Yüksek Lisans Tezi

The millennium created a great number of favourable conditions for the American economy. There was economic prsperity, the participants were optimistic, which was further enhanced by the optimisim of the fiscal and monetary authorities. These factors resulted in a very quick rise in the demand for real estate, a boom in the real estate price and in addition, the prosperity of the mortgage market. The low global level of interest made application for different types of mortgages possible for many people. This practice of granting credit lasted till 2007 when the real estate market bubble blown so huge in the previous years and was born and kept alive by the careless interest placement practice of credit institutions burst. The objective of our paper is to present the unstable state of financial instability through the example of the crisis of the American mortgage market by hihglighting the main reasons and arguments that generated and kept up the crisis. During the making of the stu...

Economic Policy, 2010

In times when the financial and economic crisis is experimented after the Great Depression, this event has had serious consequences on the real estate sector and consequently on very vast urban areas. The process of the "urbanised reutilization" that has produced the contemporary city began quickly there. The city changed in consequence of the market and it is the same market that redefined the terms of the interventions ex-post. After subprime loans market crash where it was thought to have endless possibilities of growth, are we able to define the consequences that the crisis will have on the post-contemporary cities of Europe? Is it possible to foresee sceneries or visions of intervention and try to identify models of development without excessive waste of resources? We can start analyzing the cases that have before others restarted to go up the economic cycle again, and verify how this affected the processes of transformation of the post-contemporary city.

This book is about our monetary and financial system. It starts focusing on the monetary creation, which is the basis of our financial system. After defining the monetary creation process, it talks about its control, which has been transferred from the States to the Central Banks to the commercial banks. It explores the reasons of this changes and the situation it created, particularly regarding the public debts that started at this time and which kept on growing ever since. After defining this problem, it explores the possibility for a Central Bank to finance the State’s investments at zero interest rate, like was the case when they had this right. This study will show that this model is viable, and would allow the collectivity to pay back the public debt and lower the taxes at the same time.

2010

The global economy has reached the peak of a cycle of expansion, fueled mainly by the appreciation of residential properties in the United States. In Europe, with the exception of Germany, the collapse of real estate prices in 2007 led the economy into recession due to the cumulative nature of the process of wealth and income adjustment. Thus, this article aims to analyze the structural causes and changes in the global economic scenario which led to the crisis triggered in 2007, in addition to analyzing the crisis that now grips Europe with the decline of the euro against the dollar, with Portugal, Ireland, Italy, Greece and Spain (PIIGS) sinking into external and fiscal deficits in high public debt close to or above 100% of gross domestic product (GDP).

2013

Until Lehman Brothers' bankruptcy in September 2008, the conventional wisdom was that the crisis was the result of problems in the financial sector. However, after the dramatic falls in industrial production in countries such as Japan and Germany starting in the last quarter of 2008, it became clear that the origins of the crisis were deeper. This paper argues that there was an economic crisis that was due to the bursting of a property and stock bubble in the US and a number of other countries. Just as in Japan in the 1990's, this greatly affected the real economy. The problems in the financial system were a symptom rather than a cause, but there was a strong feedback effect into the real economy. The structure of the global financial system and the nature of banking regulation have been severely inadequate. The paper suggests reforms in the structure of the IMF, the governance of central banks and the form of banking regulation. Resumen Antes de la quiebra de Lehman Brothers en septiembre del 2008, la sabiduría popular decía que la crisis se originaba en problemas en el sector financiero. Sin embargo, tras las drásticas caídas de la producción industrial en países como Japón y Alemania a partir del último trimestre de ese año, quedó claro que había que buscar más profundo. Este documento argumenta que hubo una crisis económica al explotar una burbuja inmobiliaria y accionaria en Estados Unidos y otros países. Al igual que en Japón en los noventa, los efectos en la economía real fueron enormes. Los problemas del sistema financiero fueron más un síntoma que una causa, aunque hubo una fuerte realimentación hacia la economía real. La estructura del sistema financiero global y la

2009

The aim of this essay is to uncover the link between financialisation and the crisis, and discuss whether it represents a systemic failure or not. The main focus will be on the domestic changes occurring before 2007 in the US. Similar changes could be observed elsewhere in the developed world, and the analysis can easily be extended to other rich counties with only minor adjustments. The sovereign debt crisis and the related problems of the Euro are clearly related to some of the following analysis, but will not be discussed here.

Virginia Woolf's Autobiography