Autore
Bertocco, Giancarlo

Titolo
Global saving glut and housing bubble: a critical analysis
Periodico
Università degli Studi dell'Insubria. Dipartimento di Economia. Quaderni di ricerca
Anno: 2011 - Fascicolo: 12 - Pagina iniziale: 1 - Pagina finale: 25

Bernanke maintains that the housing bubble stemmed from the global saving glut that occurred in the period 1996-2006. This paper has two objectives. First, it highlights the limits of Bernanke’s thesis. A theory of the financial crisis must explain two phenomena: the phenomenon of speculation and the process of liquidity creation that can fuel the speculative demand for financial assets; Bernanke’s thesis does not offer a satisfactory explanation of these two phenomena. The second objective is to present a satisfactory explanation of the cause of the crisis on the basis of the theories of Wicksell, Schumpeter and Keynes.



Testo completo: http://eco.uninsubria.it/dipeco/quaderni/files/QF2011_12.pdf

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