Financial Crisis in Terms of the Market Disequilibrium

Yuli Radev

Ikonomiceski i Sotsialni Alternativi, 2015, issue 1, 5-31

Abstract: This article continues the debate on the re­cent financial crisis and the lessons that econo­mists should read from it. The model presented summarizes in itself as some of the traditional and more modern models of financial crises. A challenge for the author is the analysis of the financial crises in terms of the theory of disequi­librium, which won many adherents during the last years. Disturbing factor in this design of dis­equilibrium is the financial sector. Following the classical dichotomy, the real sector determines the economic development, and the financial sector is adjusted toward the equilibrium. During this adjustment the financial sector can develop independently of real sector. The question about reliability of the conventional economic models in analyses of financial crises remains open.

Keywords: market; disequilibrium (search for similar items in EconPapers)
JEL-codes: D60 E03 G01 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:nwe:iisabg:y:2015:i:1:p:5-31

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