In 2007 the world faced one of the biggest financial crises ever. It was the third important financial crisis in the last 12 years. Spillovers to the real economy and moral hazard behaviour of carpetbaggers resulted in enormous pressure on worldwide political institutions to approve a more...

In 2007 the world faced one of the biggest financial crises ever. It was the third important financial crisis in the last 12 years. Spillovers to the real economy and moral hazard behaviour of carpetbaggers resulted in enormous pressure on worldwide political institutions to approve a more...

This is one of three lectures I am giving in December 2012 at universities and government agencies in Shanghai and Beijing. This lecture begins by reviewing securitization's role in the global financial crisis. Next, it examines securitization's problems and compares the U.S. and Chinese...