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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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Autore: Bayoumi Tamim Visualizza persona
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 Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2012
Edizione: 1st ed.
Descrizione fisica: 1 online resource (31 p.)
Disciplina: 332
Soggetto topico: 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
Soggetto geografico: United States
Altri autori: BhatiaAshok  
Note generali: Description based upon print version of record.
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: 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
Sommario/riassunto: 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.
Titolo autorizzato: Leverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis  Visualizza cluster
ISBN: 1-4755-1692-4
1-4755-9760-6
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910825414203321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2012/162