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In this highly original piece of work, Steven D. Gjerstad and Nobel Laureate Vernon L. Smith analyze the role of housing and its associated mortgage financing as a key element of economic cycles. The authors combine data from both laboratory and real markets to provide insight into the bubble propensity of real-world economic actors and use novel historical analysis on the Great Recession, the Great Depression, and all of the post-World War II recessions to establish the critical roles of housing, private-capital investment, and household and private institutional balance sheets in economic cycles. They develop a model that incorporates household balance sheets and bank balance sheets and offers insights based on this analysis concerning policy going forward, effectively changing the way economists think about economic cycles.

Subprime mortgage loans --- Housing --- Banks and banking --- Global Financial Crisis, 2008-2009. --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Financial crises --- B-paper mortgage loans --- Near-prime mortgage loans --- Non-prime mortgage loans --- Nonprime mortgage loans --- Second chance mortgage loans --- Sub-prime mortgage loans --- Mortgage loans --- Corrupt practices --- Prices

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Dans les premières années du XXIe siècle, une bulle se développa au sein de l'immobilier résidentiel américain. L'appréciation rapide du prix des maisons permit à des emprunteurs peu fortunés, regroupés au sein du secteur subprime, d'accéder au statut envié de propriétaires. La bulle requérait un flux constant de nouvelles recrues et quand celles-ci firent défaut en 2006, la bulle éclata : les prix de l'immobilier stagnèrent avant de partir à la baisse. Les emprunteurs subprime qui ne pouvaient faire face à leurs engagements sans une appréciation constante du prix de leur logement se retrouvèrent rapidement en situation délicate. La mise sur le marché de leurs logements ne fit qu'aggraver la crise. L'industrie financière s'était d'abord adaptée passivement à la bulle, elle la facilita ensuite en mettant au point de nouveauux types de prêt. La "titrisation" permit de regrouper des collection de plusieurs milliers de ces prêts sous la forme d'une obligation classique vendue à des investisseurs éparpillés à la surface de la planète. Quand un nombre important d'emprunteurs subprime jetèrent l'éponge, ces oblagations tombèrent sous la barre de la rentabilité, entraînant des pertes considérables pour les établissements financiers qui les détenaient dans leur portefeuille. Affaiblis, ceux-ci accordèrent de moins en moins de prêts, provoquant un tarissement du crédit qui ne tarda pas à affecter l'économie réelle dont la vitalité repose sur l'accès à ces capitaux. Tel est l'enchaînement qui a abouti à la crise financière majeure partie des Etats-Unis et qui ébranle ou menace le système bancaire de plusieurs pays européens. Anthropologue réputé, expert en intelligence artificielle et spécialiste de la formation des prix travaillant dans le monde bancaire, Paul Jorion jette depuis plusieurs années un autre regard sur l'économie ; il annonçait ainsi dès 2005 ce qui allait devenir la crise des subprimes.

Financial crises --- Bank failures --- Economics --- Real estate business --- Crises financières --- Banques --- Economie politique --- Immobilier --- History --- Histoire --- Faillites --- Subprime mortgage loans --- Real estate investment --- AA / International- internationaal --- 333.78 --- 333.600 --- Kredietcontrole. Credit crunch. --- Financiële markten. Kapitaalmarkten (algemeenheden). --- Crises financières --- B-paper mortgage loans --- Near-prime mortgage loans --- Non-prime mortgage loans --- Nonprime mortgage loans --- Second chance mortgage loans --- Sub-prime mortgage loans --- Mortgage loans --- Investment in real estate --- Real property investment --- Investments --- Land speculation --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Failure of banks --- Business failures --- Financiële markten. Kapitaalmarkten (algemeenheden) --- Kredietcontrole. Credit crunch

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We examine the linkages between market and funding liquidity pressures, as well as their interaction with solvency issues surrounding key financial institutions during the 2007 subprime crisis. A multivariate GARCH model is estimated in order to test for the transmission of liquidity shocks across U.S. financial markets. It is found that the interaction between market and funding illiquidity increases sharply during the recent period of financial turbulence, and that bank solvency becomes important.

