Public Policy Brief No. 94 | April 2008

Financial Markets Meltdown

What Can We Learn from Minsky?

In this new Public Policy Brief, Senior Scholar L. Randall Wray explains today’s complex and fragile financial system, and how the seeds of crisis were sown by lax oversight, deregulation, and risky innovations such as securitization. He estimates that the combined losses throughout the entire financial sector could amount to several trillion dollars, and that the United States will feel the effects of the crisis for some time—perhaps a decade or more.


Wray recommends enhanced oversight of financial institutions, much larger stimulus packages, and creation of a new institution in line with President Franklin D. Roosevelt’s Home Owners’ Loan Corporation.


Publication Highlight

Working Paper No. 932
Rethinking China’s Local Government Debt in the Frame of Modern Money Theory
Author(s): He Zengping, Jia Genliang
June 2019

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