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Balance Sheet Adjustments in the 2008 Crisis

  • Zhiguo He
  • In Gu Khang
  • Arvind Krishnamurthy
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    We measure how securitized assets, including mortgage-backed securities and other asset-backed securities, have shifted across financial institutions over this crisis and how the availability of financing has accommodated such shifts. Sectors dependent on repo financing - in particular, the hedge fund and broker-dealer sector - have reduced asset holdings, while the commercial banking sector, which has had access to more stable funding sources, has increased asset holdings. The banking sector also increased its leverage dramatically over this crisis. These findings are important to understand the role played by the government during the crisis as well as to understand the factors determining asset prices and liquidity during the crisis.

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    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15919.

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    Date of creation: Apr 2010
    Date of revision:
    Publication status: published as Balance Sheet Adjustment in the 2008 Crisis, 2010, with In Gu Khang and Arvind Krishnamurthy, IMF Economic Review 1 , pp. 118 - 156.
    Handle: RePEc:nbr:nberwo:15919
    Note: AP CF ME
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