Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/27479 
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dc.contributor.authorOrlowski, Lucjan T.en
dc.date.accessioned2009-08-12T07:14:56Z-
dc.date.available2009-08-12T07:14:56Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/27479-
dc.description.abstractThis study identifies five distinctive stages of the current global financial crisis: the meltdown of the subprime mortgage market; spillovers into broader credit market; the liquidity crisis epitomized by the fallout of Northern Rock, Bear Stearns and Lehman Brothers with counterparty risk effects on other financial institutions; the commodity price bubble, and the ultimate demise of investment banking in the U.S. The study argues that the severity of the crisis is influenced strongly by changeable allocations of global savings coupled with excessive credit creation, which lead to over-pricing of varied types of assets. The study calls such process a 'wandering asset-price bubble'. Unstable allocations elevate market, credit and liquidity risks. Monetary policy responses aimed at stabilizing financial markets are proposed.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aEconomics Discussion Papers |x2008-43en
dc.subject.jelG24en
dc.subject.jelG12en
dc.subject.jelG15en
dc.subject.jelG21en
dc.subject.ddc330en
dc.subject.keywordSubprime mortgage crisisen
dc.subject.keywordcredit crisisen
dc.subject.keywordliquidity crisisen
dc.subject.keywordmarket risken
dc.subject.keywordcredit risken
dc.subject.keyworddefault risken
dc.subject.keywordcounterparty risken
dc.subject.keywordBasel IIen
dc.subject.stwFinanzmarktkriseen
dc.subject.stwVermögenen
dc.subject.stwBubblesen
dc.subject.stwSpillover-Effekten
dc.subject.stwAnsteckungseffekten
dc.subject.stwHypotheken
dc.subject.stwKreditmarkten
dc.subject.stwGeldmarkten
dc.subject.stwKreditwürdigkeiten
dc.subject.stwBankenaufsichten
dc.subject.stwWelten
dc.titleStages of the 2007/2008 Global Financial Crisis Is There a Wandering Asset-Price Bubble?-
dc.typeWorking Paperen
dc.identifier.ppn588549037en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifwedp:7464en

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