LEADER 05969oam 22012494 450 001 9910825414203321 005 20240402045314.0 010 $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(Au-PeEL)EBL1606811 035 $a(CaPaEBR)ebr10627136 035 $a(OCoLC)796678874 035 $a(IMF)WPIEE2012162 035 $a(IMF)WPIEA2012162 035 $a(MiAaPQ)EBC1606811 035 $a(EXLCZ)992670000000278915 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aLeverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis /$fTamim Bayoumi, Ashok Bhatia 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (31 p.) 225 1 $aIMF Working Papers 225 0$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 3 $aThis paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral in the secured funding operations of U.S.-based investment banks was the fatal link between the collapse of structured finance and the global malfunction of funding markets that turbocharged the downdraft; and, second, that this insight (and others) can be decrypted from the Flow of Funds Accounts of the United States. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/162 606 $aFinancial crises 606 $aGlobal Financial Crisis, 2008-2009 606 $aFinancial leverage 606 $aBanks and Banking$2imf 606 $aInvestments: General$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aIndustries: Financial Services$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aFinancial Institutions and Services: General$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aGeneral Aggregative Models: General$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aMonetary economics$2imf 606 $aInvestment & securities$2imf 606 $aBanking$2imf 606 $aCredit$2imf 606 $aFinancial sector$2imf 606 $aSecurities$2imf 606 $aFlow of funds$2imf 606 $aCommercial banks$2imf 606 $aFinancial services industry$2imf 606 $aFinancial instruments$2imf 606 $aBanks and banking$2imf 607 $aUnited States$2imf 615 0$aFinancial crises. 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aFinancial leverage. 615 7$aBanks and Banking 615 7$aInvestments: General 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aIndustries: Financial Services 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aFinancial Institutions and Services: General 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aGeneral Aggregative Models: General 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aMonetary economics 615 7$aInvestment & securities 615 7$aBanking 615 7$aCredit 615 7$aFinancial sector 615 7$aSecurities 615 7$aFlow of funds 615 7$aCommercial banks 615 7$aFinancial services industry 615 7$aFinancial instruments 615 7$aBanks and banking 676 $a332 700 $aBayoumi$b Tamim$0122763 701 $aBhatia$b Ashok$01648389 801 0$bDcWaIMF 906 $aBOOK 912 $a9910825414203321 996 $aLeverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis$93996495 997 $aUNINA