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What were the causes of the Great Recession? The mainstream approach vs. the monetary interpretation

Tim Congdon

Chapter 1 in Money in the Great Recession, 2017, pp 27-56 from Edward Elgar Publishing

Abstract: Most analyses of the Great Recession have blamed it on weaknesses of banking systems, notably excessive losses and a lack of capital. However, this mainstream approach is far from convincing, as most banks had higher capital/asset ratios ahead of the crisis than on average in recent decades. An alternative argument – that the falls in asset prices and slump in demand were due to a crash in the rate of money growth – is proposed, and is shown to be applicable to the main countries.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2017
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