Narratives of the Great Financial Crisis (GFC): Why I am out of step

Charles Goodhart ()
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Charles Goodhart: London School of Economics and Political Science, Postal: Houghton Street, London WC2A 2AE, http://www.lse.ac.uk/home.aspx

Journal of Financial Perspectives, 2013, vol. 1, issue 3, 13-19

Abstract: Economics is not a hard science, subject to controlled experiments. In their absence, we economists construct narratives to explain events, often involving key sound bites. Among the sound bites of the financial crisis are the following: “Separate the casino from the utility bank”; “Protect the taxpayer; bail-in the bank creditor”; “Moral hazard is ever present”; “Liquidate zombie banks and zombie borrowers”. This paper argues that each of these sound bites give a misleading picture of a far more complex reality.

Keywords: Financial crisis; Sound-bites; Bail-out; Bail-in (search for similar items in EconPapers)
JEL-codes: E40 E42 E44 G10 G18 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofipe:0033

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