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Autore: | Bayoumi Tamim |
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 |
Pubblicazione: | Washington, D.C. : , : International Monetary Fund, , 2012 |
Descrizione fisica: | 1 online resource (31 p.) |
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.: | 9910786485903321 |
Lo trovi qui: | Univ. Federico II |
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