NASDAQ and DJIA were relatively stable; GDAXI was slightly fluctuant while CSI 300 fluctuated dramatically. When confronting with the 2008 financial crisis, the volatility of three American stock indexes surged at once, even exceeding that of CSI 300. GDAXI, however, experienced a time lag in the increase of volatility. So far, S&P 500, NASDAQ, DJIA and GDAXI have gradually recovered. On the contrary, CSI 300 still undulates frequently and erratically.
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Przenajkowska, Karolina. "The issue and importance of credit risk management exemplfied by the collapse of American mortgage credit market." Equilibrium 1, no. 1-2 (2008): 113–26. http://dx.doi.org/10.12775/equil.2008.008.
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The risk is connected to all types of economic activities. It is especially important for the functioning of banks, which are institutions based on society trust. The most common risk banks face is the credit risk. The first part of the paper refers to the reasons, classification and consequences of its appearance. Serious negative effects of credit risk existence force banks to design a program of managing this type of risk. The credit risk management is founded on the basis of the credit policy established separately in every bank. This policy requires choosing the policy towards the risk. Generally, there are three such policies or strategies: conservative, offensive and controlled growth. The process of credit risk management in the paper is presented as a division on five elements (risk: identification, assessment, steering, control, financing and administrating). Those issues are particularly important with the international financial crisis observed since August 2007. The origin of the crisis is linked to the collapse of the American mortgage credit market. The analysis of the reasons behind this collapse is described in the last part of the paper. It shows the points where the most basic rules of the credit risk management were ignored and leaves the question of the conclusions for the banks all over the world.
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بلوافي, أحمد مهدي. "نحو قراءة موضوعية لكتابات غير المسلمين عن التمويل الإسلامي في ضوء الأزمة المالية العالمية: وِلمْ بويتر أُنموذجاً". الفكر الإسلامي المعاصر (إسلامية المعرفة سابقا) 20, № 78 (2014): 104–75. http://dx.doi.org/10.35632/citj.v20i78.703.
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تهدف هذه الورقة إلى عرض وتحليل أنموذج من كتابات غير المسلمين عن التمويل الإسلامي في أعقاب أزمة قروض الرهن العقاري الأمريكية، وما تبعها من أزمة عالمية، وذلك من أجل رسم معالم منهجية في تناول الموضوع تسهم في تزويد الباحثين في حقل الاقتصاد والتمويل الإسلامي بأدوات تساعد على توخي الموضوعية، والدقة، والأمانة في النقل والتناول، والبعد عن الطرح "الأيديولوجي"، أو العاطفي الذي يستند إلى قناعات ومواقف مسبقة لا يسندها الدليل العلمي، ولا الواقع العملي.
 This paper aims to present and analyze an example from the writings of non-Muslim scholars about Islamic finance in the wake of the American mortgage crisis, and the subsequent International financial crisis, in order to identify some methodological milestones in understanding the issue, and to provide researchers in the field of Islamic economics and finance with instruments that would help to exercise objectivity, accuracy, and honesty in handling the writings on the subject, and to avoid "ideological", or emotional readings based on preconception ideas and position void of scientific or practical evidence.
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DAVIES, TOM ADAM. "The Economics of the Black Freedom Struggle." Journal of American Studies 49, no. 3 (2015): 615–20. http://dx.doi.org/10.1017/s0021875815000705.
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Mama Younger: Son, how come you talk so much ’bout money?Walter Lee Younger: Because it is life, Mama!Mama Younger: Oh. So now it's life. Once upon a time freedom used to be life – now It's money. I guess the world really do change.Walter Lee Younger: No – it was always money, Mama. We just didn't know about it.Lorraine Hansberry, A Raisin in the Sun (New York: Random House, 1958), 74 The disproportionate impact of the 2008 subprime mortgage crisis and subsequent economic recession on black families in the United States has helped to revive a long-standing debate about the relationship between race, inequality and the political and economic structures of American capitalist society. The seemingly unmistakable, and increasing, correlation between race and poverty in America has led many to challenge the powerful and pervasive idea – central to the colour-blind conservatism espoused by many on the American right – that the nation's problem of racial discrimination was overcome with the passage of civil and voting rights legislation in the mid-1960s. As part of this process, historians have begun increasingly to reconsider the place of economic questions, principles and aspirations in African American and other minority groups' struggles against racial inequality. Although these three books are very different in form, content, and scope, they each reflect the growing importance of this line of inquiry within the historiography.
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Monkkonen, Paavo. "Empty houses across North America: Housing finance and Mexico’s vacancy crisis." Urban Studies 56, no. 10 (2018): 2075–91. http://dx.doi.org/10.1177/0042098018788024.
