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Author Bhatia, A. (Ashok Vir)
Title 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.
Imprint [Washington, D.C.] : International Monetary Fund, [2012]

Author Bhatia, A. (Ashok Vir)
Series IMF working paper ; WP/12/162
IMF working paper ; WP/12/162.
Subject Global Financial Crisis, 2008-2009.
Financial crises -- United States.
Financial leverage -- United States.
Securities -- United States.
Investment banking -- United States.
Alt Name Bayoumi, Tamim A.
International Monetary Fund. Strategy, Policy, and Review Department.
Description 1 online resource (30 pages) : color illustrations.
polychrome rdacc
Note Title from PDF title page (IMF Web site, viewed Jun. 25, 2012).
"Strategy, Policy, and Review Department."
"June 2012."
Summary 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.
Bibliography Note Includes bibliographical references.
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.
ISBN 9781475545128 (electronic bk.)
1475545126 (electronic bk.)
OCLC # 796678874

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