Liquidity (Economics) --- Subprime mortgage loans --- Credit --- Financial crises --- Econometric models. --- Borrowing --- B-paper mortgage loans --- Near-prime mortgage loans --- Non-prime mortgage loans --- Nonprime mortgage loans --- Second chance mortgage loans --- Sub-prime mortgage loans --- Assets, Frozen --- Frozen assets --- Finance --- Money --- Loans --- Mortgage loans --- Banks and Banking --- Finance: General --- Financial Risk Management --- Portfolio Choice --- Investment Decisions --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- General Financial Markets: General (includes Measurement and Data) --- Financial Crises --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial services law & regulation --- Economic & financial crises & disasters --- Banking --- Liquidity --- Liquidity risk --- Stock markets --- Economics --- Financial risk management --- Stock exchanges --- Banks and banking --- United States

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"In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times, exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy. Drawing on previously untapped sources and building on original research from coauthor Joshua Rosner--who himself raised early warnings with the public and investors, and kept detailed records--Morgenson connects the dots that led to this fiasco. Morgenson and Rosner draw back the curtain on Fannie Mae, the mortgage-finance giant that grew, with the support of the Clinton administration, through the 1990s, becoming a major opponent of government oversight even as it was benefiting from public subsidies. They expose the role played not only by Fannie Mae executives but also by enablers at Countrywide Financial, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the biggest players on Wall Street, to show how greed, aggression, and fear led countless officials to ignore warning signs of an imminent disaster. Character-rich and definitive in its analysis, this is the one account of the financial crisis you must read"-- "TheNew York Times's Pulitzer Prize-winning columnist reveals how the financial meltdown emerged from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders. In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times, exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy. Drawing on previously untapped sources and building on original research from coauthor Joshua Rosner--who himself raised early warnings with the public and investors, and kept detailed records--Morgenson connects the dots that led to this fiasco. Morgenson and Rosner draw back the curtain on Fannie Mae, the mortgage-finance giant that grew, with the support of the Clinton administration, through the 1990s, becoming a major opponent of government oversight even as it was benefiting from public subsidies. They expose the role played not only by Fannie Mae executives but also by enablers at Countrywide Financial, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the biggest players on Wall Street, to show how greed, aggression, and fear led countless officials to ignore warning signs of an imminent disaster. Character-rich and definitive in its analysis, this is the one account of the financial crisis you must read"--

Subprime mortgage loans --- -Financial crises --- -Global Financial Crisis, 2008-2009 --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 333.17 --- 332.720973 --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Financial crises --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- B-paper mortgage loans --- Near-prime mortgage loans --- Non-prime mortgage loans --- Nonprime mortgage loans --- Second chance mortgage loans --- Sub-prime mortgage loans --- Mortgage loans --- History --- -History --- -Crises, saneringen en hervormingen van het bankwezen. --- Federal National Mortgage Association --- -FNMA --- United States. --- F.N.M.A. --- FannieMae --- Fannie Mae --- Global Financial Crisis, 2008-2009. --- -Subprime mortgage loans --- Global Financial Crisis, 2008-2009 --- Crises, saneringen en hervormingen van het bankwezen --- FNMA

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Ce dialogue entre l'ingénieur de commerce et la journaliste propose une première analyse de la crise de 2008. Il mêle réflexions économiques sur les mécanismes financiers et prospectives pour une architecture financière modernisée, plaidant en faveur du rôle disciplinant que pourraient jouer des marchés boursiers réglementés, assainis par la transparence.

