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№ 4/2008
Global finance in crisis: A provisional account of the subprime crisis and how we got into it
| Ekon. prognozuvannâ 2008; 4:7-26 |
ABSTRACT ▼
This paper expands presentations made at the Russian-French Seminar co-organised by CEMI-EHESS and Institute of National Economy Forecasting, Russian Academy of Science at Vologda in December 2007, before the Moskovskaya Shkola Ekonomiki;s faculty seminar and at the Troika-Dialog organized RUSSIA-FORUM on January 31st, 2008. An earlier version has been published as a CEMI-EHESS working paper. Fortcoming in Post-Autistic Economics Review I Real-World Economics Review, № 46, June 2008
Keywords:
| Article in Ukrainian (pp. 7 - 26) | Download | Downloads :222 |
REFERENCES ▼
J.Sapir., Le Nouveau XXI? Sicle, Paris, Le Seuil, 2008, 2, money.cnn.com/2007/10/16/real_estate/October_resets/index.htm.
www.facorelogic.com/ uploadedFiles/Newsroom/Studies_and_Briefs/Studies/20070048MortgagePaymentResetStudy_FINAL.pdf.
J.P.Morgan to buy Bear Stearns for $2 a share Fed to finance up to $30 bln of Bears lessliquid assets, mostly mortgages By Alistair Barr &Greg Morcroft, Market Watch March 17, 2008, www.marketwatch.com/News/Story/jpmorganbuybearstearns/story.aspx?guid=%7B9B6A846F%2DA585%2D4123%2DBB53%2DCB3E07A3CFCE%7D.
IMF Global Financial Stability Report, April 2008, Washington DC, r.
Associated Press, March 13th, 2007.
T.Piketty and E.Saez. Income Inequality in the United States, Quarterly Journal of Economics, February 2003.
www.fincen.gov/MortgageLoanFraud.pdf.. Dyv. takozh, Tyler Cowen in New York Times, January 13th, 2008, www.nytimes.com 2008 01 13 business 13view.html? r=2&scp=1&sq=Tyler+Cowen&oref =login&o ref=slogin
US Congress, JEC, The Subprime lending crisisThe economic impact on Wealth, Property Values and Tax Revenues, and How We Got There, Report and Recommendations by the Majority Staff of the Joint Economic Committee, USGPO, October 2007, p. 3.
R.Quercia et al. The Impact of North Carolina’s AntiPredatory Lending Law, A Descriptive Assessment. Center For Community Capitalism, University of North Carolina, Chapel Hill, 2003; E.Renuart. An Overview of the Predatory Mortgage Lending Process, in Housing Policy Debate, Volume 15, Issue 3 2004.
W.Li and K.Ernst, Do state predatory home lending laws work? Center for Responsible Lending working paper, 2006; R.Bostic et al. State and Local AntiPredatory Lending Laws, The Effect of Legal Enforcement Mechanisms, Center for Responsible Lending Working Paper, Aug. 7, 2007, ssrn.com/abstract+1005423
B.Bernanke, The Recent Financial Turmoil and its Economic and Policy Consequences, October 15th, 2007 , www.federalreserve.gov/newsevents/ speech/bernanke20071015a.htm.
www.realtytrac.com/ContentManagement/pressrelease.aspx?ChannelID=9&ItemID=3988&accnt=64847.
A.Veiga, Foreclosure Activity Rises in February, AP Business, Thursday March 13, 5,16 am ET.
A.B.Ashcraft and T.Schuermann, Understanding the Securitization of Subprime Mortgage Credit, FIC Working Paper № 0743, Wharton Financial Institutions Center, Philadelphia, Pa, 2007.
Yu.Demyanyk and O. van Hemert, Understanding the Subprime Mortgage Crisis, Supervisory Policy Analysis Working paper, № 2007–05, Federal bank of Reserve of St. Louis, St. Louis, February 2008.
J.P.Morgan, Corporate Quantitative Research, Credit Derivatives Handbook,, J.P.Morgan, New York, December 2006, p. 6.
