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Press Release
Subprime Mortgage Crisis Could Trigger Full-Scale Debt Deflation if Housing Prices Continue to Fall
Public Policy Brief Highlight No. 93
Minsky’s Cushions of Safety: Systemic Risk and the Crisis in the US Subprime Mortgage Market
In this brief, Senior Scholar Jan Kregel reviews Hyman P. Minsky’s concept of financial fragility—in short, that the structure of a capitalist economy becomes more fragile over a period of prosperity—and concludes that the current crisis is in fact the result of insufficient margins of safety based on how creditworthiness is assessed in the new […]
Report No. 1
Report January 2008
A new Strategic Analysis by the Levy Institute’s Macro-Modeling Team reviews the domestic economy and where things might be headed. It argues that a significant drop in borrowing is likely to take place in the coming quarters unless the dollar is allowed to continue its fall and thus complete the recovery in the external imbalance, […]
Public Policy Brief No. 93
Minsky’s Cushions of Safety
In this brief, Senior Scholar Jan Kregel reviews Hyman P. Minsky’s concept of financial fragility—in short, that the structure of a capitalist economy becomes more fragile over a period of prosperity—and concludes that the current crisis is in fact the result of insufficient margins of safety based on how creditworthiness is assessed in the new […]
Research Project Report No. 34
Joint Project of UNDP and Levy Institute on Public Employment
Joint UNDP—Levy Institute Study Focuses on Employment Guarantee Strategies The recent financial turmoil has brought with it worldwide acceptance of the fact that, when markets fail, government intervention is indispensable. One manifestation of market failure, within the sphere of production, is the inability of private sector investment to absorb surplus labor. In such instances, government […]
Summary No. 1
Summary Winter 2008
In their latest Strategic Analysis, Distinguished Scholar Wynne Godley, Research Scholars Greg Hannsgen and Gennaro Zezza, and President Dimitri B. Papadimitriou forecast a significant drop in borrowing and private expenditure in the coming quarters, with severe consequences for growth and unemployment—unless the dollar continues to fall and fiscal policy shifts its course. Contents: […]
Working Paper No. 526
American Jewish Opinion about the Future of the West Bank
American Jewish opinion about the Arab-Israel conflict matters for both American and Israeli politics as well as for American Jewish life. This paper undertakes an analysis of that opinion based on American Jewish Committee (AJC) annual polls. Recently, the AJC made the individual-level datasets for the 2000–05 period available to researchers. The paper focuses on […]
Working Paper No. 525
Financialization
Financialization is a process whereby financial markets, financial institutions, and financial elites gain greater influence over economic policy and economic outcomes. Financialization transforms the functioning of economic systems at both the macro and micro levels. Its principal impacts are to (1) elevate the significance of the financial sector relative to the real sector, (2) transfer […]
Working Paper No. 524
Promotion Nationale
Created in 1961, Promotion Nationale (PN) is an autonomous public entity in charge of mobilizing an underemployed or unemployed workforce for the implementation of labor-intensive projects, calling upon a simple technology likely to provide employment to unskilled workers. It is one of the major programs of social protection in Morocco—the oldest, most important, and best-targeted […]
Working Paper No. 523
The Natural Instability of Financial Markets
This paper contrasts the economic incentives implicit in the Keynes-Minsky approach to inherent financial market instability with the incentives behind the traditional equilibrium approach leading to market stability to provide a framework for analyzing the stability induced by the recent changes in bank regulation to modernize financial services and the evolution of financial engineering innovations […]
Working Paper No. 522
Lessons from the Subprime Meltdown
This paper uses Hyman P. Minsky’s approach to analyze the current international financial crisis, which was initiated by problems in the American real estate market. In a 1987 manuscript, Minsky had already recognized the importance of the trend toward securitization of home mortgages. This paper identifies the causes and consequences of the financial innovations that […]
Strategic Analysis
The US Economy: Is There a Way Out of the Woods?
In their latest Strategic Analysis, Distinguished Scholar Wynne Godley, President Dimitri B. Papadimitriou, and Research Scholars Greg Hannsgen and Gennaro Zezza review recent events in the housing and financial markets to obtain a likely scenario for the evolution of household spending in the United States. They forecast a significant drop in borrowing and private expenditure […]