Booms and Busts in United States Financial Markets

Yochanan Shachmurove

No 52, Working Papers from Department of Applied Econometrics, Warsaw School of Economics

Abstract: Financial crises, booms and busts are an inherent part of the capitalist system. The current financial crisis that began in 2007 has reignited the debate about the causes and consequences of previous economic downturns. While some look at the differences among crises, both historical and as related to the specific mechanics of the shock triggering a crisis, others emphasize their similarities across countries and historical episodes. This paper presents an overview of the history of financial crises, primarily in the United States. The conclusion is that these crises are similar and are likely to reoccur.

Keywords: Financial Crises; Financial Regulations and Reforms; Banking Panics; Banking Runs; Nineteenth and Twentieth Century Crises; Bankruptcies; Federal Reserve Bank; Subprime Mortgage; Troubled Asset Relief Program (TARP); Collateralized Debt Obligations (CDO); Mortgage Backed Securities (MBO); Glass-Steagall Act; J.P. Morgan Chase; Bear Stearns; Augustus Heinze; Timothy Geithner; Paul Volcker. (search for similar items in EconPapers)
JEL-codes: E0 E3 E44 E5 E6 G0 G18 G38 N0 N1 N2 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2011-05-15
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