A Theory of Looting: The Sub-Prime Crisis
15 Pages Posted: 14 Mar 2015
Date Written: March 12, 2015
Abstract
This paper describes a frictional story of how the sub-prime crisis has been caused. It then offers a theory of looting, to explain how people loot other’s money, and to show the kinds of people who supply the money. This paper then shows that public looting is more rampant than private looting, and explains why the looting people are fearless and shameless. Finally, it ferrets out the culprits and offers some advice of protection against looting.
Keywords: Looting, Financial Crisis
JEL Classification: G01
Suggested Citation: Suggested Citation
Choi, Hak, A Theory of Looting: The Sub-Prime Crisis (March 12, 2015). Available at SSRN: https://ssrn.com/abstract=2577630 or http://dx.doi.org/10.2139/ssrn.2577630
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