Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/29964 
Autor:innen: 
Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
IWH Discussion Papers No. 11/2008
Verlag: 
Leibniz-Institut für Wirtschaftsforschung Halle (IWH), Halle (Saale)
Zusammenfassung: 
This study argues that the severity of the current global financial crisis is strongly influenced by changeable allocations of the global savings. This process is named a "wandering asset bubble". Since its original outbreak induced by the demise of the subprime mortgage market and the mortgagebacked securities in the U.S., this crisis has reverberated across other credit areas, structured financial products and global financial institutions. Four distinctive stages of the crisis are identified: the meltdown of the subprime mortgage market, spillovers into broader credit market, the liquidity crisis epitomized by the fallout of Bear Sterns with some contagion effects on other financial institutions, and the commodity price bubble. Monetary policy responses aimed at stabilizing financial markets are proposed.
Schlagwörter: 
subprime mortgage crisis
credit crisis
market risk
credit risk
default risk
Level 3 assets
Basel II
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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