J.P.Morgan, Credit Derivatives and Quantitative Research, Credit Derivative: A Primer, J.P.Morgan, New York, Janvier 2005.
Asset Securitization Comptroller’s Handbook, www.dallasfed.org/news/ca/2005/05wallstreet_assets.pdf; http, papers.ssrn.com sol3 papers.cfm?abstract id=1020396PaperDownload
M. Hellwig, Some Recent Developments in the Theory of Competition in Markets with Adverse Selection in European Economic Review, № 31, 1987, pp. 319–325.
Reuters, February 9th, 2008.
A.Barr, Bear Stearns gets help from Fed, J.P.Morgan, Market Watch, March 14th, 2008, 11.24 a.m. EDT.
C.J.Whalen, The US Credit Crunch of 2007, A Minsky Moment, Public Policy Brief, The Levy Economics Institute of Bard College, n°92, 2007, AnnandaleonHudson, NY.
Moody’s Economy.com.
Bank of America Securities, February 14th, 2008.
U.S. stock futures wilt on Carlyle fund, dollar woes, by Steve Goldstein, MarketWatch, March 13th, 2008, www.marketwatch.com/News/Story/ Story.aspx?column=Indications.
Carlyle Capital to file to liquidate the firm. Lenders take the last of the funds mortgagebacked securities By Robert Daniel, MarketWatch EDT March 17, 2008 , www.marketwatch.com/news/story/carlylecapitalliquidatelenderstake/story.aspx?guid=% 7b644261EF108040799CEEAAC9C52AFF91%7d&print=true&dist=printTop.
Fed acts Sunday to prevent global bank run Monday By Rex Nutting &Greg Robb, MarketWatch March 16, 2008, www.marketwatch.com/news/ story/fedactssundaypreventglobal/story.aspx?guid=%7b4326563116564697837755F05D859B76% 7d&dist=TNMostRead&print=true&dist=printTop.
Basel Committee on Banking Supervision, Basel II, International Convergence of Capital Measurements and Capital Standards. A Revised FrameworkComprehensive Version, Bank of International Settlements, Basel, June 2006.
P.Kugman, The faceslap theory, The New York Times, March 10th, 2008.
Rex Nutting. Budget deficit widens to record $175.6 billions, Market Watch, March 12th, 2008.
L.Bines and J.Stiglitz, The Economic Cost of the Iraq War: An appraisal, three years after the beginning of the conflict, NBER working paper 12054, February 2006, NBER, Cambridge, MA.
J.Sapir, La Crise de l’Euro: erreurs et impasses de l’Europeisme in Perspectives Republicaines, № 2, June 2006, pp. 69–84.
J.Sapir, Le Nouveau XXIe Siecle, op. cit.
P.K.Schott, The relative sophistication of Chinese exports in Economic Policy № 53, January 2008, pp. 5–47.
Paul B. Farrell, Derivatives the new ticking bomb Buffett and Gross warn, $516 trillion bubble is a disaster waiting to happen, Market Watch, March 10th, 2008, www.marketwatch.com/news/story/derivativesnewtickingtimebomb/story.aspx?guid=%7BB9E54A5D%2D4796 %2D4D0D%2DAC9E%2DD9124B59D436%7D&dist= TNMostRead.
J.Sapir, Quelle Economie pour le XXIe Siecle, Odile Jacob, Paris, 2005.
Creative discussions on the socio-economic developmentwww.facorelogic.com/ uploadedFiles/Newsroom/Studies_and_Briefs/Studies/20070048MortgagePaymentResetStudy_FINAL.pdf.
J.P.Morgan to buy Bear Stearns for $2 a share Fed to finance up to $30 bln of Bears lessliquid assets, mostly mortgages By Alistair Barr &Greg Morcroft, Market Watch March 17, 2008, www.marketwatch.com/News/Story/jpmorganbuybearstearns/story.aspx?guid=%7B9B6A846F%2DA585%2D4123%2DBB53%2DCB3E07A3CFCE%7D.
