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Acharya, Viral V. - 2010

that banks used this form of securitization to concentrate, rather than disperse, financial risks in the banking sector …

Persistent link: https://www.econbiz.de/10013148006

The Rise and Fall of Demand for Securitizations

Chernenko, Sergey - 2014

Collateralized debt obligations (CDOs) and private-label mortgage-backed securities (MBS) backed by nonprime loans played a central role in the recent financial crisis. Little is known, however, about the underlying forces that drove investor demand for these securitizations. Using micro-data on...

Persistent link: https://www.econbiz.de/10013039755

Securitization

Gorton, Gary B. - 2012

We survey the literature on securitization and lay out a research program for its open questions. Securitization is the … markets. Securitization has grown from a small amount in 1990 to a pre-crisis issuance amount that makes it one of the largest … of the recent financial crisis. Nevertheless, despite the transformative effect of securitization on financial …

Persistent link: https://www.econbiz.de/10013096477

Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09

Acharya, Viral V.; Schnabl, Philipp - 2021

The global imbalance explanation of the financial crisis of 2007-09 suggests that demand for riskless assets from countries with current account surpluses created fragility in countries with current account deficits, most notably, in the United States. We examine this explanation by analyzing...

Persistent link: https://www.econbiz.de/10013224410

The History and Economics of Safe Assets

Gorton, Gary B. - 2016

Safe assets play a critical role in an(y) economy. A “safe asset” is an asset that is (almost always) valued at face value without expensive and prolonged analysis. That is, by design there is no benefit to producing (private) information about its value. And this is common knowledge....

Persistent link: https://www.econbiz.de/10012993225

The Real Effects of Liquidity During the Financial Crisis : Evidence from Automobiles

Benmelech, Efraim - 2016

Illiquidity in short-term credit markets during the financial crisis might have severely curtailed the supply of non-bank consumer credit. Using a new data set linking every car sold in the United States to the credit supplier involved in each transaction, we find that the collapse of the...

Persistent link: https://www.econbiz.de/10012994914

Breaking the Spell with Credit-Easing : Self-Confirming Credit Crises in Competitive Search Economies

Gaballo, Gaetano - 2016

We show that credit crises can be Self-Confirming Equilibria (SCE), which provides a new rationale for policy interventions like, for example, the FRB's TALF credit-easing program in 2009. We introduce SCE in competitive credit markets with directed search. These markets are efficient when...

Persistent link: https://www.econbiz.de/10012998414

Optimal Monetary Policy in a Collateralized Economy

Gorton, Gary B. - 2016

In the last forty or so years the U.S. financial system has morphed from a mostly insured retail deposit-based system into a system with significant amounts of wholesale short-term debt that relies on collateral, and in particular Treasuries, which have a convenience yield. In the new economy...

Persistent link: https://www.econbiz.de/10012983667

Abs Inflows to the United States and the Global Financial Crisis

Bertaut, Carol C. - 2011

The "global saving glut" (GSG) hypothesis argues that the surge in capital inflows from emerging market economies to the United States led to significant declines in long-term interest rates in the United States and other industrial economies. In turn, these lower interest rates, when combined...

Persistent link: https://www.econbiz.de/10013121035

Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed Mortgage-Backed Securities?

Merrill, Craig B. - 2012

Much attention has been paid to the large decreases in value of non-agency residential mortgage-backed securities (RMBS) during the financial crisis. Many observers have argued that the fall in prices was partly driven by decreased liquidity and fire sales. We investigate whether capital...

Persistent link: https://www.econbiz.de/10013102712

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