Global Saving Glut and Housing Bubble: A Critical Analysis
This paper examines the explanation of the "subprime" crisis provided by Bernanke according to which the origin of the housing bubble stemmed from the global saving glut that occurred in the decade 1996-2006. The paper has two objectives. First, it highlights the limits of Bernanke's thesis. Second, it shows that a meaningful explanation of the crisis has to be grounded on the "monetary theory of production" proposed by Keynes to explain how a monetary economy works.
Year of publication: |
2014
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Authors: | Giancarlo, Bertocco |
Published in: |
Economia politica. - Società editrice il Mulino, ISSN 1120-2890. - 2014, 2, p. 195-218
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Publisher: |
Società editrice il Mulino |
Saved in:
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