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2009 | nr 16 | 47-57
Tytuł artykułu

The 2008/9 Global Financial Crisis in Perspective : Financial Bubbles and Other Factors

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Języki publikacji
The 2008/09 global financial crisis has its roots in global macroeconomic imbalances which pro- duced a period of historically low interest rates and created an appetite among fixed-income investors for riskier, higher yielding securities. This was partly satisfied by the use of securitization to create ever more asset-backed securities. Many of these were based on the cash flows of U.S. residential mortgages which had grown in importance as a result of the expansion of subprime and Alt-A loans. The traditional 'originate and hold' business model of credit intermediation was increasingly replaced by the 'originate and distribute' model, but this model contains many inherent agency problems that have contributed to the scale of the crisis. The current crisis has similarities with past crises in that it arose as a consequence of the bursting of a speculative bubble, in this case in the U.S. property market. However, the ongoing crisis is unique in a number of ways. Principal among these is the fact that the growth of financial innovation, in the form of increasingly complicated forms of securitized credit intermediation, became a critical driver and resulted in the crisis magnifying in scale and becoming global. Proposed changes to financial regulation by the G20 nations are likely to curtail the excessive risk-taking that has been engendered by the OAD business model and see financial institutions return to more traditional forms of credit intermediation in which credit risk is properly priced.(original abstract)
  • University of Stirling, United Kingdom
  • University of Gdansk, Poland
  • Demyanyk, Y., 'Did Credit Scores Predict the Subprime Crisis?', The Regional Economist, Federal Reserve Bank of St. Louis, 2008, pp. 12-13.
  • European Central bank, The Incentive Structure of the 'Originate and Distribute' Model, Frankfurt, December 2008.
  • Financial Services Authority, Financial Risk Outloook 2009, London, February 2009.
  • Financial Services Authority, The Turner Review: A regulatory response to the global banking crisis, London, March 2009.
  • Kindleberger, C.P. Manias, Panics & Crashes - A History of Financial Crises, New York: John Wiley & Sons, 1978.
  • MacKay, C., Extraordinary Popular Delusions and the Madness of Crowds, 1841. (New York: Har- mony Books, 1980).
  • Mian, A. and Sufi, A., The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis, National Bureau of Economic Research, NBER Working Paper No 13936, April 2008.
  • Shiller, R., Irrational Exuberance, Princeton University Press, 2000.
  • Stewart, H., 'G20 summit recovery package: «A global plan on unprecedented scale», The Guardian, Friday 3 April, 2009.
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