紀要論文

市場の失敗と政府の失敗 : サブプライムローン危機の背景

The International Financial Crisis of 2007-08 : Market Failure or Government Failure

jpn

00229741

https://doi.org/10.15002/00005948

法政大学経済学部学会

77

3

25

57

2010-03-15

Version of Record

特集 金融危機 : 原因と対策

A key question regarding the international financial crisis of 2007-08 is whether it was mainly due to market failure or government failure. Regarding the former, there were well-known issues which had already been encountered in previous business cycles, including debt deflation and the manic-depressive nature of asset markets, which therefore had been widely investigated by economists. But there were also new experiences such as the combination of securitization and credit derivatives in the socalled“shadow banking system.” The expansion of non-banking financial sectors coupled with the networking economy led to creation of various sources of new credit which were not adequately monitored by regulatory authorities, giving rise to a new type of systemic risk. As for government failure, collusive inter-relations between bankers on one hand, and law makers and government officials on the other, encouraged financial deregulations and caused unprecedented excesses in the banking sector.

Article

AN00071028