Asset inflation and deflation triggered by the US housing financial system

Maria Cristina Penido de Freitas () and Marcos Antonio Macedo Cintra ()

Brazilian Journal of Political Economy, 2008, vol. 28, issue 3, 414-433

Abstract: This paper deals with the financial crisis triggered after the default of subprime mortgages in the United States which expanded to a global systemic crisis. It is divided into a brief introduction and three sections. The first section sums up the dynamics of inflation and deflation of real estate and financial assets which characterizes finance-led cycles. The second section covers major effect of financial assets deflation on the American and European banks. The third section focuses on measures implemented by central banks in order to manage this financial crisis. JEL Classification: E31; E32; G12; G21; G24.

Keywords: subprime mortgages; financial innovations; financial crisis; asset inflation and deflation; role of central banks (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:ekm:repojs:v:28:y:2008:i:3:p:414-433:id:534

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