The sub-prime crisis: A central banker's perspective
AbstractThe crisis is not yet over; the housing market continues to deteriorate and there are spill-overs into other markets. Growth is declining, with potentially self re-enforcing mechanisms between financial markets and the real economy coming into play. A local problem became a global crisis because of poor risk management, lack of transparency and excessive leverage. Not only does the capital base need re-building, but also incentive schemes need reconsideration.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Financial Stability.
Volume (Year): 4 (2008)
Issue (Month): 4 (December)
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Web page: http://www.elsevier.com/locate/jfstabil
Sub-prime mortgage Housing market Leverage Capital ratios Swiss banks;
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