SemOpenAlex |

SemOpenAlex

Matches in SemOpenAlex for { <https://semopenalex.org/work/W3144925685> ?p ?o ?g. }

Showing items 1 to 71 of 71 with 100 items per page.

W3144925685 abstract "How did problems with subprime mortgages result in a systemic crisis, a panic? The ongoing Panic of 2007 is due to a loss of information about the location and size of risks of loss due to default on a number of interlinked securities, special purpose vehicles, and derivatives, all related to subprime mortgages. Subprime mortgages are a financial innovation designed to provide home ownership opportunities to riskier borrowers. Addressing their risk required a particular design feature, linked to house price appreciation. Subprime mortgages were then financed via securitization, which in turn has a unique design reflecting the subprime mortgage design. Subprime securitization tranches were often sold to CDOs, which were, in turn, often purchased by market value off-balance sheet vehicles. Additional subprime risk was created (though not on net) with derivatives. When the housing price bubble burst, this chain of securities, derivatives, and off-balance sheet vehicles could not be penetrated by most investors to determine the location and size of the risks. The introduction of the ABX indices, synthetics related to portfolios of subprime bonds, in 2006 created common knowledge about the effects of these risks by providing centralized prices and a mechanism for shorting. I describe the relevant securities, derivatives, and vehicles and provide some very simple, stylized, examples to show: (1) how asymmetric information between the sell-side and the buy-side was created via complexity; (2) how the chain of interlinked securities was sensitive to house prices; (3) how the risk was spread in an opaque way; and (4) how the ABX indices allowed information to be aggregated and revealed. I argue that these details are at the heart of the answer to the question of the origin of the Panic of 2007." @default.
W3144925685 created "2021-04-13" @default.
W3144925685 creator A5010529454 @default.
W3144925685 date "2008-08-01" @default.
W3144925685 modified "2023-09-27" @default.
W3144925685 title "The Panic of 2007" @default.
W3144925685 hasPublicationYear "2008" @default.
W3144925685 type Work @default.
W3144925685 sameAs 3144925685 @default.
W3144925685 citedByCount "0" @default.
W3144925685 crossrefType "posted-content" @default.
W3144925685 hasAuthorship W3144925685A5010529454 @default.
W3144925685 hasConcept C10138342 @default.
W3144925685 hasConcept C139719470 @default.
W3144925685 hasConcept C144133560 @default.
W3144925685 hasConcept C144587487 @default.
W3144925685 hasConcept C148901597 @default.
W3144925685 hasConcept C162324750 @default.
W3144925685 hasConcept C183206440 @default.
W3144925685 hasConcept C22738907 @default.
W3144925685 hasConcept C2777910564 @default.
W3144925685 hasConcept C2778300220 @default.
W3144925685 hasConcept C2780619108 @default.
W3144925685 hasConcept C43039823 @default.
W3144925685 hasConcept C68799949 @default.
W3144925685 hasConcept C73283319 @default.
W3144925685 hasConcept C86537402 @default.
W3144925685 hasConcept C97330809 @default.
W3144925685 hasConceptScore W3144925685C10138342 @default.
W3144925685 hasConceptScore W3144925685C139719470 @default.
W3144925685 hasConceptScore W3144925685C144133560 @default.
W3144925685 hasConceptScore W3144925685C144587487 @default.
W3144925685 hasConceptScore W3144925685C148901597 @default.
W3144925685 hasConceptScore W3144925685C162324750 @default.
W3144925685 hasConceptScore W3144925685C183206440 @default.
W3144925685 hasConceptScore W3144925685C22738907 @default.
W3144925685 hasConceptScore W3144925685C2777910564 @default.
W3144925685 hasConceptScore W3144925685C2778300220 @default.
W3144925685 hasConceptScore W3144925685C2780619108 @default.
W3144925685 hasConceptScore W3144925685C43039823 @default.
W3144925685 hasConceptScore W3144925685C68799949 @default.
W3144925685 hasConceptScore W3144925685C73283319 @default.
W3144925685 hasConceptScore W3144925685C86537402 @default.
W3144925685 hasConceptScore W3144925685C97330809 @default.
W3144925685 hasLocation W31449256851 @default.
W3144925685 hasOpenAccess W3144925685 @default.
W3144925685 hasPrimaryLocation W31449256851 @default.
W3144925685 hasRelatedWork W124957914 @default.
W3144925685 hasRelatedWork W1513204534 @default.
W3144925685 hasRelatedWork W1532043019 @default.
W3144925685 hasRelatedWork W1540065555 @default.
W3144925685 hasRelatedWork W1571154949 @default.
W3144925685 hasRelatedWork W1786741962 @default.
W3144925685 hasRelatedWork W2032605362 @default.
W3144925685 hasRelatedWork W2038466374 @default.
W3144925685 hasRelatedWork W2038537006 @default.
W3144925685 hasRelatedWork W2111340658 @default.
W3144925685 hasRelatedWork W2160243112 @default.
W3144925685 hasRelatedWork W2170391354 @default.
W3144925685 hasRelatedWork W2170660746 @default.
W3144925685 hasRelatedWork W2202809202 @default.
W3144925685 hasRelatedWork W2269619778 @default.
W3144925685 hasRelatedWork W2490700983 @default.
W3144925685 hasRelatedWork W3022826977 @default.
W3144925685 hasRelatedWork W3023588045 @default.
W3144925685 hasRelatedWork W3121936044 @default.
W3144925685 hasRelatedWork W2109151618 @default.
W3144925685 isParatext "false" @default.
W3144925685 isRetracted "false" @default.
W3144925685 magId "3144925685" @default.
W3144925685 workType "article" @default.