Financial market meltdown and a need for new financial regulations

Middle East Technical University
Publication Type:
Journal Article
METU Studies in Development, 2009, 36 (1), pp. 253 - 269
Issue Date:
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The financial crisis, triggered by the subprime and real estate crisis in the US, has become global It is deeply rooted in a decade-long misuse of the financial market for rent-seeking. The financial industry has largely abandoned Its role as a service industry, supposedly charging reasonable fees for the services of spreading risk and allocating capital and credit. Instead it provides a market for speculation, corporate control - mergers and acquisitions -: and a casino for bettmg on or hedging practically any kind of risk - the derivatives market.
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