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In the wake of the housing market crash in the United States in the late 2000s, images of abandoned homes on the periphery of American cities dominated international media. Mexico continues to face a housing crisis that began at the same time, and the media similarly focus on the high rate of housing vacancy in the urban periphery. The vacancy rate is extreme in many newly built subdivisions in Mexico, yet it is also high in most central cities. In this article, I describe the role of government mortgage lending in housing vacancy rates, across and within cities in Mexico. I do this using data from the 2010 Census of Population and Housing for the 100 largest cities in the country. Cities with more housing built under the federal housing finance system have higher vacancy rates overall, and the relationship is strong in central areas of cities as well as the urban periphery. These findings imply that policymakers should not only be concerned with vacancy in newly built suburban developments, but they should also consider how the expansion of credit for new suburban housing has played a role in the hollowing out of central cities. The article has direct implications for Mexico and raises questions about the frame for debate about housing policy internationally. The structure of housing finance systems is often under-scrutinised. Scholars working in emerging markets should work to identify incentives in finance systems and how they shape urbanisation.
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McDonald, Robert, and Anna Paulson. "AIG in Hindsight." Journal of Economic Perspectives 29, no. 2 (2015): 81–106. http://dx.doi.org/10.1257/jep.29.2.81.
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The near-failure on September 16, 2008, of American International Group (AIG) was an iconic moment in the financial crisis. Two large bets on real estate made with funding vulnerable to bank-run-like dynamics pushed AIG to the brink of bankruptcy. AIG used securities lending to transform insurance company assets into residential mortgage-backed securities and collateralized debt obligations, ultimately losing at least $21 billion and threatening the solvency of the life insurance companies. AIG also sold insurance on multisector collateralized debt obligations, backed by real estate assets, ultimately losing more than $30 billion. These activities were apparently motivated by a belief that AIG's real estate bets would not suffer defaults and were “money-good.” We find that these securities have in fact suffered write-downs and that the stark “money-good” claim can be rejected. Ultimately, both liquidity and solvency were issues for AIG.
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Szunke, Aleksandra. "Changes in monetary policy after the crisis - towards preventing banking sector instability." Corporate Ownership and Control 11, no. 3 (2014): 470–76. http://dx.doi.org/10.22495/cocv11i3conf2p8.
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The instability of the banking sector has become the subject of wider scientific research during the global financial crisis. The financial crisis of the first decade of the twenty-first century began in the U.S. subprime mortgage market and quickly spread to the whole banking sector in the United States as well as in many countries of the global economy. Among five major American investment banks - Lehman Brothers went bankrupt, Bear Stearns and Merrill Lynch were taken over by other banks, and Goldman Sachs and Morgan Stanley were transformed into commercial banks, which were covered by the supervision and regulations of the central bank - the Federal Reserve System. The consequences of the global financial crisis also affected British banks, including The Royal Bank of Scotland, Lloyds Bank, Halifax, Abbey Bank, Barclays Bank and NBC Bank. In Iceland, during the global financial crisis which affected the Icelandic banking sector, three largest banks: Glitnir Bank, Landsbanki and Kauphting were nationalized, which means that the control was taken over by their government. It has caused, that reflections and scientific research on financial stability were replaced by the study of instability in particular in relation to the banking sector. The main aim of the study is to identify the general framework of the response system of central banks on the phenomenon of banking sector instability, in the context of preventing it in a long term. Current - the traditional system proved to be ineffective, because it did not prevent the spread of the factors that led to the destabilization of the banking market
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Cao, Guangxi, Yingchao Zhao, and Yan Han. "Asymmetric statistical features of the Chinese domestic and international gold price fluctuation." International Journal of Modern Physics B 29, no. 17 (2015): 1550113. http://dx.doi.org/10.1142/s0217979215501131.
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Analyzing the statistical features of fluctuation is remarkably significant for financial risk identification and measurement. In this study, the asymmetric detrended fluctuation analysis (A-DFA) method was applied to evaluate asymmetric multifractal scaling behaviors in the Shanghai and New York gold markets. Our findings showed that the multifractal features of the Chinese and international gold spot markets were asymmetric. The gold return series persisted longer in an increasing trend than in a decreasing trend. Moreover, the asymmetric degree of multifractals in the Chinese and international gold markets decreased with the increase in fluctuation range. In addition, the empirical analysis using sliding window technology indicated that multifractal asymmetry in the Chinese and international gold markets was characterized by its time-varying feature. However, the Shanghai and international gold markets basically shared a similar asymmetric degree evolution pattern. The American subprime mortgage crisis (2008) and the European debt crisis (2010) enhanced the asymmetric degree of the multifractal features of the Chinese and international gold markets. Furthermore, we also make statistical tests for the results of multifractatity and asymmetry, and discuss the origin of them. Finally, results of the empirical analysis using the threshold autoregressive conditional heteroskedasticity (TARCH) and exponential generalized autoregressive conditional heteroskedasticity (EGARCH) models exhibited that good news had a more significant effect on the cyclical fluctuation of the gold market than bad news. Moreover, good news exerted a more significant effect on the Chinese gold market than on the international gold market.
