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Anatomy of the Credit Crisis: The role of Faulty Risk Management Systems

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Author Info
Frank Milne (Queen's University)

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Abstract

The current credit market crisis reflects system-wide problems in the trading and hedging of credit risks. It started in the US mortgage market, but it has spread more generally into other credit markets, where perceived counter-party risks between financial institutions have risen, impairing their operation. This is an international, systemic problem, which has become more serious as time has passed.

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Publisher Info
Article provided by C.D. Howe Institute in its journal C.D. Howe Institute Commentary.

Volume (Year): (2008)
Issue (Month): 269 (July)
Pages:
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Handle: RePEc:cdh:commen:269

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Related research
Keywords: economic growth and innovation; financial services;

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Find related papers by JEL classification:
E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
F3 - International Economics - - International Finance

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. David Laidler, 2004. "Central Banks as Lenders of Last Resort - Trendy or Passe?," University of Western Ontario, RBC Financial Group Economic Policy Research Institute Working Papers 20048, University of Western Ontario, RBC Financial Group Economic Policy Research Institute. [Downloadable!]
  2. Charles Calomiris & Joseph Mason, 2004. "Credit Card Securitization and Regulatory Arbitrage," Journal of Financial Services Research, Springer, vol. 26(1), pages 5-27, August. [Downloadable!] (restricted)
    Other versions:
  3. Gorton, Gary & Winton, Andrew, 2003. "Financial intermediation," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 8, pages 431-552 Elsevier. [Downloadable!] (restricted)
  4. Adam B. Ashcraft & Til Schuermann, 2008. "Understanding the securitization of subprime mortgage credit," Staff Reports 318, Federal Reserve Bank of New York. [Downloadable!]
  5. Richard K. Green & Susan M. Wachter, 2007. "The housing finance revolution," Proceedings, Federal Reserve Bank of Kansas City, pages 21-67. [Downloadable!]
  6. Martin Summer & Helmut Elsinger & Alfred Lehar, 2002. "Risk Assessment for Banking Systems," Working Papers 79, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. David Laidler & Robin Banerjee, 2008. "Unstable Foundations: Assets Markets, Inflation Targets, and Canada's 2011 Policy Choices," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 278, December. [Downloadable!]
  2. Peter W. Hogg, 2008. "A Question of Parliamentary power: Criminal Law and the Control of Greenhouse Gas Emissions," C.D. Howe Institute Backgrounder, C.D. Howe Institute, issue 114, August. [Downloadable!]
  3. David Card & Martin Dooley & A. Abigail Payne, 2008. "School Choice and the Benefits of Competition: Evidence from Ontario," C.D. Howe Institute Backgrounder, C.D. Howe Institute, issue 115, October. [Downloadable!]
  4. Peter Dungan & Jack Mintz & Finn Poschmann & Thomas Wilson, 2008. "Growth Oriented Sales Tax Reform for Ontario: Replacing the Retail Sales Tax with a 7.5 Percent Value-Added Tax," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 273, September. [Downloadable!]
  5. John Richards, 2008. "Closing the Aboriginal/non-Aboriginal Education Gaps," C.D. Howe Institute Backgrounder, C.D. Howe Institute, issue 116, October. [Downloadable!]
  6. Arthur J. Cockfield, 2008. "Finding Silver Linings in the Storm: An Evaluation of Recent Canada-US Crossborder Developments," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 272, September. [Downloadable!]
  7. Mark Kamstra & Rpbert J. Shiller, 2008. "The Case for Trills: Giving Canadians and their Pension Funds a Stake in the Wealth of the Nation," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 271, August. [Downloadable!]
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