LEADER 03705nam 2200637Ia 450 001 9910462258303321 005 20200520144314.0 010 $a1-4755-1692-4 010 $a1-4755-9760-6 035 $a(CKB)2670000000278915 035 $a(EBL)1606811 035 $a(SSID)ssj0000942139 035 $a(PQKBManifestationID)11505492 035 $a(PQKBTitleCode)TC0000942139 035 $a(PQKBWorkID)10971277 035 $a(PQKB)10698157 035 $a(MiAaPQ)EBC1606811 035 $a(Au-PeEL)EBL1606811 035 $a(CaPaEBR)ebr10627136 035 $a(OCoLC)796678874 035 $a(EXLCZ)992670000000278915 100 $a20121206d2012 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aLeverage? What leverage?$b[electronic resource] $ea deep dive into the U.S. flow of funds in search of clues to the global crisis /$fAshok Vir Bhatia and Tamim Bayoumi 210 $aWashington, D.C. $cInternational Monetary Fund$dc2012 215 $a1 online resource (31 p.) 225 0$aIMF working paper ;$vWP/12/162 300 $aDescription based upon print version of record. 311 $a1-4755-4512-6 311 $a1-4755-0471-3 320 $aIncludes bibliographical references. 327 $aCover; 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? 327 $aE. 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? 327 $aIII. Conclusion: Investment Banks as the Fulcrum 12. In Summary; References 330 $aThis paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral in the secured funding operations of U.S.-based investment banks was the fatal link between the collapse of structured finance and the global malfunction of funding markets that turbocharged the downdraft; and, second, that this insight (and others) can be decrypted from the Flow of Funds Accounts 410 0$aIMF Working Papers 606 $aFinancial crises 606 $aGlobal Financial Crisis, 2008-2009 606 $aFinancial leverage 608 $aElectronic books. 615 0$aFinancial crises. 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aFinancial leverage. 700 $aBhatia$b Ashok Vir$0855122 701 $aBayoumi$b Tamim A$0122763 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910462258303321 996 $aLeverage? What leverage$91909273 997 $aUNINA