Transformation of the Financial System: Financialisation, Concentration and the Shift to Shadow Banking

Yeva Nersisyan and L. Randall Wray

Chapter 2 in Minsky, Crisis and Development, 2010, pp 32-49 from Palgrave Macmillan

Abstract: Abstract There is little doubt that the current crisis is the worst since the Great Depression. US real GDP fell by 5.4 per cent in the first quarter of 2009 alone and investment shrank by 50 per cent. The economy shed as many as 571,000 jobs from August to September, 2009 and November’s official unemployment rate jumped to 10.2 per cent while the broader measure (U-6) rose to a post-depression record of 17.5 per cent (BLS). Yet despite all the dire statistics, most economists believe that the US economy is on the path to a recovery, albeit a jobless one. The conventional view points to the following as evidence: the Dow Jones Industrial Average crossed the 10,000 mark, the housing market is widely believed to have bottomed and credit is flowing again at least to some sectors.

Keywords: Total Asset; Commercial Bank; Credit Default Swap; Credit Union; Large Bank (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-29232-1_3

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DOI: 10.1057/9780230292321_3

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