How The Subprime Crisis Went Global
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How The Subprime Crisis Went Global Evidence From Bank Credit Default Swap Spreads
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Author : Barry Eichengreen
language : en
Publisher:
Release Date : 2009
How The Subprime Crisis Went Global Evidence From Bank Credit Default Swap Spreads written by Barry Eichengreen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Financial crises categories.
How did the Subprime Crisis, a problem in a small corner of U.S. financial markets, affect the entire global banking system? To shed light on this question we use principal components analysis to identify common factors in the movement of banks' credit default swap spreads. We find that fortunes of international banks rise and fall together even in normal times along with short-term global economic prospects. But the importance of common factors rose steadily to exceptional levels from the outbreak of the Subprime Crisis to past the rescue of Bear Stearns, reflecting a diffuse sense that funding and credit risk was increasing. Following the failure of Lehman Brothers, the interdependencies briefly increased to a new high, before they fell back to the pre-Lehman elevated levels - but now they more clearly reflected heightened funding and counterparty risk. After Lehman's failure, the prospect of global recession became imminent, auguring the further deterioration of banks' loan portfolios. At this point the entire global financial system had become infected.
How The Subprime Crisis Went Global
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Author : Barry Eichengreen
language : en
Publisher:
Release Date : 2009
How The Subprime Crisis Went Global written by Barry Eichengreen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Financial crises categories.
How did the Subprime Crisis, a problem in a small corner of U.S. financial markets, affect the entire global banking system? To shed light on this question we use principal components analysis to identify common factors in the movement of banks' credit default swap spreads. We find that fortunes of international banks rise and fall together even in normal times along with short-term global economic prospects. But the importance of common factors rose steadily to exceptional levels from the outbreak of the Subprime Crisis to past the rescue of Bear Stearns, reflecting a diffuse sense that funding and credit risk was increasing. Following the failure of Lehman Brothers, the interdependencies briefly increased to a new high, before they fell back to the pre-Lehman elevated levels - but now they more clearly reflected heightened funding and counterparty risk. After Lehman's failure, the prospect of global recession became imminent, auguring the further deterioration of banks' loan portfolios. At this point the entire global financial system had become infected.
How The Subprime Crisis Went Global Evidence From Bank Credit Default Swap Spreados
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Author :
language : en
Publisher:
Release Date : 2009
How The Subprime Crisis Went Global Evidence From Bank Credit Default Swap Spreados written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
The Subprime Solution
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Author : Robert J. Shiller
language : en
Publisher: Princeton University Press
Release Date : 2012-09-24
The Subprime Solution written by Robert J. Shiller and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-09-24 with Business & Economics categories.
A best-selling economist reveals the origins of the subprime mortgage crisis and puts forward bold measures to resolve it by restructuring the institutional foundations of the financial system in a thoughtful study by the author of Irrational Exuberance. First serial, The Atlantic.
The Impact Of The Subprime Crisis On European Banks
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Author : Jan-Frederik Modell
language : en
Publisher: diplom.de
Release Date : 2008-04-22
The Impact Of The Subprime Crisis On European Banks written by Jan-Frederik Modell and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-22 with Business & Economics categories.
Inhaltsangabe:Abstract: The US subprime-crisis became a headline in the global media starting in February 2007 after the US housing market had already shown first signs of a slowdown in late 2006. Previously, the US housing market had enjoyed a favorable environment, especially from 2002 to 2005, which was characterized by low interest rates, rising house values, and increasing home financing possibilities through subprime mortgages. However, more and more events were published during the year by US mortgage brokers, international investment banks, and central banks around the world that presented a picture which caused today s perception of the subprime-crisis. What s more, the subprime-crisis is far from being over: an end to the crisis is not yet in sight. One rather unique characteristic of this crisis is that its actual basis is the delinquencies and defaults of subprime single-family home mortgages in the US which is commonly not regarded to be of great relevance for the international capital markets. However, taking into account the originate and distribute business model of US mortgage brokers in connection with the securitization of these mortgages into various types of securities that are traded on a global basis, it is not surprising to observe that banks and investment funds around the world were invested into these securities. Before the crisis started, only a few banks or funds considered the liquidity of these securities when investing significant amounts of money in them because they focused on maximizing their returns. But, when larger problems in the US subprime mortgage market became evident, liquidity became the major concern for investors and investor preferences significantly shifted to safer assets such as government bonds. This caused severe problems in the money market, which ultimately brought the crisis across the Atlantic to Europe. Moreover, funding problems emerged and caused the first bank run in Europe in decades when depositors in Britain started to queue outside Northern Rock branches for hours to withdraw their deposits in light of fears that the bank might have to file for bankruptcy. In addition, another British bank had been in the spotlight earlier that year because HSBC was the first European bank to announce a billion dollar write-off linked to its exposure to subprime mortgages. Taking into consideration the subprime-crisis-related events in Europe, the British banking market can be characterized as the [...]
