Leverage? What leverage? :: a deep dive into the U.S. flow of funds in search of clues to the global crisis /
This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral in...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
|
| Schriftenreihe: | IMF working paper ;
WP/12/162. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral in the secured funding operations of U.S.-based investment banks was the fatal link between the collapse of structured finance and the global malfunction of funding markets that turbocharged the downdraft; and, second, that this insight (and others) can be decrypted from the Flow of Funds Accounts of the United States. |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed June 25, 2012). "Strategy, Policy, and Review Department." "June 2012." |
| Beschreibung: | 1 online resource (30 pages) : color illustrations |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 9781475545128 1475545126 1475504713 9781475504712 1475597606 9781475597608 1475516924 9781475516920 |
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| 100 | 1 | |a Bhatia, A. |q (Ashok Vir) |1 https://id.oclc.org/worldcat/entity/E39PCjyJwRFxXc4rF8wG7pDF83 |0 http://id.loc.gov/authorities/names/no2013116030 | |
| 245 | 1 | 0 | |a Leverage? What leverage? : |b a deep dive into the U.S. flow of funds in search of clues to the global crisis / |c prepared by Ashok Vir Bhatia and Tamim Bayoumi. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2012. | ||
| 300 | |a 1 online resource (30 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
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| 490 | 1 | |a IMF working paper ; |v WP/12/162 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed June 25, 2012). | ||
| 520 | |a This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral in the secured funding operations of U.S.-based investment banks was the fatal link between the collapse of structured finance and the global malfunction of funding markets that turbocharged the downdraft; and, second, that this insight (and others) can be decrypted from the Flow of Funds Accounts of the United States. | ||
| 504 | |a Includes bibliographical references. | ||
| 500 | |a "Strategy, Policy, and Review Department." | ||
| 500 | |a "June 2012." | ||
| 505 | 0 | |a Cover; Contents; Glossary; Executive Summary; I. Introduction: Our Search for the Smoking Gun; Figures; 1. Leverage? What Leverage?; II. The Flow of Funds Accounts: From the Macro to the Financial; A. Nonfinancial Private Sector Net Worth: A Rational Gambit; 2. Was it Debtor Leverage?; B. Household Finances: Let the Good Times Roll; 3. Was it Households as Net Debtors?; C. Nonfinancial Business Finances: The Cash Cow; 4. Was it a Borrowing Spree by Firms?; D. Government Finances: Use that Firepower; 5. Was it Foreigners Buying U.S. Treasuries? | |
| 505 | 8 | |a E. Foreign Investors in the U.S. Credit Markets: Pay to Play6. Was it Foreigners Buying Everything?; F. Gross and Net Credit Growth: Strong for Long; 7. Was it Credit Growth?; G. Financial Sector Size and ""Churning"" Activity: Inward We Look; 8. Was it Financial Sector Size?; H. Financial Sector Structure and ""Shadow Banking"": Brave New World; 9. Was it ""Shadow Banking""?; I. Private-Label Securitization: Bankruptcy-Remote Indeed; 10. Was it the Bundling?; J. The Secured Wholesale Funding Chain: In Collateral We Trust; 11. Was it the Funding Model? | |
| 505 | 8 | |a III. Conclusion: Investment Banks as the Fulcrum12. In Summary; References. | |
| 546 | |a English. | ||
| 650 | 0 | |a Global Financial Crisis, 2008-2009. |0 http://id.loc.gov/authorities/subjects/sh2009003683 | |
| 650 | 0 | |a Financial crises |z United States. | |
| 650 | 0 | |a Financial leverage |z United States. | |
| 650 | 0 | |a Securities |z United States. | |
| 650 | 0 | |a Investment banking |z United States. | |
| 650 | 6 | |a Crise financière mondiale, 2008-2009. | |
| 650 | 6 | |a Effet de levier |z États-Unis. | |
| 650 | 6 | |a Banques d'affaires |z États-Unis. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Finance. |2 bisacsh | |
| 650 | 7 | |a Financial crises |2 fast | |
| 650 | 7 | |a Financial leverage |2 fast | |
| 650 | 7 | |a Investment banking |2 fast | |
| 650 | 7 | |a Securities |2 fast | |
