LEADER 03994oam 2200553I 450 001 9910165043003321 005 20240505202126.0 010 $a1-315-72614-9 010 $a1-317-53609-6 024 7 $a10.4324/9781315726144 035 $a(CKB)3710000001060502 035 $a(MiAaPQ)EBC4809789 035 $a(OCoLC)974671008 035 $a(BIP)50189394 035 $a(BIP)52065027 035 $a(EXLCZ)993710000001060502 100 $a20180706d2017 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 14$aThe dialectics of liquidity crisis $ean interpretation of explanations of the financial crisis of 2007-08 /$fChris Jefferis 205 $a1st ed. 210 1$aLondon ;$aNew York, N.Y. :$cRoutledge,$d2017. 215 $a1 online resource (149 pages) 225 1 $aRoutledge Advances in International Political Economy 311 08$a1-138-84732-1 311 08$a1-317-53610-X 320 $aIncludes bibliographical references and index. 327 $a1. Introduction : historicizing economic theories of financial crisis -- 2. Minsky in context : a critique of "liquidity crisis" as an explanatory concept -- 3. Minsky contrary to monetarism -- 4. Liquidity and abstraction -- 5. Arbitrage as a historical structure shaping the US financial system -- 6. Sociological interlude : calculation or commensuration? -- 7. Recent financial instability in the US mortgage market : the three phases of risk -- 8. Economics, regulation and capital : an assessment of some proposed reforms -- 9. Conclusion. 330 $aThis book analyses the logic of applying the American Post-Keynesian economist Hyman Minsky's Financial Instability Hypothesis (FIH) to the financial crisis of 2007-08. Arguing that most theories of financial crisis, including Minsky's own, only describe events, but do not actually explain them, the book surveys theories of financial crisis that have been developed to describe instability in the post-WW2 US financial system and analyses them in their historical context. The book argues that explanation of the financial crisis of 2007-08 should involve interpretation of the concept of 'risk', which guides the construction and pricing of contemporary financial products such as derivatives and asset backed securities, as a form of 'liquidity', the concept that Minsky sought to explain the financial crises of the 1970s and 1980s with. The book highlights the continuing relevance of Minsky's theory of liquidity crisis as "immanent", in a historical sense, to the products and trading practices of modern finance, because these products were developed to obviate the crisis dynamics that Minsky described. Minsky's FIH can therefore inform historical understanding of the crisis of 2007-08 but is not directly explanatory itself. The book explores explanation of the financial crisis of 2007-08 interpreting 'liquidity', in practical historical terms, as involving a process of development out of prior crisis dynamics. Seeking to contribute to debates over the causes of the financial crisis of 2007-08 by blending a discussion of historicizing philosophy, economic theory and contemporary financial banking and trading practices this work will be of great interest to scholars of international political economy, heterodox economics and critical theory. 410 0$aRoutledge advances in international political economy. 606 $aGlobal Financial Crisis, 2008-2009 606 $aLiquidity (Economics) 606 $aFinancial crises 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aLiquidity (Economics) 615 0$aFinancial crises. 676 $a330.9/0511 676 $a338.54201 700 $aJefferis$b Chris.$0987931 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910165043003321 996 $aThe dialectics of liquidity crisis$92258897 997 $aUNINA