Summary The Subprime Solution
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Author : BusinessNews Publishing,
language : en
Publisher: Primento
Release Date : 2017-01-30
Summary The Subprime Solution written by BusinessNews Publishing, and has been published by Primento this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-30 with Business & Economics categories.
The must-read summary of Robert J. Shiller's book: “The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do About It”. This complete summary of "The Subprime Solution" by Robert J. Shiller, Nobel Laureate and economist, outlines his explanation of how the subprime mortgage crisis arose and his solutions to resolve it. He believes that a restructuring of the institutional foundations of the financial system is necessary for recovery and greater prosperity. Added-value of this summary: • Save time • Understand the subprime mortgage crisis and possible ways of resolving it • Expand your knowledge of economics and finance To learn more, read "The Subprime Solution" and discover some potential, radical solutions that would create the conditions for greater prosperity across the global economy.
The Global Financial Crisis
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Author : George K. Zestos
language : en
Publisher: Routledge
Release Date : 2015-10-05
The Global Financial Crisis written by George K. Zestos and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-05 with Business & Economics categories.
Although banking and sovereign debt crises are not unusual, the crisis that has unfolded across the world since 2007 has been unique in both its scale and scope. It has also been unusual in being both triggered by, and mainly affecting, developed economies. Starting with the US subprime mortgage crisis, and the recession in 2007-2009, the problem soon erupted into financial crisis in Europe. A few of these countries came to the brink of bankruptcy, and were rescued by the EU and the IMF on the condition they adopt austerity measures. The detrimental social effects of the crisis in both the US and Europe are still emerging. Although there have been several studies published on the US crisis in particular, there has so far been an absence of an accessible comparative overview of both crises. This insightful text aims to fill this gap, offering a critical overview of causes, policy responses, effects and future implications. Starting with the historical context and mutation of the crisis, the book explores the policies, regulations, and governance reforms that have been implemented to cope with the US subprime mortgage crisis. A parallel analysis considers the causes of the European sovereign debt crisis and the responses of the European Union (EU), examining why the EU is as yet unable to resolve the crisis. This book is supported with eResources that include essay questions and class discussion questions in order to assist students in their understanding. This uniquely comprehensive and readable overview will be of interest and relevance to those studying financial crises, financial governance, international economics and international political economy.
The Crisis Of Risk
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Author : Aquanno, Scott M.
language : en
Publisher: Edward Elgar Publishing
Release Date : 2021-08-27
The Crisis Of Risk written by Aquanno, Scott M. and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-27 with Political Science categories.
For the last decade, progressive scholars determined to understand the 2008 financial crisis have examined the growth of US subprime mortgage debt in the period leading up to the collapse and how government policy supported this accumulation. However, the long history of the subprime crisis, its connection to the patterns of financial risk designated by the postwar international monetary system, has been all too often overlooked. This book explores the long history of the subprime crisis through an original theoretic lens that sheds light on the institutional basis of global debt markets and the role of US Treasury debt in the international financial system.
What Caused The Global Financial Crisis
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Author : Erlend Nier
language : en
Publisher: International Monetary Fund
Release Date : 2010-11-01
What Caused The Global Financial Crisis written by Erlend Nier and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-01 with Business & Economics categories.
This paper investigates empirically the drivers of financial imbalances ahead of the global financial crisis. Three factors may have contributed to the build-up of financial imbalances: (i) rising global imbalances (capital flows), (ii) monetary policy that might have been too loose, (iii) inadequate supervision and regulation. Panel data regressions are performed for OECD countries from 1999 to 2007, so as to shed light on the relative importance of these factors, as well as the extent to which these factors might have interacted in fuelling the build-up. We find that the build-up of financial imbalances was driven by capital inflows and an associated compression of the spread between long and short rates. The effect of capital inflows on the build-up is amplified where the supervisory and regulatory environment was relatively weak. We find that, by contrast, differences in monetary policy cannot account for differences across countries in the build-up of financial imbalances ahead of the crisis.
The Impact Of The Subprime Crisis On Global Financial Markets Banks And International Trade
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Author : Indranarain Ramlall
language : en
Publisher: Cambridge Scholars Publishing
Release Date : 2014-10-02
The Impact Of The Subprime Crisis On Global Financial Markets Banks And International Trade written by Indranarain Ramlall and has been published by Cambridge Scholars Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-02 with Business & Economics categories.
With the occurrence of the US crisis, international focus has shifted from finance to financial stability. This book offers analyses of financial stability risk assessment at three main levels – namely international financial markets, banks and international trade – with the research being innovative, timely and much needed in terms of policy implications. New approaches to policy-making are also suggested to deal with the three crises that presently buffet the world: the debt crisis, an ageing population and climate change.