IMF Global Financial Stability Report, April 2008, Washington DC, r.
Associated Press, March 13th, 2007.
T.Piketty and E.Saez. Income Inequality in the United States, Quarterly Journal of Economics, February 2003.
www.fincen.gov/MortgageLoanFraud.pdf.. Dyv. takozh, Tyler Cowen in New York Times, January 13th, 2008, www.nytimes.com 2008 01 13 business 13view.html? r=2&scp=1&sq=Tyler+Cowen&oref =login&o ref=slogin
US Congress, JEC, The Subprime lending crisisThe economic impact on Wealth, Property Values and Tax Revenues, and How We Got There, Report and Recommendations by the Majority Staff of the Joint Economic Committee, USGPO, October 2007, p. 3.
R.Quercia et al. The Impact of North Carolina’s AntiPredatory Lending Law, A Descriptive Assessment. Center For Community Capitalism, University of North Carolina, Chapel Hill, 2003; E.Renuart. An Overview of the Predatory Mortgage Lending Process, in Housing Policy Debate, Volume 15, Issue 3 2004.
W.Li and K.Ernst, Do state predatory home lending laws work? Center for Responsible Lending working paper, 2006; R.Bostic et al. State and Local AntiPredatory Lending Laws, The Effect of Legal Enforcement Mechanisms, Center for Responsible Lending Working Paper, Aug. 7, 2007, ssrn.com/abstract+1005423
B.Bernanke, The Recent Financial Turmoil and its Economic and Policy Consequences, October 15th, 2007 , www.federalreserve.gov/newsevents/ speech/bernanke20071015a.htm.
www.realtytrac.com/ContentManagement/pressrelease.aspx?ChannelID=9&ItemID=3988&accnt=64847.
A.Veiga, Foreclosure Activity Rises in February, AP Business, Thursday March 13, 5,16 am ET.
A.B.Ashcraft and T.Schuermann, Understanding the Securitization of Subprime Mortgage Credit, FIC Working Paper № 0743, Wharton Financial Institutions Center, Philadelphia, Pa, 2007.
Yu.Demyanyk and O. van Hemert, Understanding the Subprime Mortgage Crisis, Supervisory Policy Analysis Working paper, № 2007–05, Federal bank of Reserve of St. Louis, St. Louis, February 2008.
J.P.Morgan, Corporate Quantitative Research, Credit Derivatives Handbook,, J.P.Morgan, New York, December 2006, p. 6.
J.P.Morgan, Credit Derivatives and Quantitative Research, Credit Derivative: A Primer, J.P.Morgan, New York, Janvier 2005.
Asset Securitization Comptroller’s Handbook, www.dallasfed.org/news/ca/2005/05wallstreet_assets.pdf; http, papers.ssrn.com sol3 papers.cfm?abstract id=1020396PaperDownload
M. Hellwig, Some Recent Developments in the Theory of Competition in Markets with Adverse Selection in European Economic Review, № 31, 1987, pp. 319–325.
Reuters, February 9th, 2008.
A.Barr, Bear Stearns gets help from Fed, J.P.Morgan, Market Watch, March 14th, 2008, 11.24 a.m. EDT.
C.J.Whalen, The US Credit Crunch of 2007, A Minsky Moment, Public Policy Brief, The Levy Economics Institute of Bard College, n°92, 2007, AnnandaleonHudson, NY.
Moody’s Economy.com.
Bank of America Securities, February 14th, 2008.
U.S. stock futures wilt on Carlyle fund, dollar woes, by Steve Goldstein, MarketWatch, March 13th, 2008, www.marketwatch.com/News/Story/ Story.aspx?column=Indications.
Carlyle Capital to file to liquidate the firm. Lenders take the last of the funds mortgagebacked securities By Robert Daniel, MarketWatch EDT March 17, 2008 , www.marketwatch.com/news/story/carlylecapitalliquidatelenderstake/story.aspx?guid=% 7b644261EF108040799CEEAAC9C52AFF91%7d&print=true&dist=printTop.