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Johnson, Craig. "The Foreclosure of America: The Inside Story of the Rise and Fall of Countrywide Home Loans, the Mortgage Crisis, and the Default of the American Dream." Academy of Management Learning & Education 9, no. 1 (2010): 150–52. http://dx.doi.org/10.5465/amle.2010.48661200.
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Johnson, Craig. "The Foreclosure of America: The Inside Story of the Rise and Fall of Countrywide Home Loans, the Mortgage Crisis, and the Default of the American Dream, by Adam MichaelsonThe Foreclosure of America: The Inside Story of the Rise and Fall of Countrywide Home Loans, the Mortgage Crisis, and the Default of the American Dream, by MichaelsonAdam. New York: Berkley Books, 2009. 354 pages, hard cover." Academy of Management Learning & Education 9, no. 1 (2010): 150–52. http://dx.doi.org/10.5465/amle.9.1.zqr150.
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Dibra, Rezart. "Corporate Governance Failure: The Case Of Enron And Parmalat." European Scientific Journal, ESJ 12, no. 16 (2016): 283. http://dx.doi.org/10.19044/esj.2016.v12n16p283.
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Corporate governance is a central and dynamic aspect of business. The term governance is derived from the latin word gubernare, meaning to steer. It usually applies to the steering of a ship. Thus, this implies that corporate governance involves the function of direction rather than control. Corporate governance has come to the forefront of academic research due to the vital role it plays in the overall health of economic systems. Corporate governance was long ignored as a matter of potential importance for the development of a nation’s economy. The wave of U.S. corporate fraud in the 1990s was attributed to deficiencies in corporate governance. The recent 2008-2009 global financial crisis, triggered by the unprecedented failure of Lehman Brothers and the subprime mortgage problems, renewed interest on the role of corporate governance in the financial sector. The development of a strong corporate governance framework is important to protect stakeholders, maintain investor confidence in the transition countries, and attract foreign direct investment. This paper looks at the collapse of Enron and the Parmalat, which was a particular Italian scandal. Parmalat, Enron, and other American firms such as Tyco and WorldCom all have a number of fudging at their core – efforts to make the companies look healthier than they were. Parmalat’s collapse began in November when its auditor raised questions about a $135 million derivatives profit. After additional evidence of accounting misstatements, the company’s chief executive and founder, Calisto Tanzi, resigned on the 15th of December. Four days later, the company disclosed the fake Bank of America letter. On the 23rd of December, Italian investigators stated that the company had used dozens of offshore companies to report non-existent assets to offset themselves. This was as much as $11 billion in liabilities. Also, this is in addition to the fact that Parmalat might have been falsifying its accounting figures for as long as 15 years.
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Dawd Aljarcwse, Sara Salm, та Laila Abdulkarim Muhammad. "أزمة الرهن العقاري وانعكاساتها في اقتصاديات الدول العربية وطرق علاجها". Journal of University of Human Development 3, № 4 (2017): 204. http://dx.doi.org/10.21928/juhd.v3n4y2017.pp204-226.
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 The foundations of financial engineering emanating from the capitalist economic thought free a significant impact in a financial crisis, the impact of this geometry appeared as a bubble shows here and there but in the end, rolling like a snowball larger than stretching long distances and become impact bigger and more and agreed that the financial crisis global in 2008 began in the mortgage sector in the United States of America real estate values dropped, which led to weak bank's ability to repay its obligations to other financial institutions and the weakness of the ability of individuals to repay debts to the banks. But the truth is greater than this and are described in two sections deals with the first part, the causes of the mortgage bubble bursting in 2008 and defined the root causes and how to shift the mortgage crisis into a liquidity crisis and a crisis of inability to repay debt and benefits.
 The second topic dealt with the impact of this crisis in the economies of some Arab countries,including oil and non-oil and their impact on certain economic variables and financial markets ofthese countries, and through the whole what has been presented research was to reach a set ofconclusions and proposals notably that the main reason for the explosion of the financial bubble isthe wrong use financial derivatives, expansion and over-the granting of mortgage loans toindividuals and companies to meet with banking facilities and failure to diversify in guarantees anda focus on real estate collateral by US banks, and is reflected in the research to reach arecommendation that the adoption of the early warning indicators to monitor the internal andexternal environment to be able to detect the crisis in the beginning of the composition.
