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Zingales, Luigi - 2009

The U.S. system of security law was designed more than 70 years ago to regain investors' trust after a major financial … ; Securities Regulation ; Trust …

Persistent link: https://www.econbiz.de/10008809093

The Market Structure of Securitisation and the US Housing Bubble

Wachter, Susan M. - 2015

Housing finance, and, specifically, the subprime private label securitisation market in the US, was at the epicentre of the global financial crisis. Excessive debt expansion in the run-up to the crisis resulted in credit risk, under-identified and mispriced ex ante, and in systemic risk. This...

Persistent link: https://www.econbiz.de/10013032217

Reforming Financial Systems after the Crisis : A Comparison of EU and USA

Masera, Rainer - 2011

Since July 2007, the developed countries faced the most serious and disruptive crisis after the 1929 Great Depression. As the crisis unfolded, policy authorities stepped in to support troubled financial institutions with large bailouts. This prevented a meltdown of the system, but at the cost of...

Persistent link: https://www.econbiz.de/10013126707

Trust : a concept too many

Guinnane, Timothy - 2005

Research on "trust" now forms a prominent part of the research agenda in history and the social sciences. Although this … research has generated useful insights, the idea of trust has been used so widely and loosely that it risks creating more … confusion than clarity. This essay argues that to the extent that scholars have a clear idea of what trust actually means, the …

Persistent link: https://www.econbiz.de/10011610585

Opaque assets and rollover risk

Ahnert, Toni; Nelson, Benjamin F. - 2016

We model the asset-opacity choice of an intermediary subject to rollover risk in wholesale funding markets. Greater opacity means investors form more dispersed beliefs about an intermediary’s profitability. The endogenous benefit of opacity is lower fragility when profitability is expected to...

Persistent link: https://www.econbiz.de/10011451106

Comovements and Asymmetric Tail Dependence in State Housing Prices in the US : A Nonparametric Approach

Huang, Haitao - 2019

We re-examine the methods used in estimating comovements among U.S. regional home prices and find that there are insufficient moments to ensure a normal limit necessary for employing the quasi-maximum likelihood estimator. Hence, we propose applying the self- weighted quasi-maximum exponential...

Persistent link: https://www.econbiz.de/10012898436

Consolidation and Crisis in the US Banking Sector 1980-2022

Mouré, Christopher - 2024

Much of the economic analysis of banking crises focuses on the interplay between concentration and stability. A common theory is that concentration is associated with greater stability, whereas competition is associated with instability. In this view, there is a trade-off between, on the one...

Persistent link: https://www.econbiz.de/10015047632

The Failure of Northern Rock: A multi-dimensional Case Study

Congdon, Tim; Goodhart, Charles A.E.; Eisenbeis, Robert A. - 2009

In August 2007 the United Kingdom experienced its first bank run in over 140 years. Although Northern Rock was not a particularly large bank (it was at the time ranked 7th in terms of assets) it was nevertheless a significant retail bank and a substantial mortgage lender. In fact, ten years...

Persistent link: https://www.econbiz.de/10011689937

Shadow Insurance? Money Market Fund Investors and Bank Sponsorship

Jacewitz, Stefan - 2020

In this paper, we argue that bank-sponsored prime institutional money market funds (PI-MMFs) are different from non-bank-sponsored PI-MMFs. This difference can arise because the sponsoring bank holding companies (BHCs) can extend shadow insurance to ailing affiliated MMFs. We hypothesize that...

Persistent link: https://www.econbiz.de/10012831046

Skin-in-the-game in ABS transactions : a critical review of policy options

Krahnen, Jan Pieter; Wilde, Christian - 2017

This paper applies the theory of structured finance to the regulation of asset backed securities. We find the current regulation in Europe (Article 405 of the CRR) and the US (Section D of Dodd-Frank Act) to be severely flawed with respect to its key intention: the imposition of a strict loss...

Persistent link: https://www.econbiz.de/10011593319

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