{"id":"https://openalex.org/W2009554484","doi":"https://doi.org/10.1108/17576381011070210","title":"The political, regulatory, and market failures that caused the US financial crisis","display_name":"The political, regulatory, and market failures that caused the US financial crisis","publication_year":2010,"publication_date":"2010-06-01","ids":{"openalex":"https://openalex.org/W2009554484","doi":"https://doi.org/10.1108/17576381011070210","mag":"2009554484"},"language":"en","primary_location":{"id":"doi:10.1108/17576381011070210","doi":"https://doi.org/10.1108/17576381011070210","is_oa":false,"landing_page_url":"https://doi.org/10.1108/17576381011070210","pdf_url":null,"source":{"id":"https://openalex.org/S181870614","display_name":"Journal of Financial Economic Policy","issn_l":"1757-6385","issn":["1757-6385","1757-6393"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Economic Policy","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.1322297","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5068404136","display_name":"David G. Tarr","orcid":"https://orcid.org/0000-0003-1016-4984","observed_orcids":["https://orcid.org/0000-0003-1016-4984"]},"institutions":[{"id":"https://openalex.org/I1334329717","display_name":"World Bank","ror":"https://ror.org/00ae7jd04","country_code":"US","type":"other","lineage":["https://openalex.org/I1334329717","https://openalex.org/I55633929"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"David G. Tarr","raw_affiliation_strings":["The World Bank, Washington, DC, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"The World Bank, Washington, DC, USA","institution_ids":["https://openalex.org/I1334329717"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5068404136"],"corresponding_institution_ids":["https://openalex.org/I1334329717"],"apc_list":null,"apc_paid":null,"fwci":3.4596,"has_fulltext":false,"cited_by_count":23,"citation_normalized_percentile":{"value":0.93066533,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":"2","issue":"2","first_page":"163","last_page":"186"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.6582000255584717,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.6582000255584717,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14154","display_name":"finance, banking, and market dynamics","score":0.26440000534057617,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13074","display_name":"Global Financial Regulation and Crises","score":0.0478999987244606,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/2008-financial-crisis","display_name":"2008 financial crisis","score":0.9760000109672546},{"id":"https://openalex.org/keywords/financial-regulation","display_name":"financial regulation","score":0.7990000247955322},{"id":"https://openalex.org/keywords/political-failure","display_name":"political failure","score":0.7940000295639038},{"id":"https://openalex.org/keywords/market-failure","display_name":"market failure","score":0.8309999704360962},{"id":"https://openalex.org/keywords/fannie-mae-and-freddie-mac","display_name":"Fannie Mae and Freddie Mac","score":0.847000002861023},{"id":"https://openalex.org/keywords/banking-supervision","display_name":"banking supervision","score":0.6610000133514404},{"id":"https://openalex.org/keywords/savings-and-loan-crisis","display_name":"savings and loan crisis","score":0.8489999771118164},{"id":"https://openalex.org/keywords/community-reinvestment-act","display_name":"Community Reinvestment Act","score":0.9710000157356262},{"id":"https://openalex.org/keywords/mortgage-lending-standards","display_name":"mortgage lending standards","score":0.8259999752044678},{"id":"https://openalex.org/keywords/moral-hazard","display_name":"moral hazard","score":0.8479999899864197},{"id":"https://openalex.org/keywords/conflict-of-interest","display_name":"conflicts of interest","score":0.9419999718666077},{"id":"https://openalex.org/keywords/credit-rating-agencies","display_name":"credit rating agencies","score":0.8790000081062317},{"id":"https://openalex.org/keywords/securitization","display_name":"securitization","score":0.8240000009536743},{"id":"https://openalex.org/keywords/financial-deregulation","display_name":"financial