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Forrer, Acie S., and Donald A. Forrer. "Analysis Of The Relationship Between Economic Cycle Swings And Adoption Rate Models Of Financial Innovation Diffusion." Journal of Business & Economics Research (JBER) 13, no. 2 (2015): 103. http://dx.doi.org/10.19030/jber.v13i2.9179.
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The United States financial crisis, starting with the credit boom of 2007 and ending with the failure of Lehman Brothers in September 2008, has led to a loss of confidence in the United States financial system. The Financial Crisis Inquiry Commission indicated that the financial crisis affected over 26 million Americans. Many scholars have attributed the crisis to financial innovations, such as mortgage backed securities, adjustable rate mortgages and no-income verified loans, as key innovations that led to the market collapse. Financial innovations have had both positive and negative impacts on the financial industry. Providing a framework that describes the relationship between economic cycle swings and adoption rates of innovative financial instruments can provide greater stability and predictability in financial innovation diffusion, which can lead to more stable returns for shareholders and enhance the public interest through a healthy, innovative and more stable financial industry. An abbreviated evidence-based systematic review was completed on financial innovations that led to the financial crisis of 2007. The research suggests that there is an equilibrium period of time that financial organizations can adopt innovation to avoid unintended consequences like the recent financial crisis. Providing a framework of adoption time can demonstrate where financial innovations can be absorbed to provide the organization with the ability to financially innovate during pro and counter cyclical economic periods. Through an understanding of the timing of financial innovations as they occur in economic cycles, managers of financial organizations can choose the adoption period of time more carefully which could have averted the financial crisis that affected millions of Americans.
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Anacker, Katrin B. "Analyzing Rates of Seriously Delinquent Mortgages in Asian Census Tracts in the United States." Urban Affairs Review 55, no. 2 (2017): 616–38. http://dx.doi.org/10.1177/1078087417724907.
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Although race and ethnicity have been analyzed and discussed in the context of the national foreclosure crisis, there has been little work on neighborhoods in which different Asian subgroups reside, which is surprising given the relatively large demographic, economic, and social differences. Based on NSP 3 data, provided by the U.S. Department of Housing and Urban Development (HUD), and 2005/2009 American Community Survey (ACS) data, provided by the U.S. Bureau of the Census, this article utilizes descriptive statistics and weighted least squares (WLS) regressions to analyze rates of seriously delinquent mortgages for Census tracts in all Metropolitan Statistical Areas (MSAs), differentiating among different Asian subgroups. Findings show that neighborhoods with Hmong, Laotian, and Cambodian households had relatively high rates of seriously delinquent mortgages, whereas neighborhoods with Chinese, Japanese, and Pakistani households had relatively low rates of seriously delinquent mortgages.
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Mayer, Margit. "Das neue Elend der US-Städte." PROKLA. Zeitschrift für kritische Sozialwissenschaft 41, no. 163 (2011): 253–72. http://dx.doi.org/10.32387/prokla.v41i163.353.
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The recent financial and economic crisis had its origins in the subprime mortgage collapse that wreaked havoc across urban America, with exploding foreclosure and eviction rates confronting municipalities with entirely new challenges. On top of these housing market and vacancy problems, the financial crisis has squeezed municipal budgets so that local politicians have themselves resorted to risky fiscal innovations as well as to increasingly severe cuts in public sector and social programs, aggravating poverty, homelessness and the decay of public urban infrastructures. While these developments occur unevenly across different types of cities and regions, and state measures to deal with the accelerating social problems have also varied, trends of instrumentalizing the ‘budget crisis’ for consolidating class power can be identified. With the assault on public sector unions launched by a number of states and cities, some disparate protest and resistance movements have begun to emerge.
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Hyman, Louis. "Ending Discrimination, Legitimating Debt: The Political Economy of Race, Gender, and Credit Access in the 1960s and 1970s." Enterprise & Society 12, no. 1 (2011): 200–232. http://dx.doi.org/10.1017/s1467222700009770.
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Today, in the aftermath of the subprime crisis, there is a foreboding sense that it is too easy for Americans to borrow. Living beyond our means on our cards and our mortgages, Americans borrowed at an unsustainable pace, and what put us here, the logic goes, was the unfortunate collision of lenders' greed and borrower's cupidity. Yet free-for-all borrowing defined another moment's economy as well, but without the ill consequences: the postwar period. After World War II, cheap credit underpinned the suburban prosperity, through government-insured loans, auto financing, and even department store Charga-Plates.
