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dc.contributor.authorStrachman, Eduardo [UNESP]
dc.contributor.authorFucidji, José Ricardo
dc.date.accessioned2015-07-15T18:27:40Z
dc.date.available2015-07-15T18:27:40Z
dc.date.issued2012
dc.identifierhttp://www.asers.eu/journals/jasf/jasf-past-issues.html
dc.identifier.citationJournal of Advanced Studies in Finance, v. 3, n. 1, p. 95-123, 2012.
dc.identifier.issn2068-8393
dc.identifier.urihttp://hdl.handle.net/11449/124767
dc.description.abstractIn this paper we describe the main causes of the recent financial crisis as a result of many theoretical, methodological, and practical shortcomings mostly according to heterodox, but also including some important orthodox economists. At theoretical level, there are problems concerning teaching and using economic models with overly unrealistic assumptions. In the methodological front, we find the unsuspected shadow of Milton Friedman’s ‘unrealisticism of assumptions’ thesis lurking behind the construction of this kind of models and the widespread neglect of methodological issues. Of course, the most evident shortcomings are at the practical level: (i) huge interests of the participants in the financial markets (banks, central bankers, regulators, rating agencies mortgage brokers, politicians, governments, executives, economists, etc. mainly in the US, Canada and Europe, but also in Japan and the rest of the world), (ii) in an almost completely free financial and economic market, that is, one (almost) without any regulation or supervision, (iii) decision-taking upon some not well regarded qualities, like irresponsibility, ignorance, and inertia; and (iv) difficulties to understand the current crisis as well as some biases directing economic rescues by governments. Following many others, we propose that we take this episode as an opportunity to reflect on, and hopefully redirect, economic theory and practice.en
dc.format.extent95-123
dc.language.isoeng
dc.relation.ispartofJournal of Advanced Studies in Finance
dc.sourceCurrículo Lattes
dc.subjectFinancial crisesen
dc.subjectEconomic methodologyen
dc.subjectModel-buildingen
dc.titleThe current financial and economic crisis: empirical and methodological issuesen
dc.typeArtigo
dc.contributor.institutionUniversidade Estadual Paulista (UNESP)
dc.description.affiliationUniversidade Estadual Paulista Júlio de Mesquita Filho, Departamento de Economia, Faculdade de Ciências e Letras de Araraquara, Araraquara, Rodovia Araraquara-Jaú Km 1, Machados, CEP 14800901, SP, Brasil
dc.description.affiliationUnespUniversidade Estadual Paulista Júlio de Mesquita Filho, Departamento de Economia, Faculdade de Ciências e Letras de Araraquara, Araraquara, Rodovia Araraquara-Jaú Km 1, Machados, CEP 14800901, SP, Brasil
dc.rights.accessRightsAcesso aberto
unesp.campusUniversidade Estadual Paulista (UNESP), Faculdade de Ciências e Letras, Araraquarapt
dc.identifier.lattes4070106176104935
dc.identifier.lattes8639709435538882
unesp.departmentEconomiapt
unesp.author.lattes4070106176104935
unesp.author.lattes8639709435538882
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