LA Referencia (Red Federada de Repositorios Institucionales de Publicaciones Científicas) · 2009 · 101 citations · 0 references
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Social SciencesEconomicsFinanceBankingHousingMacroeconomicsBusiness CyclesCapital MarketsFinancial CrisesFinancial RiskMortgage MarketsSystemic RiskBanking System FragilityBubble CollapseCredit BubblesCredit Supply ShocksHousing BubblesMacroeconomic CrisisSystemic Banking DistressSystemic Crisis Management
crunch that began in the atlantic world in august 2007 is strange in its extraordinary scope and intensity. Mainstream discourse, referring to a ‘sub-prime’ crisis, implies that the credit crunch has been caused, rather than triggered, by a bubble in the real economy. this is at best naive: after all, the bursting of an equally large bubble in the spanish housing market led to no such blow-out in the domestic banking system.