125 research outputs found
Too Big to Manage: US Megabanksâ Competition by Innovation and the Microfoundations of Financialization
Disagreements over the systemic implicationsâthe futureâof financialization can be traced in part to the absence of sustained attention to the role of banking firms in driving this secular shift forward. That is, the financialization literature lacks an adequate microfoundation. Accounting for the drivers of financialization processes solely at the macro level overlooks the problems of how these processes came about and whether they are sustainable. This paper addresses this explanatory gap, arguing that a key independent microeconomic driver of increasing financialization did exist: the incessant efforts by money-centre banks in the USA to break out of Depression-era restrictions on their size, activities, and markets. These banksâ growth strategies in turbulent times led to an institutional (meso) shiftâthe rise of a megabank-centred shadow banking systemâthat now shapes global financial architecture even while operating in ways that are unsustainable. In short, too-big-to-manage megabanks are at the heart of the fragility and instability of the economy today
Three Futures for Postcrisis Banking in the Americas: The Financial Trilemma and the Wall Street Complex
Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization
Neighborhood Racial Characteristics, Credit History, and Bankcard Credit in Indian Country
IndĂșstria bancĂĄria brasileira: evidĂȘncia da formação de instituiçÔes financeiras multinacionais
Time Use of Parents in the United States: What Difference Did the Great Recession Make?
Gender, Socioeconomic Status, and Time Use of Married and Cohabiting Parents during the Great Recession
Housing Inequality in the United States: A Decomposition Analysis of Racial and Ethnic Disparities in Homeownership
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