Fed acts Sunday to prevent global bank run Monday By Rex Nutting &Greg Robb, MarketWatch March 16, 2008, www.marketwatch.com/news/ story/fedactssundaypreventglobal/story.aspx?guid=%7b4326563116564697837755F05D859B76% 7d&dist=TNMostRead&print=true&dist=printTop.
Basel Committee on Banking Supervision, Basel II, International Convergence of Capital Measurements and Capital Standards. A Revised FrameworkComprehensive Version, Bank of International Settlements, Basel, June 2006.
P.Kugman, The faceslap theory, The New York Times, March 10th, 2008.
Rex Nutting. Budget deficit widens to record $175.6 billions, Market Watch, March 12th, 2008.
L.Bines and J.Stiglitz, The Economic Cost of the Iraq War: An appraisal, three years after the beginning of the conflict, NBER working paper 12054, February 2006, NBER, Cambridge, MA.
J.Sapir, La Crise de l’Euro: erreurs et impasses de l’Europeisme in Perspectives Republicaines, № 2, June 2006, pp. 69–84.
J.Sapir, Le Nouveau XXIe Siecle, op. cit.
P.K.Schott, The relative sophistication of Chinese exports in Economic Policy № 53, January 2008, pp. 5–47.
Paul B. Farrell, Derivatives the new ticking bomb Buffett and Gross warn, $516 trillion bubble is a disaster waiting to happen, Market Watch, March 10th, 2008, www.marketwatch.com/news/story/derivativesnewtickingtimebomb/story.aspx?guid=%7BB9E54A5D%2D4796 %2D4D0D%2DAC9E%2DD9124B59D436%7D&dist= TNMostRead.
J.Sapir, Quelle Economie pour le XXIe Siecle, Odile Jacob, Paris, 2005.
Global finance in crisis: A provisional account of the subprime crisis and how we got into it
| Ekon. prognozuvannâ 2008; 4:27-44 |
ABSTRACT ▼
This paper expands presentations made at the Russian-French Seminar co-organised by CEMI-EHESS and Institute of National Economy Forecasting, Russian Academy of Science at Vologda in December 2007, before the Moskovskaya Shkola Ekonomiki;s faculty seminar and at the Troika-Dialog organized RUSSIA-FORUM on January 31st, 2008. An earlier version has been published as a CEMI-EHESS working paper. Fortcoming in Post-Autistic Economics Review I Real-World Economics Review, № 46, June 2008
Keywords:
| Article in English (pp. 27 - 44) | Download | Downloads :93 |
| Article in Ukrainian (pp. 27 - 44) | Download | Downloads :95 |
REFERENCES ▼
J.Sapir, Le Nouveau XXI? Sicle, Paris, Le Seuil, 2008, 2, money.cnn.com/2007/10/16/real_estate/October_resets/index.htm.
2. www.facorelogic.com/ uploadedFiles/Newsroom/Studies_and_Briefs/Studies/20070048MortgagePaymentResetStudy_FINAL.pdf.
J.P.Morgan to buy Bear Stearns for $2 a share Fed to finance up to $30 bln of Bears lessliquid assets, mostly mortgages By Alistair Barr &Greg Morcroft, MarketWatch March 17, 2008, www.marketwatch.com/News/Story/jpmorganbuybearstearns/story.aspx?guid=%7B9B6A846F%2DA585%2D4123%2DBB53%2DCB3E07A3CFCE%7D.
IMF Global Financial Stability Report, April 2008, Washington DC, r.
Associated Press, March 13th, 2007.
T.Piketty and E.Saez, Income Inequality in the United States, Quarterly Journal of Economics, February 2003.
