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Financial deregulation and the 2007-08 US financial crisis

Ozgur Orhangazi ()

Working papers from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project

Abstract: Financial deregulation was a significant factor in preparing the conditions for the 2007-08 financial crisis. In the run up to the crisis, deregulation created an environment in which mortgage lending expanded and speculation in other financial markets were heightened, even though riskiness was steadily increasing. In this paper, I review the history of regulation and deregulation in the US and discuss the channels through which financial deregulation contributed to the 2007-08 crisis. I begin with a brief overview of the history of regulation and deregulation in the US economy. Then, I discuss the channels through which financial deregulation contributed to the financial crisis. I review policy suggestions of those who see financial deregulation as the main contributor of the financial crisis and provide a critical assessment of these, while broadly situating financial deregulation within the context of the broader changes in capitalism since early 1980s.

Keywords: financial deregulation; financial crisis; financialization; Great Recession (search for similar items in EconPapers)
JEL-codes: E6 G1 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2014-08-14
New Economics Papers: this item is included in nep-hme and nep-mac
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