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| 700 | 1 | |a Bayoumi, Tamim A. |0 http://id.loc.gov/authorities/names/no92019776 | |
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| adam_text | |
| any_adam_object | |
| author | Bhatia, A. (Ashok Vir) |
| author2 | Bayoumi, Tamim A. |
| author2_role | |
| author2_variant | t a b ta tab |
| author_GND | http://id.loc.gov/authorities/names/no2013116030 http://id.loc.gov/authorities/names/no92019776 |
| author_corporate | International Monetary Fund. Strategy, Policy, and Review Department |
| author_corporate_role | |
| author_facet | Bhatia, A. (Ashok Vir) Bayoumi, Tamim A. International Monetary Fund. Strategy, Policy, and Review Department |
| author_role | |
| author_sort | Bhatia, A. |
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| building | Verbundindex |
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| callnumber-first | H - Social Science |
| callnumber-label | HG3881 |
| callnumber-raw | HG3881.5.I58 W67 No. 12/162eb |
| callnumber-search | HG3881.5.I58 W67 No. 12/162eb |
| callnumber-sort | HG 43881.5 I58 W67 NO 212 3162EB |
| callnumber-subject | HG - Finance |
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| contents | Cover; Contents; Glossary; Executive Summary; I. Introduction: Our Search for the Smoking Gun; Figures; 1. Leverage? What Leverage?; II. The Flow of Funds Accounts: From the Macro to the Financial; A. Nonfinancial Private Sector Net Worth: A Rational Gambit; 2. Was it Debtor Leverage?; B. Household Finances: Let the Good Times Roll; 3. Was it Households as Net Debtors?; C. Nonfinancial Business Finances: The Cash Cow; 4. Was it a Borrowing Spree by Firms?; D. Government Finances: Use that Firepower; 5. Was it Foreigners Buying U.S. Treasuries? E. Foreign Investors in the U.S. Credit Markets: Pay to Play6. Was it Foreigners Buying Everything?; F. Gross and Net Credit Growth: Strong for Long; 7. Was it Credit Growth?; G. Financial Sector Size and ""Churning"" Activity: Inward We Look; 8. Was it Financial Sector Size?; H. Financial Sector Structure and ""Shadow Banking"": Brave New World; 9. Was it ""Shadow Banking""?; I. Private-Label Securitization: Bankruptcy-Remote Indeed; 10. Was it the Bundling?; J. The Secured Wholesale Funding Chain: In Collateral We Trust; 11. Was it the Funding Model? III. Conclusion: Investment Banks as the Fulcrum12. In Summary; References. |
| ctrlnum | (OCoLC)796678874 |
| dewey-full | 332.152 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.152 |
| dewey-search | 332.152 |
| dewey-sort | 3332.152 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| era | 2008-2009 fast |
| era_facet | 2008-2009 |
| format | Electronic eBook |
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What leverage? :</subfield><subfield code="b">a deep dive into the U.S. flow of funds in search of clues to the global crisis /</subfield><subfield code="c">prepared by Ashok Vir Bhatia and Tamim Bayoumi.</subfield></datafield><datafield tag="260" ind1=" " ind2=" "><subfield code="a">[Washington, D.C.] :</subfield><subfield code="b">International Monetary Fund,</subfield><subfield code="c">©2012.</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 online resource (30 pages) :</subfield><subfield code="b">color illustrations</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">computer</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">online resource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="340" ind1=" " ind2=" "><subfield code="g">polychrome.</subfield><subfield code="2">rdacc</subfield><subfield code="0">http://rdaregistry.info/termList/RDAColourContent/1003</subfield></datafield><datafield tag="347" ind1=" " ind2=" "><subfield code="a">data file</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">IMF working paper ;</subfield><subfield code="v">WP/12/162</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Title from PDF title page (IMF Web site, viewed June 25, 2012).</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral in the secured funding operations of U.S.-based investment banks was the fatal link between the collapse of structured finance and the global malfunction of funding markets that turbocharged the downdraft; and, second, that this insight (and others) can be decrypted from the Flow of Funds Accounts of the United States.