deregulation","score":0.8949999809265137},{"id":"https://openalex.org/keywords/regulatory-reform","display_name":"regulatory reform","score":0.8640000224113464},{"id":"https://openalex.org/keywords/homeownership","display_name":"homeownership","score":0.5879999995231628}],"concepts":[{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.6489288210868835},{"id":"https://openalex.org/C2780202544","wikidata":"https://www.wikidata.org/wiki/Q44454","display_name":"Moral hazard","level":3,"score":0.6086576581001282},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.575782299041748},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.5602378249168396},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5200188159942627},{"id":"https://openalex.org/C2777764128","wikidata":"https://www.wikidata.org/wiki/Q189539","display_name":"Loan","level":2,"score":0.5022220611572266},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.44445669651031494},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.4283716678619385},{"id":"https://openalex.org/C2778137410","wikidata":"https://www.wikidata.org/wiki/Q2732820","display_name":"Government (linguistics)","level":2,"score":0.4279817044734955},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.42535674571990967},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.406353235244751},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.22234639525413513},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.11422312259674072},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.10046207904815674},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0}],"mesh":[],"locations_count":6,"locations":[{"id":"doi:10.1108/17576381011070210","doi":"https://doi.org/10.1108/17576381011070210","is_oa":false,"landing_page_url":"https://doi.org/10.1108/17576381011070210","pdf_url":null,"source":{"id":"https://openalex.org/S181870614","display_name":"Journal of Financial Economic Policy","issn_l":"1757-6385","issn":["1757-6385","1757-6393"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Economic Policy","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.1322297","doi":"https://doi.org/10.2139/ssrn.1322297","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.1322297","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:RePEc:wbk:wbrwps:5324","doi":null,"is_oa":false,"landing_page_url":"http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/05/27/000158349_20100527154732/Rendered/PDF/WPS5324.pdf","pdf_url":"http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/05/27/000158349_20100527154732/Rendered/PDF/WPS5324.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:eme:jfep00:17576381011070210","doi":null,"is_oa":false,"landing_page_url":"https://www.emerald.com/insight/content/doi/10.1108/17576381011070210.html?utm_source=repec&utm_medium=feed&utm_campaign=repec","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:RePEc:eme:jfeppp:v:2:y:2010:i:2:p:163-186","doi":null,"is_oa":false,"landing_page_url":"https://www.emerald.com/insight/content/doi/10.1108/17576381011070210/full/html?utm_source=repec&utm_medium=feed&utm_campaign=repec","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:openknowledge.worldbank.org:10986/4976","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10986/4976","pdf_url":null,"source":{"id":"https://openalex.org/S4377196270","display_name":"The World Bank Open Knowledge Repository (World Bank)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1334329717","host_organization_name":"World Bank","host_organization_lineage":["https://openalex.org/I1334329717"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Journal Article"}],"best_oa_location":{"id":"doi:10.2139/ssrn.1322297","doi":"https://doi.org/10.2139/ssrn.1322297","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.1322297","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[{"display_name":"Peace, justice, and strong