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Author: F. Albert Wang
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
We investigate the recent financial crisis with an emphasis on the interlock among housing, mortgage, and credit markets. Following Geanakoplos (2003, 2010), we develop a model in which both prices of the mortgage and its collateral are simultaneously and endogenously determined. Our empirical tests confirm the model's prediction that an adverse change in the risk free rate or the loan recovery rate can trigger the financial crisis as we observed. Finally, we discuss how the pro-cyclical leveraging practice by financial intermediaries can magnify their losses in mortage-related assets and consequently cause significant contraction in the balance sheets of these firms.
Author: F. Albert Wang
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
We investigate the recent financial crisis with an emphasis on the interlock among housing, mortgage, and credit markets. Following Geanakoplos (2003, 2010), we develop a model in which both prices of the mortgage and its collateral are simultaneously and endogenously determined. Our empirical tests confirm the model's prediction that an adverse change in the risk free rate or the loan recovery rate can trigger the financial crisis as we observed. Finally, we discuss how the pro-cyclical leveraging practice by financial intermediaries can magnify their losses in mortage-related assets and consequently cause significant contraction in the balance sheets of these firms.
Author: Ray Forrest
Publisher: Edward Elgar Publishing
ISBN: 1849805849
Category : Political Science
Languages : en
Pages : 273
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Book Description
The impacts of the so-called global crisis are, in fact, highly uneven for both households and institutions. This unique book investigates why this is the case, whilst emphasizing the consequences. It encompasses the experiences of all the major economies, including: Australia, China, Hong Kong, Hungary, Iceland, Ireland, Japan, New Zealand, the Netherlands, South Korea, the USA, the UK and Vietnam, highlighting and comparing a wide range of housing systems and crisis impacts. Housing Markets and the Global Financial Crisis will strongly appeal to academics and postgraduate students in social policy, urban studies, public policy, economics, sociology and human geography. In addition, anyone with a general interest in globalization, neoliberalism and the changing nature of contemporary capitalist societies, as well as those with particular interests in housing markets and housing policy, will find this book enriching and enlightening.
Author: Graham Turner
Publisher: Pluto Press (UK)
ISBN:
Category : Business & Economics
Languages : en
Pages : 260
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Book Description
'A timely analysis of the pressures on world money markets and the fundamental weaknesses in the global financial system.' - Hamish McRae, Independent
Author: Colin Jones
Publisher: John Wiley & Sons
ISBN: 1118280830
Category : Law
Languages : en
Pages : 337
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Book Description
This timely book addresses key challenges faced by policy makers and the house-building industry in a post-credit crunch world. It examines the implications for households, the housing market, the economy, as well as for government's policy choices. Challenges of the Housing Economy: an international perspective brings together experts from around the world to examine recent housing market trends. The contributions reveal common long-term trends in housing markets worldwide. Despite differences in supply conditions and the role of planning, there is a trend toward rising house prices that has created significant barriers to home ownership for young households while increasing the wealth of older generations. The financial crisis had a differential impact on housing markets but in many countries where mortgage finance became severely constrained, house prices fell and there was a dramatic fall in housing construction. The falls in house prices in these countries have ostensibly improved affordability but the housing markets have been dominated by the lowering of loan to values applicable to new mortgages which has further raised the hurdles to potential first-time purchasers. At the same time as young households are increasingly rationed out of owner-occupation, public sector expenditure cut-backs in many countries result in limited new social housing. Instead, value for money imperatives will mean new funding models for affordable housing that require greater use of public-private partnerships. The private rented sector could potentially meet the demand for the new generation of long-term renters. However, there are doubts - in the UK at least - that this sector will be able to expand significantly or provide an appropriate type and standard of housing. This is an essential advanced text for students and researchers of land economy and land management; property and real estate; housing policy; and urban studies.
Author: Colin Jones
Publisher: John Wiley & Sons
ISBN: 1119219256
Category : Business & Economics
Languages : en
Pages : 212
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Book Description
A fascinating analysis of the critical role commercial property investment played in the economic boom and bust during the global financial crisis The unprecedented financial boom stretching from the mid-1990s through 2008 ultimately led to the deepest recession in modern times and one of the slowest economic recoveries in history. It also resulted in the emergence of the draconian austerity policies that have swept across Europe in recent years. Property Boom and Banking Bust offers an expert insight into the complex property market dynamics that contributed to the Great Financial Crisis of 2008 and its devastating economic consequences. It is the first book to focus on a woefully underreported dimension of the crisis, namely, the significant role that lending on commercial property development played in the crisis. Among other key topics, the authors explore the philosophical and behavioral factors that propelled irresponsible bank lending and the property boom; how it led to the downfall of the banks; the impact of the credit crunch on the real estate industry generally in the wake of the financial crisis; the catastrophic effects the property bust had on property investors, both large and small; and how the financial institutions have sought to recover in the wake of the financial crisis. Provides valuable insights into what happened in previous booms and busts, particularly in the 1970s and 1980s, and how they compare with the most recent one Offers an expert assessment of the consequences of the global financial crisis for the banking system and the commercial property industry Examines strategies banks have used to recover their positions and manage the overhang of indebtedness and bad property assets Addresses strategies the real estate industry have used to recover from the collapse in property values Written in an accessible style, and featuring numerous insider case accounts from property bankers, Property Boom and Banking Bust disentangles the complex, tightly-woven factors that led to the Great Financial Crisis of 2008, while offering powerful lessons for property industry professionals on how to avoid having history repeat itself.