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Marcuse, Peter. "Ein anderer Blick auf die Subprime-Krise." PROKLA. Zeitschrift für kritische Sozialwissenschaft 38, no. 153 (2008): 561–68. http://dx.doi.org/10.32387/prokla.v38i153.452.
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What is called the "subprime mortgage crisis" reflects an underlying crisis in the housing system: the inability of the market to provide adequate and affordable housing for large numbers of Americans. Household income is too low, and profit expectations by the private housing market are too high. Until today, this problem was met by government programs that tried to maintain the two causes of that inadequacy: promoting for lower-income households private home ownership, in homes supplied by the private market. Re-regulation of this market or mild answers like relief for distressed homeowners won't solve the problem. A radical change is needed. At the ideological level we need an educational campaign to illuminate the limits of home "ownership" and the range of available alternatives. At the economical level public financing has to cover the gap between even regulated housing costs and ability to pay until adequate incomes are guaranteed.
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Shaikh, Salman. "“EVALUATE THE EFFECT OF GLOBAL RECESSION ON LEADING AGRICULTURE, MANUFACTURING AS WELL AS SERVICE SECTORS OF INDIA"." GAP iNTERDISCIPLINARITIES - A GLOBAL JOURNAL OF INTERDISCIPLINARY STUDIES 3, no. 2 (2020): 125–31. http://dx.doi.org/10.47968/gapin.320021.
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In today’s era all the countries are interlinked with the web of globalization. Which means a small jerk in the foreign country leads to the great impact on the domestic country. The same incident happened in the history; better known as global crisis of United States of America. The crisis On Sept. 15, 2008, Lehman Brothers filed for bankruptcy. With $639 billion in assets and $619 billion in debt, Lehman's bankruptcy filing was the largest in history, as its assets far surpassed those of previous bankrupt giants such as WorldCom and Enron. Lehman was the fourth-largest U.S. investment bank at the time of its collapse, with 25,000 employees worldwide. Lehman's demise also made it the largest victim of the U.S. subprime-mortgage-induced financial crisis that swept through global financial markets in 2008. Lehman's collapse was a seminal event that greatly intensified the 2008 crisis and contributed to the erosion of close to $10 trillion in market capitalization from global equity markets in October 2008 – the biggest monthly decline on record at the time. In this paper an attempt is made to represent India being a part of globalization experienced what kind of impact on its manufacturing, agriculture and service sector.
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Castree, Noel. "The 2007–09 Financial Crisis Narrating and Politicising a Calamity la Crisis Financiera 2007–09 Narrando y Politizando una Calamidad." Human Geography 3, no. 1 (2010): 34–48. http://dx.doi.org/10.1177/194277861000300103.
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The events triggered by defaults on ‘sub-prime’ mortgages have been widely described as constituting a ‘crisis’. But a crisis of what exactly? Several different explanations of the 20 month drama that unfolded from summer 2007 have been proposed by a wide range of commentators. These include journalists, academics, politicians, business-people, pundits and public administrators, among others. This essay parses this superfluity of crisis talk into five principal accounts. It focuses on the Anglo-American scene. The interpretations presented range from the simplistic and populist to the complex and specialised. They are compared and contrasted, and in each case their diverse normative implications are sketched. As a Marxist, I argue that the fifth interpretation – which speaks to macro-economic imbalances and asymmetries of class power – is the most compelling. But I also argue that each of the other interpretations can be narrated and politicised in such a way as to advance Left arguments for far-reaching socio-economic reform. Yet, this fact notwithstanding, the Left – by which I mean those positioned left of both New Labour and the Democrats – has so far failed to use the recent crisis to its political advantage. This, I suggest, is a sign of its long-standing marginality in Britain and the US – a marginality so entrenched that even an acute economic crisis has been unable to alter it. This crisis thus reveals a seeming paradox: the continued strength of neoliberal capitalism despite itself.
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Yale, Gordon, Hugh Grove, and Maclyn Clouse. "Risk management lessons learned: countrywide report." Corporate Ownership and Control 11, no. 1 (2013): 33–46. http://dx.doi.org/10.22495/cocv11i1conf1p4.
