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The sub-prime crisis: A central banker's perspective

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  • Hildebrand, Philipp M.
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    Abstract

    The 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 Info

    Article provided by Elsevier in its journal Journal of Financial Stability.

    Volume (Year): 4 (2008)
    Issue (Month): 4 (December)
    Pages: 313-320

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    Handle: RePEc:eee:finsta:v:4:y:2008:i:4:p:313-320

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    Web page: http://www.elsevier.com/locate/jfstabil

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    Keywords: Sub-prime mortgage Housing market Leverage Capital ratios Swiss banks;

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    Cited by:
    1. Giovanni, Calice, 2011. "The subprime asset-backed securities market and the equity prices of large complex financial institutions," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 21(4), pages 585-604, October.
    2. Ding, Cherng G. & Wu, Chiu-Hui & Chang, Pao-Long, 2013. "The influence of government intervention on the trajectory of bank performance during the global financial crisis: A comparative study among Asian economies," Journal of Financial Stability, Elsevier, vol. 9(4), pages 556-564.
    3. John V. Duca & John Muellbauer & Anthony Murphy, 2010. "Housing Markets and the Financial Crisis of 2007-2009: Lessons for the Future," SERC Discussion Papers 0049, Spatial Economics Research Centre, LSE.
    4. Cardarelli, Roberto & Elekdag, Selim & Lall, Subir, 2011. "Financial stress and economic contractions," Journal of Financial Stability, Elsevier, vol. 7(2), pages 78-97, June.

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