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The Global Financial Crisis and AsiaImplications and Challenges$
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Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park

Print publication date: 2012

Print ISBN-13: 9780199660957

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199660957.001.0001

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America’s Financial Crisis: The End of an Era

America’s Financial Crisis: The End of an Era

Chapter:
(p.37) 2 America’s Financial Crisis: The End of an Era
Source:
The Global Financial Crisis and Asia
Author(s):

Barry Bosworth

Aaron Flaaen

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199660957.003.0002

This chapter reviews research on the origins of the financial crisis of 2008–2009, highlights the key events that triggered a financial panic in September 2008, and summarizes the extraordinary policy actions the United States (US) has taken to ameliorate the crisis. It discusses the proximate causes of the crisis, including the characteristics and growth of the subprime mortgage market, and the distorted incentives and flawed regulatory structure surrounding the secondary market for mortgage-backed securities. It also assesses the role of more fundamental macroeconomic determinants of the bubble in US asset prices, most notably low global interest rates attributed to either loose monetary policy or excess global saving

Keywords:   financial crisis, price bubble, causes of crisis, subprime mortgage market, mortgage-backed securities

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