El origen del pánico de 2008: la crisis del mercado de crédito hipotecario en Estados Unidos
AbstractThis article analyzes the causes of U.S. mortgage backed securities crisis, a crucial market in the financial panic of 2008. It shows that irrational behavior of investors is not infrequent, as evidenced by Ponzi schemes and bubbles. A comparison is made between traditional and new models of mortgage financing, where the key difference is the new model that unlinks incentives for different agents in the value chain and the risks they assume. It concludes with some reflections on the lessons that the experience of the Colombian mortgage crisis of 1998-2000 may offer for the resolution of the current crisis in the U.S.
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Bibliographic InfoArticle provided by Universidad Externado de Colombia - Facultad de Economía in its journal Revista de Economía Institucional.
Volume (Year): 10 (2008)
Issue (Month): 19 (July-December)
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More information through EDIRC
mortgage market; financial crisis; United States;
Find related papers by JEL classification:
- G01 - Financial Economics - - General - - - Financial Crises
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
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.:
- Kristopher Gerardi & Andreas Lehnert & Shane M. Sherlund & Paul Willen, 2008.
"Making Sense of the Subprime Crisis,"
Brookings Papers on Economic Activity,
Economic Studies Program, The Brookings Institution, vol. 39(2 (Fall)), pages 69-159.
- Kristopher S. Gerardi & Andreas Lehnert & Shane M. Sherlund & Paul S. Willen, 2009. "Making sense of the subprime crisis," Working Paper 2009-02, Federal Reserve Bank of Atlanta.
- Kristopher S. Gerardi & Andreas Lehnert & Shane M. Sherlund & Paul S. Willen, 2009. "Making sense of the subprime crisis," Public Policy Discussion Paper 09-1, Federal Reserve Bank of Boston.
- Benjamin J. Keys & Tanmoy Mukherjee & Amit Seru & Vikrant Vig, 2010. "Did Securitization Lead to Lax Screening? Evidence from Subprime Loans," The Quarterly Journal of Economics, MIT Press, vol. 125(1), pages 307-362, February.
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