Elektronnyi resurs ,Dostupnyi z: www.fincen.gov/MortgageLoanFraud.pdf... Dyv. takozh, Tyler Cowen in New York Times, January 13th, 2008, http, www.nytimes.com 2008 01 13 business 13view.html? r=2&scp=1&sq=Tyler+Cowen&oref =login&o ref=slogin
US Congress, JEC, The Subprime lending crisisThe economic impact on Wealth, Property Values and Tax Revenues, and How We Got There, Report and Recommendations by the Majority Staff of the Joint Economic Committee, USGPO, October 2007, p. 3.
R.Quercia et al, The Impact of North Carolina’s AntiPredatory Lending Law: A Descriptive Assessment. Center For Community Capitalism, University of North Carolina, Chapel Hill, 2003; E.Renuart. An Overview of the Predatory Mortgage Lending Process, in Housing Policy Debate, Volume 15, Issue 3 2004.
W.Li and K.Ernst, Do state predatory home lending laws work? Center for Responsible Lending working paper, 2006; R.Bostic et al. State and Local AntiPredatory Lending Laws, The Effect of Legal Enforcement Mechanisms, Center for Responsible Lending Working Paper, Aug. 7, 2007, ssrn.com/abstract+1005423
B.Bernanke, The Recent Financial Turmoil and its Economic and Policy Consequences, October 15th, 2007, www.federalreserve.gov/newsevents/ speech/bernanke20071015a.htm.
www.realtytrac.com/ContentManagement/pressrelease.aspx?ChannelID=9&ItemID=3988&accnt=64847.
A.Veiga, Foreclosure Activity Rises in February, AP Business, Thursday March 13, 5:16 am ET.
A.B.Ashcraft and T.Schuermann, Understanding the Securitization of Subprime Mortgage Credit, FIC Working Paper № 0743, Wharton Financial Institutions Center, Philadelphia, Pa, 2007.
Yu.Demyanyk and O. van Hemert, Understanding the Subprime Mortgage Crisis, Supervisory Policy Analysis Working paper, № 2007–05, Federal bank of Reserve of St. Louis, St. Louis, February 2008.
J.P.Morgan, Corporate Quantitative Research, Credit Derivatives Handbook,, J.P.Morgan, New York, December 2006, p. 6.
J.P.Morgan, Credit Derivatives and Quantitative Research, Credit Derivative, A Primer, J.P.Morgan, New York, Janvier 2005.
Asset Securitization Comptroller’s Handbook, www.dallasfed.org/news/ca/2005/05wallstreet_assets.pdf;; http, papers.ssrn.com sol3 papers.cfm?abstract id=1020396#PaperDownload
M. Hellwig, Some Recent Developments in the Theory of Competition in Markets with Adverse Selection in European Economic Review, № 31, 1987, pp. 319–325.
Reuters, February 9th, 2008.
A.Barr, Bear Stearns gets help from Fed, J.P.Morgan, Market Watch, March 14th, 2008, 11.24 a.m. EDT.
C.J.Whalen, The US Credit Crunch of 2007: A Minsky Moment, Public Policy Brief, The Levy Economics Institute of Bard College, n°92, 2007, AnnandaleonHudson, NY.
Moody’s Economy.com.
Bank of America Securities, February 14th, 2008.
U.S. stock futures wilt on Carlyle fund, dollar woes, by Steve Goldstein, MarketWatch, March 13th, 2008, www.marketwatch.com/News/Story/ Story.aspx?column=Indications.
Carlyle Capital to file to liquidate the firm. Lenders take the last of the funds mortgagebacked securities By Robert Daniel, MarketWatch EDT March 17, 2008, www.marketwatch.com/news/story/carlylecapitalliquidatelenderstake/story.aspx?guid=% 7b644261EF108040799CEEAAC9C52AFF91%7d&print=true&dist=printTop.
Fed acts Sunday to prevent global bank run Monday By Rex Nutting &Greg Robb, MarketWatch March 16, 2008, www.marketwatch.com/news/ story/fedactssundaypreventglobal/story.aspx?guid=%7b4326563116564697837755F05D859B76% 7d&dist=TNMostRead&print=true&dist=printTop.
