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Mortgage subprimes crisis and its impact on the venezuelan economy

Marysergia Esther Peña Guerra () and Luisa Maribel Rivero de Elcure ()
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Marysergia Esther Peña Guerra: Departamento de Economía. Facultad de Ciencias Económicas y Sociales. Universidad de los Andes. Mérida. Teléfono: +58 274 2401017. Zona Postal 5101. Venezuela.
Luisa Maribel Rivero de Elcure: Departamento de Economía. Facultad de Ciencias Económicas y Sociales. Universidad de los Andes. Mérida. Teléfono: +58 274 2401017. Zona Postal 5101. Venezuela.

Economía, 2015, vol. 40, issue 40, 11-46

Abstract: The purpose of this paper is to analyze the impact of 2008 mortgages subprime crisis on the venezuelan economy. The study is presented in two sections: first, we characterized the triggersof the crisis through Minsky’s theory, and the second, is analyzed, using descriptive statistics, its impact on macroeconomic aggregates Venezuela. We conclude that the crisis was transmitted to the Venezuelan economy in two ways: by the commercial channel, especially its impact on energy markets and, to a lesser significant, by the financial channel, through the fall in the foreign investment.

Keywords: Subprime mortgages; external shocks; oil market; venezuelan public finances. (search for similar items in EconPapers)
JEL-codes: E32 E62 G12 Q33 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:ula:econom:v:40:y:2015:i:40:p:11-46

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