The Financial Crisis: Causes and Lessons
AbstractThis necessarily simplified account is divided into 3 stages: first, a look at the key factors that led to the increasing riskiness of US home mortgages; second, how those risks were transmitted as securities from US housing lenders to institutional investors around the globe; and third, how those risks led to huge losses and created a credit crunch that moved the impact from the financial economy to the real economy. The goal is to lay a factual foundation for deriving the lessons that ought to be taken away from this very expensive experience.
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Bibliographic InfoPaper provided by Regulation2point0 in its series Working paper with number 30.
Date of creation: Dec 2009
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Web page: http://regulation2point0.org/
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-08-14 (All new papers)
- NEP-FMK-2010-08-14 (Financial Markets)
- NEP-URE-2010-08-14 (Urban & Real Estate Economics)
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