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Choosing the narrative : the shadow banking crisis in light of Covid
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Miller, Marcus (2021) Choosing the narrative : the shadow banking crisis in light of Covid. Open Economies Review, 32 . pp. 291-310. doi:10.1007/s11079-020-09614-2 ISSN 0923-7992.
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Official URL: https://doi.org/10.1007/s11079-020-09614-2
Abstract
Could experiencing a health pandemic aid in understanding the nature of financial crisis? It might, for example, help to discriminate between different narratives that claim to do so. In this spirit, two influential accounts of the near-collapse of shadow banking in the US financial crisis of 2008 are analysed: one developed by Mark Gertler and Nobuhiro Kiyotaki and the other presented by the Financial Crisis Inquiry Commission of the US Congress. Using a common two-sector framework, key features of these contrasting accounts of the market for banking services are presented, along with their corresponding diagnoses of what precipitated financial crisis. To see what the experience of Covid might imply about their relative credibility, four aspects of the current pandemic are considered: how it began from a small biological shock; how it gets spread by contagion; the significance of externalities; and how it may end with a vaccine. But the reader is left to form his or her own judgement.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HG Finance R Medicine > RA Public aspects of medicine |
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Divisions: | Faculty of Social Sciences > Economics | ||||||||
Library of Congress Subject Headings (LCSH): | Nonbank financial institutions, Rating agencies (Finance), COVID-19 (Disease), Epidemics | ||||||||
Journal or Publication Title: | Open Economies Review | ||||||||
Publisher: | Springer | ||||||||
ISSN: | 0923-7992 | ||||||||
Official Date: | April 2021 | ||||||||
Dates: |
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Volume: | 32 | ||||||||
Page Range: | pp. 291-310 | ||||||||
DOI: | 10.1007/s11079-020-09614-2 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||
Date of first compliant deposit: | 13 January 2021 | ||||||||
Date of first compliant Open Access: | 17 February 2021 | ||||||||
RIOXX Funder/Project Grant: |
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