Congressional influence as a determinant of subprime lending

Stuart A Gabriel, Matthew E. Kahn, Ryan K Vaughn, 5 May 2013

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An implosion in housing markets figured prominently in the 2007 meltdown in capital markets and the downturn in the global economy. Neither analysts on Wall Street nor regulators in Washington anticipated the depth of the crisis, its geographic and asset-class contagion, or its adverse effects on household balance sheets. What was emblematic was the pervasive failure of subprime mortgages.

Topics: Global crisis, Politics and economics
Tags: Subprime, US

Distorted beliefs and the financial sector

Ing-Haw Cheng, Sahil Raina, Wei Xiong, 11 April 2013

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What led Wall Street to take excessive risks in the housing market before the 2008 financial crisis?

Topics: International finance
Tags: cognitive dissonance, housing, Subprime

Solving the macroeconomic policy challenge in Europe

Richard Wood, 19 December 2012

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Countries in Europe are either slipping into recession or experiencing worsening depression. Economies are headed in the wrong direction, and the malaise is spreading. The current orthodoxies are failing.

Topics: Macroeconomic policy
Tags: debt, macroeconomic policy, quantitative easing, Subprime

Did the mortgage credit boom contribute to the decline in US racial segregation?

Romain Rancière, Amine Ouazad, 16 March 2012

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Topics: Frontiers of economic research, Migration, Poverty and income inequality
Tags: race, racial segregation, Subprime, US

Household debt and macroeconomic fluctuations

Amir Sufi, Atif Mian, 29 April 2010

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There once was a decade in US history in which financial innovation led to a sharp rise in the flow of credit to households. Durable goods consumption increased dramatically as household debt climbed to over 100% of GDP.

Topics: Global crisis
Tags: global crisis, house prices, Subprime

Liquidity Risk Charges as a Macroprudential Tool

Javier Suarez, Enrico Perotti, 7 November 2009

Download CEPR Policy Insight No. 40 from the CEPR website here.

URL: http://www.cepr.org/pubs/PolicyInsights/CEPR_Policy_Insight_040.asp
Topics: Financial markets, Global crisis
Tags: financial crisis, reform, Subprime

Liquidity insurance for systemic crises

Enrico Perotti, Javier Suarez, 27 February 2009

URL: http://www.cepr.org/pubs/PolicyInsights/CEPR_Policy_Insight_031.asp
Topics: Financial markets
Tags: financial crisis, reform, Subprime

Liquidity insurance

Enrico Perotti, Javier Suarez, 27 February 2009

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Capital requirements were aimed at absorbing asset losses, not coping with correlated liquidity risk. Securitisation runs around this Maginot line by shifting long-term assets in outside legal boxes funded by short-term markets. Yet banks kept essentially most risk through back-up credit lines, which forced all risk back when subprime mortgages were repriced.

Topics: Financial markets
Tags: financial crisis, reform, Subprime

Vox's first book: The first global financial crisis of the 21st century

Carmen M Reinhart interviewed by Romesh Vaitilingam, 7 Jul 2008

Carmen Reinhart talks to Romesh Vaitilingam about Vox's first book, which brings together key columns on subprime and the continuing turmoil in financial markets. She recalls Charles Kindleberger, who characterised financial crises as 'a hardy perennial'.

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Topics: Financial markets
Tags: Subprime, subprime crisis

The Panglossian World of Finance

Daniel Cohen, 3 June 2008

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What is the origin of financial crises? A simple fact, a fact that may be summarised as follows: one tends to bet more freely with other people’s money than with one’s own.

Topics: Financial markets
Tags: mortgages, Panglossian values, real estate credit, Subprime, subprime crisis

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