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

• Autore: Bayoumi Tamim
• 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
• 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
• Serie: IMF Working Papers; Working Paper ; ; No. 2012/162