Dalla crisi finanziaria alla crisi reale. ( Financial and real crisis)
Parole chiave:Cultura economica, Crisi finanziaria, Regole
The financial crisis of 2008 is put in relation with two bubbles, financial and housing. Easy credit is at the origin of both bubbles. Risky bonds were issued to mobilize mortgages originated in the housing market, and bad bonds entered a fantastic number of institutional and private portfolios all over the world without any perception of the their risk. Unfortunately, bank credit to speculators was abundant and fed the final growth of the bubbles. When fears started to spread, the fall was immediate and expectations impaired very rapidly. The main aggregate demand components were severely curtailed and production fell as well. This is the crisis of the real economy. Fortunately, as opposed to what happened in 1929, the interventions of central banks and governments have been of an unprecedented size. The bail out of insolvent banks in particular has been providential. The exit from the current crisis, however, will surely be slow.
JEL: E44, G01, G10
Ogni materiale pubblicato sul sito e gli articoli pubblicati sulla rivista sono distribuiti con Licenza internazionale Creative Commons Attribuzione - Non commerciale - Non opere derivate 4.0. Copia della licenza è disponibile alla URL http://creativecommons.org/licenses/by-nc-nd/4.0. Gli autori mantengono i diritti sulla loro opera e cedono alla rivista il diritto di prima pubblicazione dell'opera con la licenza suindicata.