Minsky Crisis
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What Is Minsky All About, Anyway?
DEPARTMENT OF ECONOMICS WORKING PAPER SERIES What is Minsky All About, Anyway? Korkut Ertürk Gökcer Özgür Working Paper No: 2009-08 University of Utah Department of Economics 1645 East Central Campus Dr., Rm. 308 Salt Lake City, UT 84112-9300 Tel: (801) 581-7481 Fax: (801) 585-5649 http://www.econ.utah.edu 1 What is Minsky All About, Anyway? Korkut Ertürk Gökcer Özgür Acknowledgements: We would like to thank Ken Jameson for his helpful comments without implicating him for any possible mistakes there might be. 2 The financial crisis has been billed a “Minsky moment” in the mainstream media, turning Hyman P. Minksy into a household name. One would think that this was at long last Minsky’s moment of posthumous vindication, and in a way it was. But, oddly, a couple of post-Keynesian luminaries would have none of it. Paul Davidson, the Editor of JPKE , and Jan Kregel, senior scholar at the Levy Institute of Bard College where Minksy had spent the last of his years, were both eager to set the record straight: the current financial debacle did not qualify as a Minskyan crisis because how it unfolded differed from Minsky’s depiction of crises in his writings (Davidson 2008, Kregel 2008a). Of course, whether we think Minsky is relevant for the current crisis or not depends on what we make of him. If Minskyan work means solely his own writings and their restatement, then, Davidson and Kregel are probably right – one cannot help but focus on what is different about the current crisis. But, if instead Minksyan refers to an evolving literature that emanate from but transcend his work, their arguments miss their mark. -
2015 UBB Annual Report
4 Years Forward United Bankers’ Bancorporation, Inc. | Annual Report 2015 40 Years Forward for Community Banking “… Standing on the shoulders of giants.” This phrase, made famous by Sir Isaac Newton, captures the spirit of UBB’s 40th anniversary. Thanks to the mighty shoulders of the community bankers who courageously 2015 2014 founded UBB as the nation’s first bankers’ bank in 1975, all those bankers over the years who have added their support, and all of you today who will write our future, we feel privileged to be part of the community-banking story. Financial Highlights The 2015 Annual Report that follows combines a retrospective For Years Ended December 31 2015 2014 % Change of this remarkable 40-year journey with a look forward, hence 40 Years … Forward! Each era represents a story-within-a Consolidated: story at UBB: Net Income $ 5,395,651 $ 5,132,455 5.13% Return on Average Equity 7.04% 7.07% (0.42%) • Revolution (1975 to 1990) Return on Average Assets 0.68% 0.68% 0.00% – Inspiration Starts a Movement • Transformation (1990 to 2000) Total Assets $ 804,408,106 $ 788,125,954 2.07% – Ready for a New Direction Loans $ 440,444,263 $ 372,095,004 18.37% Total Liabilities $ 724,576,666 $ 710,465,970 1.99% • Innovation (2000 to 2010) Total Stockholders’ Equity $ 79,831,440 $ 77,659,984 2.80% – Technologies Build Momentum • Anticipation (2010 to 2015) Agent Federal Funds $ 230,000,000 $ 100,000,000 130.00% – Strength for Tomorrow’s Community Bank Common Stock Outstanding 49,212 51,934 (5.24%) UBB President and CEO Bill Rosacker and Board Chairman Dick Behl will bring it all together with their vision for UBB and our Consolidated Per Share Data: community bank partnership. -
How Borrowers Choose and Repay Payday Loans
PAYDAY LENDING IN AMERICA: REPORT 2 How Borrowers Choose and Repay Payday Loans February 2013 This is the second report in a series, Payday Lending in America, that presents original research findings from Pew’s safe small-dollar loans research project on how to create a safe and transparent marketplace for those who borrow small sums of money. www.pewtrusts.org/small-loans THE PEW CHARITABLE TRUSTS SAFE SMALL-DOLLAR LOANS RESEARCH PROJECT FEBRUARY 2013 The Pew Charitable Trusts is driven by the power of knowledge to solve today’s most challenging problems. Pew applies a rigorous, analytical approach to improve public policy, inform the public, and stimulate civic life. The safe small-dollar loans research project focuses on small-dollar credit products such as payday and automobile title loans, as well as emerging alternatives. The project works to find safe and transparent solutions to meet consumers’ immediate financial needs. THE PEW CHARITABLE TRUSTS Susan K. Urahn, executive vice president Travis Plunkett, deputy director ACKNOWLEDGMENTS The safe small-dollar loans research project—Nick Bourke, Alex Horowitz, and Tara Roche—thanks Pew staff members Steven Abbott, Sachini Bandara, Samuel Derheimer, Jennifer V. Doctors, Laura Fahey, Walter Lake, Samantha Lasky, Barclay Mitchell, and Liz Voyles for providing valuable feedback on the report, and Jennifer Peltak, Evan Potler, and Carla Uriona for design and web support. Many thanks to our other former and current colleagues who made this work possible. We also would like to thank the small- loan borrowers who participated in our survey and focus groups, and the many people who helped us put those groups together. -
The Socialization of Investment, from Keynes to Minsky and Beyond
