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By Philip Arestis, Rogério Sobreira, José Luís Oreiro

Concerning the writer PHILIP ARESTIS Cambridge Centre for Economics and Public coverage, division of Land financial system, collage of Cambridge, united kingdom; Professor of Economics, division of utilized Economics V, Universidad del País Vasco, Spain; extraordinary Adjunct Professor of Economics, division of Economics, college of Utah, US; Senior pupil, Levy Economics Institute, manhattan, US; traveling Professor, Leeds enterprise tuition, college of Leeds, united kingdom; Professorial learn affiliate, division of Finance and administration experiences, institution of Oriental and African reviews (SOAS), college of London, united kingdom; and present holder of the British Hispanic starting place 'Queen Victoria Eugenia' British Hispanic Chair of Doctoral experiences. he's leader educational Adviser to the united kingdom govt financial carrier (GES) on expert advancements in Economics. He has released as sole writer or editor, in addition to co-author and co-editor, a couple of books, contributed within the type of invited chapters to varied books, produced study reviews for learn institutes, and has released largely in educational journals.  ROGÉRIO SOBREIRA affiliate Professor of Economics and Finance, Brazilian university of Public and company management at Getulio Vargas starting place and CNPq Researcher. He has released a number of articles in educational journals and invited chapters commonly on banking rules, banking enterprise, funding financing and public debt administration. He co-edited 5 books, all in Portuguese: *Financial and Banking legislation* (Atlas), *Development and the construction of a country – fiscal coverage* (FGV), *Development and the construction of a country – Public coverage* (FGV), *Fiscal Adjustment: The Case of chosen nations* (FGV) and *Monetary coverage, primary Banks and Inflation concentrating on* (FGV). he's member of the Brazilian Keynesian organization. JOSÉ LUIS OREIRO affiliate Professor of Economics at college of Brasilia (UnB), point I Researcher at nationwide clinical Council (CNPq/Brazil), Director of the Brazilian Keynesian organization (AKB) and Member of the Editorial Board of Brazilian magazine of Political financial system (REP). He has released greater than 60 articles in educational journals in Brazil and different international locations, three books as editor and contributed within the kind of invited chapters to many different books. in line with REPEC, he belongs to most sensible 10% of educational economists in Brazil.

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This housing bubble occurred despite the fact that during the previous two decades the supply of housing had increased appreciably (Solow, 2009). In brief, house prices had risen because interest rates were low and credit was easily available, and prices were expected to continue to increase, much as in the case of the classic tulip mania and bubble in the early seventeenth century when, at its peak, the price of a tulip bulb in Holland was equivalent to that of a three-storey townhouse. Housing bubbles have occurred many times before in American economic history without leading to an acute economic and financial crisis, let alone in the rest of the world.

The macroprudential toolkit should account for the failures of the system: low levels of liquid assets; inadequate levels of capital with which to absorb losses; an overly large financial sector; too leveraged a sector Philip Arestis and Elias Karakitsos 29 with high risks to the taxpayer and the economy. Thus, macroprudential financial instruments should be able to control the size, leverage, fragility and risk of the financial system. Microprudential instruments relate to the structure and regulation of individual banks.

The point in the case of the UK (both figures are from Lansley, 2010). 2 shows clearly how wages fell below productivity. 3 makes the case of the increasing shortfall of the real wage rate from productivity since the early 1970s in the case of the US. The real wage rate fell well behind productivity in the aftermath of the Second World War reaching its maximum shortfall of around 15 per cent during the Korean War. 3 Percentage deviation of real wage rate from productivity (January 1968 = 100) and unemployment in April 1972.

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