The Banking Crisis, Nationalization of Banking and the Mixed Economy

Yiannis Kitromilides

Chapter 10 in Macroeconomics, Finance and Money, 2010, pp 150-162 from Palgrave Macmillan

Abstract: Abstract The decision to nationalize the Northern Rock bank in February 2008 was presented by the British government as a temporary measure of last resort. The preferred option of keeping the bank in the private sector by selling it to a number of prospective buyers did not materialize. Bankruptcy, which would have resulted in the failure of a major bank, was ruled out because of the potential threat that it could pose to the stability of the entire financial system. Nationalization was, therefore, the only alternative course of action.

Keywords: Banking System; Moral Hazard; Credit Default Swap; Allocative Efficiency; Banking Crisis (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1057/9780230285583_10

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