The Explanation of the Subprime Crisis According to the Austrian School: A Defense and Illustration

Fillieule Renaud ()
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Fillieule Renaud: Université de Lille 1, Cité Scientifique, 59100 Lille, France

Journal des Economistes et des Etudes Humaines, 2013, vol. 19, issue 1, 101-136

Abstract: This paper aims, first of all, at showing that there is a very close correspondence between the series of events of the subprime cycle and the typical process described by the Austrian business cycle theory. It then answers to some of the main criticisms directed against the Austrian explanation of this crisis. It shows, finally, how major aspects of this cycle – housing bubble, governmental policies of credit and housing, financial innovations – can be integrated to or deduced from the Austrian explanatory framework.

Keywords: business cycle; subprime crisis; Austrian School of Economics (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1515/jeeh-2012-0006

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