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International and U.S. banks should benefit from studying Countrywide Financial Corporation’s business practices leading up to the 2008 financial crisis in order to develop lessons learned for improved risk management and corporate governance by both boards of directors and management. Especially for U.S. banks, the 2010 Dodd-Frank Act now requires all U.S. banks supervised by the Federal Reserve Bank to have risk management committees with at least one “risk management expert” on the committee. However, the $6.2 billion “London whale” loss at JPMorgan Chase in 2012 has motivated large institutional shareholders of JPMorgan Chase common stock to demand the removal of three risk management board members. It was hard to determine the “risk management expert” among the four committee members: a JPMorgan Chase director since 1991, the head of Honeywell International, a former KPMG executive, or the president of the American Museum of National History. Internationally, the proportion of bank boards that have risk committees was significantly higher in Europe in 2005 (26.6%) than in the United States (9.6%) (Allemand et al 2013). When a board decides to create a risk committee, it shows greater awareness of the importance of risk management and control (Hermanson 2003). When risks are complex and when the regulatory environment is strong, the creation of a risk committee becomes necessary and a risk management committee can help to make the profile risk of a bank more intelligible to the board. The presence of such a committee should lead to a lower risk (Brown, Steen and Foreman 2009). However, Countrywide had a risk management committee. Although it was repeatedly warned of investment risks by senior Countrywide executives, it ignored such risk warnings. Similarly, a weak system of management control was found to be a key, recurring structural factor in corporate governance implications from the 2008 financial crisis (Grove et al 2012). The following excerpts from the forensic accounting report on Countrywide are used to develop six key risk management lessons that should have been learned by any bank risk management committee for improved corporate governance. This forensic accounting report for Countrywide Financial Services was prepared by Gordon Yale, a practicing forensic accountant in Denver, Colorado. This forensic investigation of Countrywide was performed at the request of the Attorney General of the State of Florida who used the resulting forensic report in litigation against Countrywide’s Chief Executive Officer, Angelo Mozilo. A Florida court threw the Mozilo case out because Mr. Mozilo was not a resident of the state. Before an appeal by the Florida Attorney General was decided, the Mozilo case was dropped because Bank of America, which had acquired Countrywide as it neared financial collapse in 2008, settled a larger action with eleven states, including Florida, for approximately $8.4 billion. In doing so, Bank of America avoided prosecution for Countrywide’s alleged fraudulent conduct – inducing customers into taking out subprime mortgages and other risky, high-cost loans. The State of Florida’s share of that settlement was nearly $1 billion. This forensic report was used to develop key risk management lessons learned from Countrywide which was the largest generator of these risky, “no-doc” (no significant applicant qualifications) subprime mortgages and other high-cost loans which helped precipitate the 2008 financial crisis.
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Chesnais, François. "THE HISTORICAL SETTING AND ORIGINAL TRAITS OF THE WORLD CRISIS." Revista Políticas Públicas 18 (August 5, 2014): 23. http://dx.doi.org/10.18764/2178-2865.v18nep23-32.
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Os mais dramáticos e mais divulgados episódios da crise mundial tem sido financeiros: o colapso do mercado de crédito de hipotecas em 2007, a falha dos irmãos Lehmann em setembro de 2008 e mais recentemente o comércio bancário da Euro zona e a soberana crise de débito. Esses é claro ocorreram cada um em seu tempo e tiveram seu próprio impacto na produção, comércio e emprego. Mas isso não faz da crise uma “crise da financeirização” ou do “neoliberalismo”, mas do capitalismo tout court em certo momento de sua história. Suas causas subjacentes são superprodução e superacumulação a nível mundial e um jogo eficaz da tendência da taxa de lucro para cair apesar do recurso por capital dos fatores de compensação. A duração da crise, que é agora chamada não de ‘Grande Recessão’ Americana mas sim de crise global (McNally,2011), e o fim da fase onde a China e o Brasil pareciam estar dissociadas da crise mundial são expressões disto.Palavras-chave: Crise mundial, burguesia, Capital.THE HISTORICAL SETTING AND ORIGINAL TRAITS OF THE WORLD CRISISAbstract: The most dramatic and most publicized episodes of the world crisis have been financial: the subprime mortgage market collapse in 2007, the failure of Lehmann Brothers in September 2008 and more recently the Eurozone banking and sovereign debt crisis. They have of course each time had their own impact on production, trade and employment. But this does not make the crisis a “crisis of financialisation” or of “neoliberalism”, but of capitalism tout court at a given momentof its history. Its underlying causes are overproduction and over-accumulation at world level and an effective play of thetendency of the rate of profit to fall despite the recourse by capital to the offsetting factors. The length of the crisis, which is now named not a US ‘Great Recession” but a global slump (McNally, 2011), and the end of the phase where China and Brazil appeared to be decoupled from the world crisis are expressions of this.Key words: World crisis, bourgeoisie, Capital.
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Krey, Volker, Jan Stenger, Oliver Windgätter, and Thomas Roggenfelder. "Financial Crisis and German Criminal Law: Managers' Responsibility for Highly-Speculative Trading in Obscure Asset-Backed Securities Based on American Subprime Mortgages." German Law Journal 11, no. 3 (2010): 319–29. http://dx.doi.org/10.1017/s207183220001854x.