institutions","id":"https://metadata.un.org/sdg/16","score":0.6601999998092651}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":58,"referenced_works":["https://openalex.org/W22486267","https://openalex.org/W100972699","https://openalex.org/W197189478","https://openalex.org/W570614407","https://openalex.org/W1520386898","https://openalex.org/W1534425698","https://openalex.org/W1538508605","https://openalex.org/W1556762743","https://openalex.org/W1828378200","https://openalex.org/W1871500521","https://openalex.org/W1883900955","https://openalex.org/W1891109626","https://openalex.org/W1965267116","https://openalex.org/W1968928658","https://openalex.org/W1969057730","https://openalex.org/W1982375873","https://openalex.org/W2020820958","https://openalex.org/W2033149235","https://openalex.org/W2035487892","https://openalex.org/W2088141836","https://openalex.org/W2092300976","https://openalex.org/W2100810661","https://openalex.org/W2102461236","https://openalex.org/W2108861503","https://openalex.org/W2112449629","https://openalex.org/W2119213872","https://openalex.org/W2120946983","https://openalex.org/W2129231962","https://openalex.org/W2150133863","https://openalex.org/W2150661422","https://openalex.org/W2161189733","https://openalex.org/W2259887952","https://openalex.org/W2264539902","https://openalex.org/W2407679292","https://openalex.org/W2473414843","https://openalex.org/W2801277118","https://openalex.org/W2970785998","https://openalex.org/W2978731898","https://openalex.org/W3121212802","https://openalex.org/W3122555568","https://openalex.org/W3122754453","https://openalex.org/W3122854263","https://openalex.org/W3122973003","https://openalex.org/W3124060603","https://openalex.org/W3124807948","https://openalex.org/W3125326971","https://openalex.org/W3125561945","https://openalex.org/W3125582902","https://openalex.org/W3125834838","https://openalex.org/W3126113144","https://openalex.org/W4210576303","https://openalex.org/W4232514308","https://openalex.org/W4239654881","https://openalex.org/W4241957989","https://openalex.org/W4252776298","https://openalex.org/W4293229472","https://openalex.org/W4391965190","https://openalex.org/W6639242666"],"related_works":["https://openalex.org/W6959570738","https://openalex.org/W2042141578","https://openalex.org/W2092381924","https://openalex.org/W1502307273","https://openalex.org/W2295105185","https://openalex.org/W2041397033","https://openalex.org/W2193637253","https://openalex.org/W4411400980","https://openalex.org/W296159446","https://openalex.org/W3124851138"],"abstract_inverted_index":{"In":[0],"this":[1],"paper":[2],"I":[3,126],"discuss":[4],"the":[5,15,24,33,59,65,70,86,96,132,139],"key":[6],"regulatory,":[7],"market":[8],"and":[9,26,38,110,142],"political":[10,48],"failures":[11],"that":[12,128],"led":[13],"to":[14,31,54,61,77,82,92,138],"2008":[16],"US":[17],"financial":[18,129,140],"crisis.":[19],"While":[20],"Congress":[21,51],"was":[22,46,52],"fixing":[23],"Savings":[25],"Loan":[27],"crisis,":[28,141],"it":[29],"failed":[30],"give":[32],"regulator":[34],"of":[35,69,95,124,131],"Fannie":[36],"Mae":[37],"Freddie":[39],"Mac":[40],"normal":[41],"bank":[42,79],"supervisory":[43],"power.":[44],"This":[45],"a":[47],"failure":[49,99],"as":[50,102,119],"appealing":[53],"narrow":[55],"constituencies.":[56],"Second,":[57],"in":[58],"mid-1990s,":[60],"encourage":[62],"home":[63],"ownership,":[64],"Administration":[66],"changed":[67],"enforcement":[68],"Community":[71],"Reinvestment":[72],"Act,":[73],"effectively":[74],"requiring":[75],"banks":[76],"lower":[78],"mortgage":[80,88,104],"standards":[81,89],"underserved":[83],"areas.":[84],"Crucially,":[85],"risky":[87],"then":[90],"spread":[91],"other":[93],"sectors":[94],"market.":[97],"Market":[98],"problems":[100,117],"ensued":[101],"banks,":[103],"brokers,":[105],"securitizers,":[106],"credit":[107],"rating":[108],"agencies":[109],"asset":[111],"managers":[112],"were":[113],"all":[114],"plagued":[115],"by":[116],"such":[118],"moral":[120],"hazard":[121],"or":[122],"conflicts":[123],"interest.":[125],"explain":[127],"deregulation":[130],"past":[133],"three":[134],"decades":[135],"is":[136],"unrelated":[137],"suggest":[143],"several":[144],"recommendations":[145],"for":[146],"regulatory":[147],"reform.":[148]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":3},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":4},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":3}],"updated_date":"2026-11-09T13:22:03.289127","created_date":"2016-06-24T00:00:00"}