Working Paper No. 822 The Socialization of Investment, from Keynes to Minsky and Beyond by Riccardo Bellofiore* University of Bergamo December 2014 * [email protected] This paper was prepared for the project “Financing Innovation: An Application of a Keynes-Schumpeter- Minsky Synthesis,” funded in part by the Institute for New Economic Thinking, INET grant no. IN012-00036, administered through the Levy Economics Institute of Bard College. Co-principal investigators: Mariana Mazzucato (Science Policy Research Unit, University of Sussex) and L. Randall Wray (Levy Institute). The author thanks INET and the Levy Institute for support of this research. The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY 12504-5000 http://www.levyinstitute.org Copyright © Levy Economics Institute 2014 All rights reserved ISSN 1547-366X Abstract An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky on finance. The best way to do this is within a longer-term perspective, looking at the different stages through which capitalism evolves. -
The Limits of Minsky's Financial Instability Hypothesis As an Explanation of the Crisis
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Palley, Thomas I. Working Paper The Limits of Minsky's Financial Instability Hypothesis as an Explanation of the Crisis IMK Working Paper, No. 11/2009 Provided in Cooperation with: Macroeconomic Policy Institute (IMK) at the Hans Boeckler Foundation Suggested Citation: Palley, Thomas I. (2009) : The Limits of Minsky's Financial Instability Hypothesis as an Explanation of the Crisis, IMK Working Paper, No. 11/2009, Hans-Böckler- Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK), Düsseldorf, http://nbn-resolving.de/urn:nbn:de:101:1-201101312750 This Version is available at: http://hdl.handle.net/10419/105923 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have -
Citigroup: a Case Study in Managerial and Regulatory Failures
CITIGROUP: A CASE STUDY IN MANAGERIAL AND REGULATORY FAILURES ARTHUR E. WILMARTH, JR.* “I don’t think [Citigroup is] too big to manage or govern at all . [W]hen you look at the results of what happened, you have to say it was a great success.” Sanford “Sandy” Weill, chairman of Citigroup, 1998-20061 “Our job is to set a tone at the top to incent people to do the right thing and to set up safety nets to catch people who make mistakes or do the wrong thing and correct those as quickly as possible. And it is working. It is working.” Charles O. “Chuck” Prince III, CEO of Citigroup, 2003-20072 “People know I was concerned about the markets. Clearly, there were things wrong. But I don’t know of anyone who foresaw a perfect storm, and that’s what we’ve had here.” Robert Rubin, chairman of Citigroup’s executive committee, 1999- 20093 “I do not think we did enough as [regulators] with the authority we had to help contain the risks that ultimately emerged in [Citigroup].” Timothy Geithner, President of the Federal Reserve Bank of New York, 2003-2009; Secretary of the Treasury, 2009-20134 * Professor of Law and Executive Director of the Center for Law, Economics & Finance, George Washington University Law School. I wish to thank GW Law School and Dean Greg Maggs for a summer research grant that supported my work on this Article. I am indebted to Eric Klein, a member of GW Law’s Class of 2015, and Germaine Leahy, Head of Reference in the Jacob Burns Law Library, for their superb research assistance. -
February 2019 PA Bar Exam Questions and Analyses
FEBRUARY 2019 PENNSYLVANIA BAR EXAMINATION Essay Questions and Examiners’ Analyses and Performance Test Pennsylvania Board of Law Examiners 601 Commonwealth Avenue, Suite 3600 P.O. Box 62535 Harrisburg, PA 17106-2535 (717) 231-3350 www.pabarexam.org ©2019 Pennsylvania Board of Law Examiners Table of Contents Index ..................................................................................................................................................ii Question No. 1: Facts and Interrogatories, Examiner's Analysis and Grading Guidelines ..............1 Question No. 2: Facts and Interrogatories, Examiner's Analysis and Grading Guidelines ..............9 Question No. 3: Facts and Interrogatories, Examiner's Analysis and Grading Guidelines .............17 Question No. 4: Facts and Interrogatories, Examiner's Analysis and Grading Guidelines .............24 Question No. 5: Facts and Interrogatories, Examiner's Analysis and Grading Guidelines .............34 Question No. 6: Facts and Interrogatories, Examiner's Analysis and Grading Guidelines .............43 Performance Test and Grading Guidelines .......................................................................................50 i Index Question No. 1 1. Decedent’s Estates: Slayer’s Act 2. Decedent’s Estates: decedent’s debts 3. Federal Income Tax: inherited property basis and stepped up basis 4. Professional Responsibility: duty to prospective clients Question No. 2 1. UCC Article II: warranties 2. UCC Article II: disclaimer of warranties 3. Business Organizations: member liability for LLC obligations 4. Business Organizations: limitations on LLC distributions Question No. 3 1. Criminal Law: burglary and theft 2. Family Law: custody 3. Evidence: competency of minor witness Question No. 4 1. Constitutional Law: Equal Protection 2(a). Employment Law: hostile work environment (HWE) 2(b). Employment Law: HWE affirmative defense 3. Civil Procedure: intervention ii Question No. 5 1. Property: estates in land and future interests 2. Contracts: liquidated damages 3. -