Basel Committee on Banking Supervision, Basel II, International Convergence of Capital Measurements and Capital Standards. A Revised FrameworkComprehensive Version, Bank of International Settlements, Basel, June 2006.
P.Kugman, The faceslap theory, The New York Times, March 10th, 2008.
Rex Nutting. Budget deficit widens to record $175.6 billions, Market Watch, March 12th, 2008.
L.Bines and J.Stiglitz, The Economic Cost of the Iraq War, An appraisal, three years after the beginning of the conflict, NBER working paper 12054, February 2006, NBER, Cambridge, MA.
J.Sapir, La Crise de l’Euro, erreurs et impasses de l’Europeisme in Perspectives Republicaines, № 2, June 2006, pp. 69–84.
J.Sapir, Le Nouveau XXIe Siecle, op. cit.
P.K.Schott, The relative sophistication of Chinese exports in Economic Policy № 53, January 2008, pp. 5–47.
Paul B. Farrell, Derivatives the new ticking bomb Buffett and Gross warn, $516 trillion bubble is a disaster waiting to happen, Market Watch, March 10th, 2008, www.marketwatch.com/news/story/derivativesnewtickingtimebomb/story.aspx?guid=%7BB9E54A5D%2D4796 %2D4D0D%2DAC9E%2DD9124B59D436%7D&dist= TNMostRead.
J.Sapir, Quelle Economie pour le XXIe Siecle, Odile Jacob, Paris, 2005.
2. www.facorelogic.com/ uploadedFiles/Newsroom/Studies_and_Briefs/Studies/20070048MortgagePaymentResetStudy_FINAL.pdf.
J.P.Morgan to buy Bear Stearns for $2 a share Fed to finance up to $30 bln of Bears lessliquid assets, mostly mortgages By Alistair Barr &Greg Morcroft, MarketWatch March 17, 2008, www.marketwatch.com/News/Story/jpmorganbuybearstearns/story.aspx?guid=%7B9B6A846F%2DA585%2D4123%2DBB53%2DCB3E07A3CFCE%7D.
IMF Global Financial Stability Report, April 2008, Washington DC, r.
Associated Press, March 13th, 2007.
T.Piketty and E.Saez, Income Inequality in the United States, Quarterly Journal of Economics, February 2003.
Elektronnyi resurs ,Dostupnyi z: www.fincen.gov/MortgageLoanFraud.pdf... Dyv. takozh, Tyler Cowen in New York Times, January 13th, 2008, http, www.nytimes.com 2008 01 13 business 13view.html? r=2&scp=1&sq=Tyler+Cowen&oref =login&o ref=slogin
US Congress, JEC, The Subprime lending crisisThe economic impact on Wealth, Property Values and Tax Revenues, and How We Got There, Report and Recommendations by the Majority Staff of the Joint Economic Committee, USGPO, October 2007, p. 3.
R.Quercia et al, The Impact of North Carolina’s AntiPredatory Lending Law: A Descriptive Assessment. Center For Community Capitalism, University of North Carolina, Chapel Hill, 2003; E.Renuart. An Overview of the Predatory Mortgage Lending Process, in Housing Policy Debate, Volume 15, Issue 3 2004.
W.Li and K.Ernst, Do state predatory home lending laws work? Center for Responsible Lending working paper, 2006; R.Bostic et al. State and Local AntiPredatory Lending Laws, The Effect of Legal Enforcement Mechanisms, Center for Responsible Lending Working Paper, Aug. 7, 2007, ssrn.com/abstract+1005423
B.Bernanke, The Recent Financial Turmoil and its Economic and Policy Consequences, October 15th, 2007, www.federalreserve.gov/newsevents/ speech/bernanke20071015a.htm.
www.realtytrac.com/ContentManagement/pressrelease.aspx?ChannelID=9&ItemID=3988&accnt=64847.
A.Veiga, Foreclosure Activity Rises in February, AP Business, Thursday March 13, 5:16 am ET.