</subfield></datafield><datafield tag="504" ind1=" " ind2=" "><subfield code="a">Includes bibliographical references.</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">"Strategy, Policy, and Review Department."</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">"June 2012."</subfield></datafield><datafield tag="505" ind1="0" ind2=" "><subfield code="a">Cover; Contents; Glossary; Executive Summary; I. Introduction: Our Search for the Smoking Gun; Figures; 1. Leverage? What Leverage?; II. The Flow of Funds Accounts: From the Macro to the Financial; A. 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| id | ZDB-4-EBA-ocn796678874 |
| illustrated | Illustrated |
| indexdate | 2024-11-27T13:18:27Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/no2009043117 |
| isbn | 9781475545128 1475545126 1475504713 9781475504712 1475597606 9781475597608 1475516924 9781475516920 |
| language | English |
| oclc_num | 796678874 |
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| physical | 1 online resource (30 pages) : color illustrations |
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| publishDate | 2012 |
| publishDateSearch | 2012 |
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| spelling | Bhatia, A. (Ashok Vir) https://id.oclc.org/worldcat/entity/E39PCjyJwRFxXc4rF8wG7pDF83 http://id.loc.gov/authorities/names/no2013116030 Leverage? What leverage? : a deep dive into the U.S. flow of funds in search of clues to the global crisis / prepared by Ashok Vir Bhatia and Tamim Bayoumi. [Washington, D.C.] : International Monetary Fund, ©2012. 1 online resource (30 pages) : color illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier polychrome. rdacc http://rdaregistry.info/termList/RDAColourContent/1003 data file IMF working paper ; WP/12/162 Title from PDF title page (IMF Web site, viewed June 25, 2012). This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral in the secured funding operations of U.S.-based investment banks was the fatal link between the collapse of structured finance and the global malfunction of funding markets that turbocharged the downdraft; and, second, that this insight (and others) can be decrypted from the Flow of Funds Accounts of the United States. Includes bibliographical references. "Strategy, Policy, and Review Department." "June 2012." Cover; Contents; Glossary; Executive Summary; I. Introduction: Our Search for the Smoking Gun; Figures; 1. Leverage? What Leverage?; II. The Flow of Funds Accounts: From the Macro to the Financial; A. Nonfinancial Private Sector Net Worth: A Rational Gambit; 2. Was it Debtor Leverage?; B. Household Finances: Let the Good Times Roll; 3. Was it Households as Net Debtors?; C. Nonfinancial Business Finances: The Cash Cow; 4. Was it a Borrowing Spree by Firms?; D. Government Finances: Use that Firepower; 5. Was it Foreigners Buying U.S. Treasuries? E. Foreign Investors in the U.S. Credit Markets: Pay to Play6. Was it Foreigners Buying Everything?; F. Gross and Net Credit Growth: Strong for Long; 7. Was it Credit Growth?; G. Financial Sector Size and ""Churning"" Activity: Inward We Look; 8. Was it Financial Sector Size?; H. Financial Sector Structure and ""Shadow Banking"": Brave New World; 9. Was it ""Shadow Banking""?; I. Private-Label Securitization: Bankruptcy-Remote Indeed; 10. Was it the Bundling?; J. The Secured Wholesale Funding Chain: In Collateral We Trust; 11. Was it the Funding Model? III. Conclusion: Investment Banks as the Fulcrum12. In Summary; References. English. Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Financial crises United States. Financial leverage United States. Securities United States. Investment banking United States. Crise financière mondiale, 2008-2009. Effet de levier États-Unis. Banques d'affaires États-Unis. BUSINESS & ECONOMICS Finance. bisacsh Financial crises fast Financial leverage fast Investment banking fast Securities fast United States fast https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq Global Financial Crisis (2008-2009) fast https://id.oclc.org/worldcat/entity/E39Qhp4vBbr3T8xBMDbJhDhGmm (OCoLC)fst01755654 2008-2009 fast Bayoumi, Tamim A. http://id.loc.gov/authorities/names/no92019776 International Monetary Fund. Strategy, Policy, and Review Department. http://id.loc.gov/authorities/names/no2009043117 has work: Leverage? What leverage? (Text) https://id.oclc.org/worldcat/entity/E39PCGKfBFwyFHGTxgPpM7xHJC https://id.oclc.org/worldcat/ontology/hasWork 1-4755-4512-6 1-4755-0471-3 IMF working paper ; WP/12/162. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568170 Volltext |
