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dc.contributor.authorOrlowski, Lucjan T.en_US
dc.coverage.temporal2007-2008en_US
dc.date.accessioned2009-08-12T07:14:56Z-
dc.date.available2009-08-12T07:14:56Z-
dc.date.issued2008en_US
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_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kiel-
dc.relation.ispartofseriesEconomics Discussion Papers / Institut für Weltwirtschaft 2008-43en_US
dc.subject.jelG24en_US
dc.subject.jelG12en_US
dc.subject.jelG15en_US
dc.subject.jelG21en_US
dc.subject.ddc330en_US
dc.subject.keywordSubprime mortgage crisisen_US
dc.subject.keywordcredit crisisen_US
dc.subject.keywordliquidity crisisen_US
dc.subject.keywordmarket risken_US
dc.subject.keywordcredit risken_US
dc.subject.keyworddefault risken_US
dc.subject.keywordcounterparty risken_US
dc.subject.keywordBasel IIen_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwVermögenen_US
dc.subject.stwBubblesen_US
dc.subject.stwSpillover-Effekten_US
dc.subject.stwAnsteckungseffekten_US
dc.subject.stwHypotheken_US
dc.subject.stwKreditmarkten_US
dc.subject.stwGeldmarkten_US
dc.subject.stwKreditwürdigkeiten_US
dc.subject.stwBankenaufsichten_US
dc.subject.stwWelten_US
dc.titleStages of the 2007/2008 Global Financial Crisis Is There a Wandering Asset-Price Bubble?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn588549037en_US
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifwedp:7464-
Appears in Collections:Economics: The Open-Access, Open-Assessment E-Journal - Discussion Papers

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