A.B.Ashcraft and T.Schuermann, Understanding the Securitization of Subprime Mortgage Credit, FIC Working Paper № 0743, Wharton Financial Institutions Center, Philadelphia, Pa, 2007.
Yu.Demyanyk and O. van Hemert, Understanding the Subprime Mortgage Crisis, Supervisory Policy Analysis Working paper, № 2007–05, Federal bank of Reserve of St. Louis, St. Louis, February 2008.
J.P.Morgan, Corporate Quantitative Research, Credit Derivatives Handbook,, J.P.Morgan, New York, December 2006, p. 6.
J.P.Morgan, Credit Derivatives and Quantitative Research, Credit Derivative, A Primer, J.P.Morgan, New York, Janvier 2005.
Asset Securitization Comptroller’s Handbook, www.dallasfed.org/news/ca/2005/05wallstreet_assets.pdf;; http, papers.ssrn.com sol3 papers.cfm?abstract id=1020396#PaperDownload
M. Hellwig, Some Recent Developments in the Theory of Competition in Markets with Adverse Selection in European Economic Review, № 31, 1987, pp. 319–325.
Reuters, February 9th, 2008.
A.Barr, Bear Stearns gets help from Fed, J.P.Morgan, Market Watch, March 14th, 2008, 11.24 a.m. EDT.
C.J.Whalen, The US Credit Crunch of 2007: A Minsky Moment, Public Policy Brief, The Levy Economics Institute of Bard College, n°92, 2007, AnnandaleonHudson, NY.
Moody’s Economy.com.
Bank of America Securities, February 14th, 2008.
U.S. stock futures wilt on Carlyle fund, dollar woes, by Steve Goldstein, MarketWatch, March 13th, 2008, www.marketwatch.com/News/Story/ Story.aspx?column=Indications.
Carlyle Capital to file to liquidate the firm. Lenders take the last of the funds mortgagebacked securities By Robert Daniel, MarketWatch EDT March 17, 2008, www.marketwatch.com/news/story/carlylecapitalliquidatelenderstake/story.aspx?guid=% 7b644261EF108040799CEEAAC9C52AFF91%7d&print=true&dist=printTop.
Fed acts Sunday to prevent global bank run Monday By Rex Nutting &Greg Robb, MarketWatch March 16, 2008, www.marketwatch.com/news/ story/fedactssundaypreventglobal/story.aspx?guid=%7b4326563116564697837755F05D859B76% 7d&dist=TNMostRead&print=true&dist=printTop.
Basel Committee on Banking Supervision, Basel II, International Convergence of Capital Measurements and Capital Standards. A Revised FrameworkComprehensive Version, Bank of International Settlements, Basel, June 2006.
P.Kugman, The faceslap theory, The New York Times, March 10th, 2008.
Rex Nutting. Budget deficit widens to record $175.6 billions, Market Watch, March 12th, 2008.
L.Bines and J.Stiglitz, The Economic Cost of the Iraq War, An appraisal, three years after the beginning of the conflict, NBER working paper 12054, February 2006, NBER, Cambridge, MA.
J.Sapir, La Crise de l’Euro, erreurs et impasses de l’Europeisme in Perspectives Republicaines, № 2, June 2006, pp. 69–84.
J.Sapir, Le Nouveau XXIe Siecle, op. cit.
P.K.Schott, The relative sophistication of Chinese exports in Economic Policy № 53, January 2008, pp. 5–47.
Paul B. Farrell, Derivatives the new ticking bomb Buffett and Gross warn, $516 trillion bubble is a disaster waiting to happen, Market Watch, March 10th, 2008, www.marketwatch.com/news/story/derivativesnewtickingtimebomb/story.aspx?guid=%7BB9E54A5D%2D4796 %2D4D0D%2DAC9E%2DD9124B59D436%7D&dist= TNMostRead.
J.Sapir, Quelle Economie pour le XXIe Siecle, Odile Jacob, Paris, 2005.
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