Author: Peter King
Publisher: Routledge
ISBN: 1135173192
Category : Architecture
Languages : en
Pages : 251
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Book Description
Housing bubbles burst, creating economic misery for millions. Over the past thirty years, the culture of property ownership has become so ingrained that policy makers, bankers and households have taken for granted that housing is a good investment and forgotten about the bust. Explaining how the current crisis in housing markets has arisen, this topical and sharp analysis considers the causes of house price bubbles and the reason for the collapse in markets worldwide. Written for students, it explains the economic cycle of housing, ways in which future booms and busts can be mitigated and how the lessons of this latest housing bubble can finally be learned.
Author: Financial Crisis Inquiry Commission
Publisher: Cosimo, Inc.
ISBN: 1616405414
Category : Political Science
Languages : en
Pages : 692
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Book Description
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Author: Jochen Felsenheimer
Publisher: John Wiley & Sons
ISBN: 3527503757
Category : Business & Economics
Languages : en
Pages : 277
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Book Description
Based on the recent subprime crisis, the authors analyze the mechanisms of a financial market crisis. In order to highlight the basic transmission mechanisms and drivers of a financial market crisis they discuss the relevant players & strategies, explain the principles of the financial instruments that were involved in the crisis and analyze how bubbles emerge, how they burst and what the economic impact might be. The authors address the following key questions: * Why do financial markets run into crises over and over again? * Where do risks for financial crises come from? * Who are the players in the game? * Which instruments and strategies can drive a crisis? * What are the transmission mechanisms onto other markets and the real economy? * When is it all finally over? * How to best weather the storm? Hence, in the prologue the authors highlight the basic framework for a financial crisis based on the subprime crisis. Here, they will also introduce the important topics and drivers of the crisis, i.e. the relevant players (banks, investment banks, hedge funds, real money investors, regulators and rating agencies), the involved instruments (ABS/RMBS, CDOs, SIV, leveraged loans, Leveraged Super Senior tranches, etc.), the strategies which caused the crisis or were affected by the meltdown (leveraged exposure to highly correlated risks), and risks that were underestimated (investors ignored the market risk that was involved with the leveraged bets). In the subsequent chapter -- which is split into three parts -- they will explain these important topics in more detail and highlight the infection and transmission mechanisms. As an example, they introduce the business and investment concepts of investment banks and hedge funds and how they were involved in the crisis. Moreover, they explain how structured credit products (such as ABS, CDOs and SIVs) work and how they were used in order to implement leveraged bets in the markets. Finally, they highlight how a financial crisis evolves and why certain financial institutions failed. In the epilogue, they conclude how markets manage a crisis and why the crisis may also be healthy for the stability of financial markets.
Author: Anthony Downs
Publisher:
ISBN: 9780874201192
Category : Business & Economics
Languages : en
Pages : 216
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Book Description
"This book explains what happened and why and takes a look at the long-term consequences. Included are public policy responses and the role of the Federal Reserve; additional policy recommendations for the commercial real estate and housing sectors; scenarios for what may occur and what the impacts will be; and a discussion of the new financial era to come." --Book Jacket.
Author: Binod Chongbang
Publisher:
ISBN:
Category :
Languages : en
Pages : 76
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Book Description
This dissertation is primarily focused in to the housing prices of UK housing market and the lending situation during the financial turmoil. Giving more emphasize in the housing prices, this dissertation thoroughly examines the housing boom and bust of the UK housing market keeping into mind that the how much credit crisis affected in to it. It also attempts to understand the volatility of UK housing market along with the credit availability in the market. Due to the volatile market, there is always fluctuations occur in UK housing market.In contrary, this research tried to analysis the housing prices trend along with the type of mortgages which are available in the market. The research has been gone through to understand whether house prices overvalued or not. There are several factors that affects the house prices from demand and supply sides, research tried to outline those factors and their impact on house prices. Due to inadequate supply of houses in order to satisfy the housing demand, there was housing boom. Eventually, lending excessively mortgages loan invited massive financial turmoil. Despite of downturn in housing market, in recent years the market is moving slowly to upward.