| spellingShingle | Bhatia, A. (Ashok Vir) Leverage? What leverage? : a deep dive into the U.S. flow of funds in search of clues to the global crisis / IMF working paper ; Cover; Contents; Glossary; Executive Summary; I. Introduction: Our Search for the Smoking Gun; Figures; 1. Leverage? What Leverage?; II. The Flow of Funds Accounts: From the Macro to the Financial; A. Nonfinancial Private Sector Net Worth: A Rational Gambit; 2. Was it Debtor Leverage?; B. Household Finances: Let the Good Times Roll; 3. Was it Households as Net Debtors?; C. Nonfinancial Business Finances: The Cash Cow; 4. Was it a Borrowing Spree by Firms?; D. Government Finances: Use that Firepower; 5. Was it Foreigners Buying U.S. Treasuries? E. Foreign Investors in the U.S. Credit Markets: Pay to Play6. Was it Foreigners Buying Everything?; F. Gross and Net Credit Growth: Strong for Long; 7. Was it Credit Growth?; G. Financial Sector Size and ""Churning"" Activity: Inward We Look; 8. Was it Financial Sector Size?; H. Financial Sector Structure and ""Shadow Banking"": Brave New World; 9. Was it ""Shadow Banking""?; I. Private-Label Securitization: Bankruptcy-Remote Indeed; 10. Was it the Bundling?; J. The Secured Wholesale Funding Chain: In Collateral We Trust; 11. Was it the Funding Model? III. Conclusion: Investment Banks as the Fulcrum12. In Summary; References. Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Financial crises United States. Financial leverage United States. Securities United States. Investment banking United States. Crise financière mondiale, 2008-2009. Effet de levier États-Unis. Banques d'affaires États-Unis. BUSINESS & ECONOMICS Finance. bisacsh Financial crises fast Financial leverage fast Investment banking fast Securities fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh2009003683 (OCoLC)fst01755654 |
| title | Leverage? What leverage? : a deep dive into the U.S. flow of funds in search of clues to the global crisis / |
| title_auth | Leverage? What leverage? : a deep dive into the U.S. flow of funds in search of clues to the global crisis / |
| title_exact_search | Leverage? What leverage? : a deep dive into the U.S. flow of funds in search of clues to the global crisis / |
| title_full | Leverage? What leverage? : a deep dive into the U.S. flow of funds in search of clues to the global crisis / prepared by Ashok Vir Bhatia and Tamim Bayoumi. |
| title_fullStr | Leverage? What leverage? : a deep dive into the U.S. flow of funds in search of clues to the global crisis / prepared by Ashok Vir Bhatia and Tamim Bayoumi. |
| title_full_unstemmed | Leverage? What leverage? : a deep dive into the U.S. flow of funds in search of clues to the global crisis / prepared by Ashok Vir Bhatia and Tamim Bayoumi. |
| title_short | Leverage? What leverage? : |
| title_sort | leverage what leverage a deep dive into the u s flow of funds in search of clues to the global crisis |
| title_sub | a deep dive into the U.S. flow of funds in search of clues to the global crisis / |
| topic | Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Financial crises United States. Financial leverage United States. Securities United States. Investment banking United States. Crise financière mondiale, 2008-2009. Effet de levier États-Unis. Banques d'affaires États-Unis. BUSINESS & ECONOMICS Finance. bisacsh Financial crises fast Financial leverage fast Investment banking fast Securities fast |
| topic_facet | Global Financial Crisis, 2008-2009. Financial crises United States. Financial leverage United States. Securities United States. Investment banking United States. Crise financière mondiale, 2008-2009. Effet de levier États-Unis. Banques d'affaires États-Unis. BUSINESS & ECONOMICS Finance. Financial crises Financial leverage Investment banking Securities United States |
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