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La crisi finanziaria del 2007-08


  • Giorgio PIZZUTTO



The 2007-09 financial crisis. The evolution of the financial markets in the last years has seen a progressive growth of financial intermediaries. The structure of the liabilities of the financial markets has gotten further therefore from the traditional model of commercial banking and it has made unstable the input of the financial system. In this context increasing quotas of transactions were guaranteed by collateral in order to strengthen the system. But the value of collateral is not an exogenous and stable variable. The increase of the haircuts means a reduction of the market value of collateral and a credit contraction to the real economy

Suggested Citation

  • Giorgio PIZZUTTO, 2009. "La crisi finanziaria del 2007-08," Departmental Working Papers 2009-37, Department of Economics, Management and Quantitative Methods at Universit√† degli Studi di Milano.
  • Handle: RePEc:mil:wpdepa:2009-37

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    Financial intermediation; collateral; financial crisis;

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G1 - Financial Economics - - General Financial Markets


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