File a Complaint About Bank of America
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Minsky's Money Manager Capitalism and the Global Financial Crisis
Working Paper No. 661 Minsky’s Money Manager Capitalism and the Global Financial Crisis by L. Randall Wray Levy Economics Institute of Bard College March 2011 The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY 12504-5000 http://www.levyinstitute.org Copyright © Levy Economics Institute 2011 All rights reserved ABSTRACT The world’s worst economic crisis since the 1930s is now well into its third year. All sorts of explanations have been proffered for the causes of the crisis, from lax regulation and oversight to excessive global liquidity. Unfortunately, these narratives do not take into account the systemic nature of the global crisis. This is why so many observers are misled into pronouncing that recovery is on the way—or even under way already. I believe they are incorrect. We are, perhaps, in round three of a nine-round bout. It is still conceivable that Minsky’s “it”—a full-fledged debt deflation with failure of most of the largest financial institutions—could happen again. Indeed, Minsky’s work has enjoyed unprecedented interest, with many calling this a “Minsky moment” or “Minsky crisis.” However, most of those who channel Minsky locate the beginnings of the crisis in the 2000s. -
Financial Market Bubbles and Crashes
Financial Market Bubbles and Crashes One would think that economists would by now have already developed a solid grip on how financial bubbles form and how to measure and compare them. This is not the case. Despite the thousands of articles in the professional literature and the millions of times that the word “bubble” has been used in the business press, there still does not appear to be a cohesive theory or persuasive empirical approach with which to study bubble and crash conditions. This book presents what is meant to be a plausible and accessible descriptive theory and empirical approach to the analysis of such financial market conditions. It advances this framework through application of standard econometric methods to its central idea, which is that financial bubbles reflect urgent short side – rationed demand. From this basic idea, an elasticity of variance concept is developed. The notion that easy credit provides fuel for bubbles is supported. It is further shown that a behavioral risk premium can probably be measured and related to the standard equity risk–premium models in a way that is consistent with conventional theory. Harold L. Vogel was ranked as top entertainment industry analyst for ten years by Institutional Investor magazine and was the senior entertainment industry analyst at Merrill Lynch for seventeen years. He is a chartered financial analyst (C.F.A.) and served on the New York State Governor’s Motion Picture and Television Advisory Board and as an adjunct professor at Columbia University’s Graduate School of Business. He also taught at the University of Southern California’s MFA (Peter Stark) film program and at the Cass Business School in London. -
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The Big Five Banks Taking 5-Finger Discounts Causes and Cures
Running head: FREEDOM FROM FRAUDULENT FORECLOSURES 1 Too Big to Jail - The Big Five Banks Taking 5-Finger Discounts Causes and Cures – Freedom from Fraudulent Foreclosures Ann Marie Charnes University of Memphis Author Note This paper was prepared for UNIV4995 Senior Project, taught by L. Manning Garrett III, Ph.D. FREEDOM FROM FRAUDULENT FORECLOSURES 2 Too Big to Jail - The Big Five Banks Taking 5-Finger Discounts Causes and Cures – Freedom from Fraudulent Foreclosures. Abstract This report discloses findings in connection with research to determine the root cause of why there are so many citizens losing their homes to foreclosures by national banks and reveals possible cures for the problems discovered. The “root cause” means the main issue that must be addressed to cure the problem; however, as many gardeners are aware, to get to the “root,” one must dig. The United States of America’s legislative branch was once a beautiful garden; however, it has been invaded with weeds (politicians), which have been allowed to grow and choke out most of the beautiful flowers (statesmen). The research will show the result caused by the politicians in the mortgage market in the United States and will prove that not only have the weeds destroyed this part of the garden, but have allowed a violent creature (the Fox) to have total control over it. The research digs deep into the business of “securitization” and what it really means, or more importantly what it does not mean: it does not mean that anybody is watching over the Fox and what is actually being sold in this “market.” The research also looks into the laws of the United States, which provide the very foundation of our country and set up the beautiful gardens known as the legislative branch, the judicial branch, and the executive branch.