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Leverage? What Leverage? [electronic resource] : A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis, Bayoumi, Tamim.

Author/Creator:
Bayoumi, Tamim.
Publication:
Washington, D.C. : International Monetary Fund, 2012.
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 12/162.
IMF Working Papers; Working Paper No. 12/162
Format/Description:
Government document
Book
1 online resource (30 p.)
Local subjects:
Banks.
Bond.
Bond financing.
Bond issuance.
Bond issuers.
Bond portfolios.
Bond underwriters.
Bonds.
Borrowing.
Caps.
Collateral.
Consumer credit.
Corporate bonds.
Counterparty.
Credit.
Credit expansion.
Credit unions.
Debt stock.
Deposit insurance.
Derivative.
Equity capital.
Equity market.
Financial assets.
Financial contracts.
Financial institutions.
Financial instruments.
Financial intermediaries.
Financial market.
Financial markets.
Financial regulation.
Financial sector.
Financial system.
Foreign bonds.
Hedge.
Hedge fund.
Hedge funds.
Industrial revenue bonds.
Money market.
Money market mutual fund.
Municipal bonds.
Pension funds.
Pools.
Prices.
Purchases.
Repo.
Retail investors.
Revenue bonds.
Secured lenders.
Shares.
Systemic risk.
Unsecured bonds.
United States.
Summary:
This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral in the secured funding operations of U.S.-based investment banks was the fatal link between the collapse of structured finance and the global malfunction of funding markets that turbocharged the downdraft; and, second, that this insight (and others) can be decrypted from the Flow of Funds Accounts of the United States.
Notes:
Description based on print version record.
Contributor:
Bayoumi, Tamim.
Bhatia, Ashok Vir.
Other format:
Print Version:
ISBN:
1475504713:
9781475504712
ISSN:
1018-5941
Publisher Number:
10.5089/9781475504712.001
Access Restriction:
Restricted for use by site license.
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