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El origen del pánico de 2008: la crisis del mercado de crédito hipotecario en Estados Unidos

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  • Mauricio Pérez Salazar

    () (Universidad Externado de Colombia)

Abstract

This 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.

Suggested Citation

  • Mauricio Pérez Salazar, 2008. "El origen del pánico de 2008: la crisis del mercado de crédito hipotecario en Estados Unidos," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 10(19), pages 19-54, July-Dece.
  • Handle: RePEc:rei:ecoins:v:10:y:2008:i:19:p:19-54
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    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/mperez19.pdf
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    References listed on IDEAS

    as
    1. 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, Oxford University Press, vol. 125(1), pages 307-362.
    2. 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.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    mortgage market; financial crisis; United States;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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