The financial crisis in the United States from a behavioral and structural approach
DOI:
https://doi.org/10.15359/peds.8-2.1Keywords:
Economic crisis, Business cycle, Economic theory, Structuralism, Economic behaviorAbstract
The crisis of United States in 2008-2009 was a breaking point for economic thought and application, highlighting behavioral and structural problems. The objective of this paper is to investigate the conjunction of macro-structural factors, associated with economic policy, and micro-behavioral factors in the genesis of this crisis. First, a literature review of crisis theories is present, focusing on structural and behavioral approaches and showing how these two theories are complementary. Then, through the study of economic variables, the connection between these two explanatory theories in the context of the 2008-2009 crisis, were explained. This investigation allows to find evidence that suggests a relationship between both levels of analysis as an explanation to what happened.
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