Suchergebnisse

Cover -- Half Title -- Title Page -- Copyright Page -- Table of Contents -- List of Figures and Tables -- Foreword -- Preface and Acknowledgments -- Chapter 1. Introduction -- Why This Study? -- Plan of the Book and Methodology -- Economic Theories of Banking and Financial Markets -- Banking, Credit Markets, and Community Development -- Chapter 2. Overview -- Introduction: A Capsule Summary of the Issues -- The Logic of the Bank Merger Wave -- Bank Mergers and Consolidation: Effects on Consumers and Small Business

This paper reflects on the experience of the 1999–2002 minority pipeline program (MPP) at the University of California, Riverside. With support from the American Economic Association, the MPP identifi ed students of color interested in economics, let them explore economic issues aff ecting minority communities, and encouraged them to consider postgraduate work in economics. The MPP's successes and failures can be traced to the shifting balance in California's racialized political economy, especially a state ballot initiative forbidding the use of applicant race or ethnicity in University of California admission decisions, and to the transformation of economics itself, especially at the level of doctoral training. The MPP experience may be of relevance for other eff orts to increase racial/ethnic diversity in social science disciplines.

This would seem an opportune moment to reshape banking systems in the Americas. But any effort to rethink and improve banking must acknowledge three major barriers. The first is a crisis of vision: there has been too little consideration of what kind of banking system would work best for national economies in the Americas. The other two constraints are structural. Banking systems in Mexico and the rest of Latin America face a financial regulation trilemma, the logic and implications of which are similar to those of smaller nations' macroeconomic policy trilemma. The ability of these nations to impose rules that would pull banking systems in the direction of being more socially productive and economically functional is constrained both by regional economic compacts (in the case of Mexico, NAFTA) and by having a large share of the domestic banking market operated by multinational banks. For the United States, the structural problem involves the huge divide between Wall Street megabanks and the remainder of the U.S. banking system. The ambitions, modes of operation, and economic effects of these two different elements of U.S. banking are quite different. The success, if not survival, of one element depends on the creation of a regulatory atmosphere and set of enabling federal government subsidies or supports that is inconsistent with the success, or survival, of the other element.

AbstractThis afterword develops one argument about, and then engages in two dialogues with, this symposium on the subprime crisis and the mortgage market. First, it argues that these articles have a unifying theme: they all insist that any understanding of the evolution of the subprime crisis must take into account the role of the complex, racialized dynamics of social inequality in urban space. This perspective, which we term the 'urban problematic', is shared by the authors gathered here; however, it is notably absent from many other accounts of the origins of the subprime crisis. This leads to two dialogues with these articles. The first explores this question: if this problematic is so powerful, then why isn't it pervasive in all social‐scientific and economic discussions of the subprime crisis? The second dialogue then asks why there aren't richer ongoing exchanges between social scientists engaged in the urban problematic, on one side, and heterodox economists, on the other side? We suggest that it will be beneficial to deepen these interdisciplinary exchanges; and doing so will require making visible — and then overcoming — some hidden disjunctures in the ways that those working on these problems from different starting points frame and orient their work.RésuméAprès un argumentaire dans le cadre de ce symposium sur la crise dessubprimeset le marché des prêts hypothécaires, ce texte de clôture propose deux axes de dialogue. D'abord, ces articles ont un thème en commun: tous insistent sur le fait que, pour comprendre l'évolution de la crise dessubprimes, il fait tenir compte des dynamiques racialisées et complexes de l'inégalité sociale dans l'espace urbain. Cette optique, que nous appellerons 'problématique urbaine', est partagée par les auteurs réunis ici; toutefois, son absence est flagrante dans beaucoup d'autres versions des origines de cette crise. Il en découle deux axes de dialogue. Le premier part de l'interrogation suivante: si cette problématique est si forte, pourquoi n'imprègne‐t‐elle pas toutes les analyses de la crise dessubprimesen sciences sociales et en économie? Le second cherche pourquoi les échanges actuels ne sont pas plus riches entre les spécialistes en sciences sociales intéressés par la problématique urbaine d'un côté, et les économistes hétérodoxes de l'autre. Un renforcement des échanges interdisciplinaires serait bénéfique, ce qui impliquerait de donner une visibilité— puis une prépondérance —à certaines disjonctions sous‐jacentes dans les façons dont ceux qui traitent ces problèmes sous des angles différents élaborent et orientent leurs travaux.

AbstractThis paper develops a political economic explanation of the 2007–9 US subprime crisis which focuses on one of its central causes: the transformation of racial exclusion in US mortgage-markets. Until the early 1990s, racial minorities were systematically excluded from mortgage-finance due to bank-redlining and discrimination. But, then, racial exclusion in credit-markets was transformed: racial minorities were increasingly given access to housing-credit under terms far more adverse than were offered to non-minority borrowers. This paper shows that the emergence of the subprime loan is linked, in turn, to the strategic transformation of banking in the 1980s, and to the unique global circumstances of the US macro-economy. Thus, subprime lending emerged from a combination of the long US history of racial exclusion in credit-markets, the crisis of US banking, and the position of the US within the global economy. From the viewpoint of the capitalist accumulation-process, these loans increased the depth of the financial expropriation of the working class by financial capital. The crisis in subprime lending then emerged when subprime loans with exploitative terms became more widespread and were made increasingly on an under-collateralised basis – that is, when housing-loans became not just extortionary but speculative.

Este artigo argumenta que o corrente cenário mundial de liberalização bancária e exclusão financeira surgiu em virtude de duas sucessivas fases de globalização financeira: uma globalização em macro-escala iniciada no fim dos anos 70 e que persistiu por duas décadas; e uma globalização em micro-escala – ou seja, o movimento além das fronteiras das firmas e práticas bancárias – iniciada no fim dos anos 80 e que ainda reúne força. Contrário a aqueles que vêem a globalização em micro-escala , este artigo argumenta que a globalização em microescala está gerando uma inclusão financeira para os privilegiados e uma exclusão financeira para os pobres ou trabalhadores pobres. Ou seja, os processos de globalização em micro-escala não se movem somente ao longo do eixo eficiência/ineficiência, mas também ao longo de um eixo de riqueza-igualdade/oportunidade, e os movimentos na direção de uma eficiência podem forçar uma dada economia ir além do ponto de igualdade de oportunidade e riqueza.