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Record Nr. |
UNINA9910825414203321 |
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Autore |
Bayoumi Tamim |
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Titolo |
Leverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis / / Tamim Bayoumi, Ashok Bhatia |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2012 |
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ISBN |
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1-4755-1692-4 |
1-4755-9760-6 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (31 p.) |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/12/162 |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Financial crises |
Global Financial Crisis, 2008-2009 |
Financial leverage |
Banks and Banking |
Investments: General |
Macroeconomics |
Money and Monetary Policy |
Industries: Financial Services |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Financial Institutions and Services: General |
General Financial Markets: General (includes Measurement and Data) |
General Aggregative Models: General |
Banks |
Depository Institutions |
Micro Finance Institutions |
Mortgages |
Monetary economics |
Investment & securities |
Banking |
Credit |
Financial sector |
Securities |
Flow of funds |
Commercial banks |
Financial services industry |
Financial instruments |
Banks and banking |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Cover; Contents; Glossary; Executive Summary; I. Introduction: Our Search for the Smoking Gun; Figures; 1. Leverage? What Leverage?; II. The Flow of Funds Accounts: From the Macro to the Financial; A. Nonfinancial Private Sector Net Worth: A Rational Gambit; 2. Was it Debtor Leverage?; B. Household Finances: Let the Good Times Roll; 3. Was it Households as Net Debtors?; C. Nonfinancial Business Finances: The Cash Cow; 4. Was it a Borrowing Spree by Firms?; D. Government Finances: Use that Firepower; 5. Was it Foreigners Buying U.S. Treasuries? |
E. Foreign Investors in the U.S. Credit Markets: Pay to Play 6. Was it Foreigners Buying Everything?; F. Gross and Net Credit Growth: Strong for Long; 7. Was it Credit Growth?; G. Financial Sector Size and ""Churning"" Activity: Inward We Look; 8. Was it Financial Sector Size?; H. Financial Sector Structure and ""Shadow Banking"": Brave New World; 9. Was it ""Shadow Banking""?; I. Private-Label Securitization: Bankruptcy-Remote Indeed; 10. Was it the Bundling?; J. The Secured Wholesale Funding Chain: In Collateral We Trust; 11. Was it the Funding Model? |
III. Conclusion: Investment Banks as the Fulcrum 12. In Summary; References |
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Sommario/riassunto |
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This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral in the secured funding operations of U.S.-based investment banks was the fatal link between the collapse of structured finance and the global malfunction of funding markets that turbocharged the downdraft; and, second, that this insight (and others) can be decrypted from the Flow of Funds Accounts of the United States. |
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