History of the law --- Financial law --- B-paper mortgage loans --- Crise boursière (2008) --- Crise de 2008 --- Crise des subprimes (2007) --- Crise financière (2008) --- Crise financière et économique (2007-2009) --- Crise financière mondiale (2008-2009) --- Crise économique (2007-2009) --- Crise économique (2008) --- Crises financières --- Crédits hypothécaires à risque --- Financial crises --- Financiële crisissen --- Financiële wereldcrisis (2008-2009) --- Global Economic Crisis (2008-2009) --- Global Financial Crisis (2008-2009) --- Hypothecaire leningen met risico's --- Krach boursier (2008) --- Near-prime mortgage loans --- Non-prime mortgage loans --- Nonprime mortgage loans --- Prêts hypothécaires à risque --- Prêts hypotécaires à haut risque --- Second chance mortgage loans --- Sub-prime mortgage loans --- Subprime Mortgage Crisis (2008-2009) --- Subprime mortgage loans --- Subprimes --- Subprimes [Crise des ] (2007) --- Global Financial Crisis, 2008-2009 --- International finance --- Speculation --- Crise financière mondiale, 2008-2009 --- Finances internationales --- Spéculation --- History --- Histoire --- 430 Financien --- financiële crisis --- AA / International- internationaal --- 333.17 --- 333.78 --- 333.139.2 --- BPB0907 --- Récession économique --- Crise monétaire --- 338.974 --- 338.974.1 --- 336.71 --- 336.7 --- 336.763.2 --- crise economique --- crise financiere --- 338.974.3 --- Crises, saneringen en hervormingen van het bankwezen. --- Kredietcontrole. Credit crunch. --- Bankcontrole en -reglementering. Reglementering van het bankberoep. --- Economische recessie --- Monetaire crisis --- economische crisis - economische depressie - economische recessie --- economische crisis, oorzaken --- bankwezen - banken --- krediet en beurswezen - financiële instellingen --- aandelen --- economische crisis --- financiele crisis --- economische crisis, maatregelen ter bestrijding van de --- Financial crises. --- Global Financial Crisis, 2008-2009. --- Subprime mortgage loans. --- Crise financière mondiale, 2008-2009 --- Crises financières --- Spéculation --- Prêts hypothécaires à risque --- Mortgage loans --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Bankcontrole en -reglementering. Reglementering van het bankberoep --- Crises, saneringen en hervormingen van het bankwezen --- Kredietcontrole. Credit crunch --- економска рецесија --- rënie ekonomike --- ekonomikas lejupslīde --- recesiune economică --- Rezession --- икономическа рецесия --- ekonomikos nuosmukis --- ekonomska recesija --- economische recessie --- hospodářská recese --- gospodarska recesija --- økonomisk recession --- gazdasági recesszió --- recessione economica --- economic recession --- talouden taantuma --- reċessjoni ekonomika --- recession --- οικονομική ύφεση --- привредна рецесија --- recesión económica --- majanduslangus --- recesja gospodarcza --- recessão económica --- cúlú eacnamaíochta --- hospodárska recesia --- decelerazione della crescita economica --- økonomisk afmatning --- bankovna kriza --- criză economică --- hospodářská deprese --- krizë ekonomike --- ekonominės padėties blogėjimas --- deterioramento dell'economia --- desaceleración de la economía --- zhoršení hospodářství --- deterioração da economia --- détérioration de l'économie --- talouden laskusuhdanne --- crisi economica --- економска криза --- majanduse madalseis --- ekonomisk recession --- forringelse af økonomien --- wirtschaftliche Depression --- lågkonjunktur --- majanduse halvenemine --- gazdasági depresszió --- økonomisk depression --- depresion ekonomik --- hospodářská krize --- lama --- økonomisk krise --- hospodárska kríza --- verval van de economie --- Verschlechterung der Wirtschaft --- konjunkturální krize --- crise économique --- përkeqësim i ekonomisë --- zastavení hospodářského růstu --- economic crisis --- Konjunkturkrise --- οικονομική καταστροφή --- depresión económica --- ekonominė krizė --- глобална финансиска криза --- deterioration of the economy --- hospodársky pokles --- økonomisk tilbagegang --- economische depressie --- ekonomska depresija --- κατάρρευση της οικονομίας --- majanduskriis --- crise económica --- gazdasági válság --- contracción económica --- lavkonjunktur --- ekonomisk kris --- οικονομική κρίση --- depressão económica --- financijska kriza --- dépression économique --- економска депресија --- ekonomický útlum --- depression --- a gazdaság hanyatlása --- depressione economica --- úpadok hospodárstva --- stagnace --- ekonominis nuosmukis --- talouskriisi --- pokles konjunktury --- crisis económica --- ekonomiskā krīze --- Rückgang der Konjunktur --- economic depression --- försämring av ekonomin --- ekonomisk depression --- Wirtschaftskrise --- επιδείνωση της οικονομίας --- ekonomska kriza --- hanyatló gazdaság --- konjunkturnedgång --- ekonomiskās situācijas pasliktināšanās --- krizë monetare --- monetaire crisis --- crisi monetaria --- měnová krize --- valuuttakriisi --- crisis monetaria --- monetarna kriza --- denarna kriza --- monetáris válság --- menová kríza --- valutakrise --- valūtas krīze --- парична криза --- criză monetară --- pinigų krizė --- Währungskrise --- crise monetária --- valutakris --- valuutakriis --- kryzys walutowy --- νομισματική κρίση --- kriżi monetarja --- monetary crisis --- монетарна криза --- géarchéim airgeadra --- kriżi finanzjarja --- krize měny --- crise financière --- finanční krize --- criză financiară --- finanšu krīze --- géarchéim airgeadais --- rahanduskriis --- nemzetközi pénzügyi válság --- Schuldenkrise --- crise financeira --- monetær krise --- rahoituskriisi --- finančná kríza --- crisi finanziaria --- krizë financiare --- finansiell kris --- currency crisis --- finančna kriza --- finanskris --- finantskriis --- kryzys finansowy --- financial crisis --- финансијска криза --- internationale Finanzkrise --- pénzügyi válság --- меѓународна финансиска криза --- валутна криза --- crisis financiera --- mezinárodní finanční krize --- финансиска криза --- χρηματοοικονομική κρίση --- должничка криза --- finanskrise --- krize finančního systému --- криза на финансискиот систем --- Finanzkrise --- финансова криза --- finansinė krizė --- Crise monétaire --- Récession économique --- financiële crisis --- krediet en beurswezen - financiële instellingen --- cúlú eacnamaíoch --- géarchéim airgeadaíochta