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Crash 2008

Author

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  • Giorgio Szegö

    () (Sapienza, Università di Roma e ABF, Lugano)

Abstract

Causes and consequences of the current "subprime" financial crisis are analysed. The large number of fraudulent and criminal mortgages obtained by means of false statements unverified by the mortgagees, explains why this crisis was not predicted. The crisis was enhanced by unwise regulations like Marking-to-market of untraded assets and "Basel" capital requirements.

Suggested Citation

  • Giorgio Szegö, 2008. "Crash 2008," Rivista di Politica Economica, SIPI Spa, vol. 98(1), pages 3-37, January-F.
  • Handle: RePEc:rpo:ripoec:v:98:y:2008:i:1:p:3-37
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    File URL: http://www.rivistapoliticaeconomica.it/2008/gen-feb/Szego.pdf
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    References listed on IDEAS

    as
    1. Guillaume Plantin & Haresh Sapra & Hyun Song Shin, 2008. "Marking-to-Market: Panacea or Pandora's Box?," Journal of Accounting Research, Wiley Blackwell, vol. 46(2), pages 435-460, May.
    2. Mitchell, Donald, 2008. "A note on rising food prices," Policy Research Working Paper Series 4682, The World Bank.
    3. Con Keating & Hyun Song Shin & Charles Goodhart & Jon Danielsson, 2001. "An Academic Response to Basel II," FMG Special Papers sp130, Financial Markets Group.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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