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“Should bankers be publicly hanged for what they have done?” During a visit to Abu Dhabi in March 2009, the author came upon this sarcastic question while reading the well-known United Arab Emirates' journal “The National.” The aforesaid question was part of an interview with Paul Koster, chief executive of the Dubai Financial Services Authority, concerning the financial crisis. He answered in the negative by saying, “There will be court cases, but public hanging is a bit extreme.” His statement has, in a way, anticipated the result of the paper at hand: There should be criminal proceedings in Germany as well; however, they should not result in draconian criminal consequences.
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Ermilova, Mariia, and Natalya Gryzunova. "Instruments for financing housing construction in the United States in the context of globalization." SHS Web of Conferences 92 (2021): 03008. http://dx.doi.org/10.1051/shsconf/20219203008.
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Research background: The housing and construction markets are one of the main segments of the economy of any country. Solving several social and economic problems of the state, it is required to ensure the efficient operation of these markets. The leading economy in the world is the US economy. The tools and mechanisms used in the American market have been adapted in other countries as well. The main questions facing market participants are securing funding. Moreover, financing should be so efficiently established that the maximum number of entities will be able to use it to implement their tasks. Purpose of the article: Within the framework of this study, a list of instruments for financing the construction of residential real estate was identified, which can be successfully adapted in the Russian economy in the context of globalization and taking into account the consequences that occur as a result of various crises. Methods: The research used methods of analysis and synthesis, statistical analysis, modeling, logical analogy and generalization of results. Findings & Value added: The results of the study showed that the American system of financing the construction of residential real estate is differentiated. The subject composition of markets allows us to solve every problem that appears in the process of functioning of the markets. The insurance system is well-functioning. The presence of a system of guarantees further protects the rights of market participants. Thus, analyzing the possibilities of adapting the American experience in Russian practice, it was determined that the development of the mortgage segment and the introduction of a guarantee system would be effective.
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Kambali, Muhammad. "Analisis Peran Negara Di Bidang Ekonomi Dalam Prespektif Sistem Kapitalisme, Sosialisme, Dan Ekonomi Islam." JES (Jurnal Ekonomi Syariah) 1, no. 1 (2016): 16–35. http://dx.doi.org/10.30736/jes.v1i1.2.
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The economic crisis that convolved the world economy a few years ago is the result of a series of government policies in the economic field. Starting from the Subprime Mortgage in America, the crisis eventually spreads across all sectors of the economy. As analysts say that the explosion of the current economic crisis is caused by the trend of low interest rates that are applied by the Fed. The trend of low interest rates will give rise to expectation of market to future economic situation. It is characterized by the overflow of capital expansion in all sectors, especially in property sector. Today, along with the growing mobility of capital from one country to another as part of unavoidable economic liberalization, mobility of capital, on the one hand, has spawned some of the imbalances in the life of a State. The powerlessness can not be separated from economic ideology and system on state role in the economy. Capitalism with its laissez faire brings the concept of state minimal role in the economy. In the empirical facts, it is broken by the crisis situation in 1930 and today's financial crisis. Socialism tends to carry the central role of the State in the economy through the centralistic planning system. The fall of the Soviet Union in the 1980s brought the world to a choice whether reconstructing capitalism or socialism as Fukuyama and Gidden said. On the other hand, as the new system, the economic system of Islam brings the concept of the role of the State in the economy on the basis of universal values of Islam, such as justice in the economy which is reflected in the mechanism of the prohibition of riba (usury), just income distribution and redistribution of income through zakat and social security. This article is an exposure of the State's role in the economy which is studied through the perspective of today’s economic system. The systems are capitalism, socialism, and Islam. The article not only explores conceptual framework, but also also contains an empirical framework mapping and how the conceptual framework is operated. At the end, from the two mapping (conceptual and empirical), author draws a reflection of how the State should play a role in the economic field.
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Moreton-Robinson, Aileen, and Maggie Walter. "Editorial." International Journal of Critical Indigenous Studies 2, no. 1 (2009): 1. http://dx.doi.org/10.5204/ijcis.v2i1.31.
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This special edition of the International Critical Indigenous Studies Journal focuses on Indigenous people's engagement with the economy in Australia. Over the past two decades neo liberalism has shaped global economic activity. The international reach of the current economic crisis propelled by the subprime mortgage meltdown in the United States has affected Indigenous communities in different ways to those whose investments were depleted by the Wall Street activities of an unregulated corporate and banking sector. Throughout this roller coaster economic ride the low socio-economic position of Indigenous peoples continued in Canada, the United States of America, New Zealand, Hawaii and Australia. The logic, or illogic of capital, failed to extend the boom of the economic upturn to Indigenous peoples, but is poised to extend the repercussions of the current downturn deep into Indigenous lives. The consistency of the Indigenous socio-economic position across these countries, even where treaties exist, indicates that the phenomenon is based on a shared Indigenous reality. In this special edition, the commonality in the way in which Indigenous people are engaged in and positioned by market forces and regulation by their respective nation states is proposed as one of the foundation plates of that Indigenous positioning.
