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Full-Text Articles in Economic History

Crafting Chaos: The Classification Of Unilateral Transfers Under The Current Account At Bretton Woods And Its Impact On Remittances To The Indian State Of Kerala, Anish Gawande Nov 2016

Crafting Chaos: The Classification Of Unilateral Transfers Under The Current Account At Bretton Woods And Its Impact On Remittances To The Indian State Of Kerala, Anish Gawande

Undergraduate Economic Review

This essay aims to analyse the classification of unilateral transfers under the current account at Bretton Woods despite significant opposition from larger delegations of major Allied powers, bringing to the forefront the global liquidity of remittances in the post-War years permitted by their fully currency convertible nature. Using the example of the Indian State of Kerala, this paper charts the relevance of their sustained uninterrupted flow to their subsequent exponential growth in the last three decades, using the case study as a pivot to argue for better policy measures that maximise their multiplier effect.


Moral Hazard And Mispriced Systemic Risk In The Lead-Up To The 2007 Subprime Mortgage Crisis In The United States, Georgi Rusinov May 2016

Moral Hazard And Mispriced Systemic Risk In The Lead-Up To The 2007 Subprime Mortgage Crisis In The United States, Georgi Rusinov

Undergraduate Economic Review

The 2007 subprime crisis was caused by high demand for subprime mortgage products underpinned by the unrealistic assumption that property prices would keep rising indefinitely. The subprime mortgage market worked as expected as long as prices were rising and demand for property was high. When these two conditions were violated and the housing bubble collapsed, the system became dysfunctional, many subprime borrowers defaulted, and mortgage-backed securities lost much of their value. Prevention could have been achieved through regulatory measures to shift the risk back from taxpayers and investors to loan originators. Fair distribution of risk should be the main objective ...