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Miraculous financial engineering or toxic finance? The genesis of the U.S. subprime mortgage loans crisis and its consequences on the global financial markets and real economy

机译:神奇的金融工程还是有毒的金融?美国次贷危机的成因及其对全球金融市场和实体经济的影响

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摘要

In the fall of 2008, the U.S. subprime mortgage loans defaults have turned into Wall Street’s biggest crisis since the Great Depression. As hundreds of billions in mortgage-related investments went bad, banks became suspicious of one another’s potential undisclosed credit losses and preferred to reduce their exposure in the interbank markets, thus causing interbank interest rates and credit default swaps increases, a liquidity shortage problem and a worsened credit crunch condition to consumers and businesses. Massive cash injections into money markets and interest rates reductions have been assured by central banks in an attempt to shore up banks and to restore confidence within the financial system. Even Governments have promoted bail-out deal agreements, protections from bankruptcies, recapitalizations and bank nationalizations in order to rescue banks from disastrous bankruptcies.
机译:2008年秋天,美国次级抵押贷款违约已成为华尔街自大萧条以来最大的危机。随着数以千亿计的与抵押相关的投资恶化,银行开始怀疑彼此之间潜在的未披露信用损失,并倾向于减少在银行间市场的敞口,从而导致银行间利率和信用违约掉期增加,流动性短缺问题以及消费者和企业的信贷紧缩状况恶化。中央银行已确保向货币市场大量注入现金和降低利率,以试图支撑银行并恢复对金融体系的信心。甚至各国政府也提倡纾困协议,保护免受破产保护,进行资本重组和银行国有化,以使银行免于灾难性的破产。

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    Pezzuto I.;

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  • 年度 2012
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  • 正文语种 en
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