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Lartey, Franklin M. "Ethical Challenges of Complex Products: Case of Goldman Sachs and the Synthetic Collateralized Debt Obligations." International Business Research 13, no. 6 (2020): 115. http://dx.doi.org/10.5539/ibr.v13n6p115.
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In analyzing complex products, this study selected the company Goldman Sachs and one of its product offerings, the synthetic collateralized debt obligation (synthetic CDO). The study later analyzed the ethical implications of providing such a complex product to customers. A review of the literature indicates that researchers identified this product and other associated derivatives of the mortgage backed securities as the main causes of the 2008 financial crisis in the United States of America. As such, Goldman Sachs’ offering of the product posed ethical and moral issues. An analysis of the company and its offering was done under the lenses of various ethical theories such as Kohlberg's theory of moral reasoning, the Kantian ethics, the utilitarian perspective, Friedman’s shareholder theory, the stakeholder theory, the market approach to consumer protection, and the contract view of consumer protection. Besides Friedman’s shareholder theory, all other theories judged the product offering morally wrong and unethical. At the end of the study, the author suggested a contribution to knowledge regarding Kohlberg’s theory of moral reasoning in its application to organizations. The author also suggested further research to validate the outcome of Friedman’s shareholder theory regarding this case.
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Katz, Claudio. "Lección Acelerada de Capitalismo." Human Geography 2, no. 1 (2009): 1–16. http://dx.doi.org/10.1177/194277860900200108.
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Lessons from Capitalist Accumulation Contradictory policies are being applied to the financial collapse in the United States. Nationalization and encouraging mergers constitute the prevalent approach, yet some banks are allowed to fail. Nationalizing toxic mortgages will entail unprecedented costs, yet will not solve the debt problem. The recession that began in North America tends to globalize: European monetary policy deepens the recession; Japan is dragged down by its own depression; the possibility of a new economic block headed by China vanishes. Initial analogies made with the 1987 crash, and with the end of the technological bubble in 2001, have little accuracy. And many comparisons made with the depression of the 1930s miss the differences produced by state interventionism and the globalization of capital and power. However, reference to the 1975–79 period is more useful in figuring out the changing phase of the capitalist economy. A loss of political authority, military adversities, and economic unbalances limit the possibilities of the US to export the crisis. The financial crisis rebuffed the neoliberal beliefs and the assumption that sophisticated investments can help reduce risks. Speculation is inherent to Capitalism, and the bankers and industry have worked in unison. The crunch is due to a peculiar crisis of over-production rooted on the fake valorization of assets and worker indebtedness induced by easy credit. The crisis demonstrates how wage contraction and global competition strengthen the problem of over-production. As well, it converges with a cyclical scarcity of raw materials, fostered by environmental degradation. These processes have exhausted North-American hyper-consumption financed by the rest of the world. Peripheral countries are the most likely to suffer most from the major effects of the crisis, as anticipated by the tragedy of Africa. Even continued control by the ruling classes in the semi peripheral countries over specific economic areas is uncertain. The financial tsunami illustrates the adverse consequences of Capitalism and motivates the construction of a socialist alternative. The author is member of the Buenos Aires-based Left-Wing Economists Group (EDI) Resumen En Estados Unidos se implementan medidas contradictorias frente al colapso financiero. Predomina la estatización y el aliento de las fusiones, pero también se insinuó permitir la caída de algunos bancos. La nacionalización de hipotecas tóxicas tendrá un costo inédito y no resuelve la insolvencia de los deudores. La recesión norteamericana tiende a globalizarse, la política monetaria europea acentúa el enfriamiento, Japón arrastra su propia depresión y se esfuma la expectativa de un desacople liderado por China. Las analogías iniciales con el crack bursátil (1987) y la burbuja tecnológica (2001) han perdido pertinencia, pero muchas comparaciones con el 30 omiten las diferencias creadas por el intervencionismo estatal y la asociación mundial de capitales y potencias. Ciertas semejanzas con la depresión japonesa son acertadas, pero la referencia de 1975–76 es más útil para graficar el cambio de etapa. La pérdida de autoridad política, las adversidades militares y los desequilibrios económicos limitan la capacidad norteamericana para exportar la crisis. Pero el paradójico refugio en el dólar abre interrogantes sobre su ocaso.