Necesitamos más que nunca una economía crítica. Con Exploring Economics, reforzamos los enfoques económicos alternativos y contrarrestamos la economía dominante con una comprensión crítica y pluralista de la educación económica. También ofrecemos análisis de fondo sobre los debates económicos actuales para fortalecer un discurso económico crítico.
Por desgracia, nos estamos quedando sin dinero para continuar nuestro trabajo.
Con una pequeña contribución puede ayudar a que Exploring Economics siga en línea. Muchas gracias.
Somos una organización sin fines de lucro registrada | Cuenta bancaria: Netzwerk Plurale Ökonomik e.V., DE91 4306 0967 6037 9737 00, GENODEM1GLS | Información legal
Photo by Alec Favale on Unsplash
We collect and republish selected Working Papers and Journal Articles on Exploring Economics.
Nina Dodig, Hansjörg Herr | 2015
Abstract: This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which however do not give any explanation for the occurrence of financial crises and thus cannot suggest any remedies for the present situation. A broad range of theoretical approaches analyzing financial crises from a medium term perspective is then discussed. Within this group we focused on the insights of Marx, Schumpeter, Wicksell, Hayek, Fisher, Keynes, Minsky, and Kindleberger. Subsequently the contributions of the Regulation School, the approach of Social Structures of Accumulation and Post-Keynesian approach, which focus on long-term developments and regime shifts in capitalist development, are presented. International approaches to finance and financial crises are integrated into the analyses. We address the issue of relevance of all these theories for the present crisis and draw some policy implications. The paper has the aim to find out to which extent the different approaches are able to explain the Great Recession, what visions they develop about future development of capitalism and to which extent these different approaches can be synthesized.
JEL codes: B14, B15, B24, B25, E11, E12, E13, E32
Key words: theories of crisis, Marxian, Institutional, Keynesian, capitalism, finance, financial crisis
Subscribe to our newsletter to learn about new debates, conferences and writing workshops.
Go to: Theories of finance and financial crisis: Lessons for the Great Recession