Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/70724
Authors: 
Dwyer, Gerald P.
Tkac, Paula
Year of Publication: 
2009
Series/Report no.: 
Working Paper, Federal Reserve Bank of Atlanta 2009-20
Abstract: 
We explore how a relatively small amount of heterogeneous securities created turmoil in financial markets in much of the world in 2007 and 2008. The drivers of the financial turmoil and the financial crisis of 2008 were heterogeneous securities that were hard to value. These securities created concerns about counterparty risk and ultimately created substantial uncertainty. The problems spread in ways that were hard to see in advance. The run on prime money market funds in September 2008 and the effects on commercial paper were an important aspect of the crisis itself and are discussed in some detail.
Subjects: 
financial crisis
contagion
collateralized debt obligations
ABX
money market funds
JEL: 
G01
G21
G23
G28
Document Type: 
Working Paper

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