Publication:
The 2007 Meltdown in Structured Securitization

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dc.contributor.authorCaprio, Gerard, Jr.
dc.contributor.authorDemirgüç-Kunt, Asli
dc.contributor.authorKane, Edward J.
dc.date.accessioned2012-03-30T07:12:35Z
dc.date.available2012-03-30T07:12:35Z
dc.date.issued2010-02-01
dc.description.abstractThe intensity of the crisis in financial markets has surprised nearly everyone. The authors search out the root causes of the crisis, distinguishing them from scapegoating explanations that have been used in policy circles to divert attention from the underlying breakdown of incentives. Incentive conflicts explain how securitization went wrong, why credit ratings proved so inaccurate, and why it is superficial to blame the crisis on mark-to-market accounting, an unexpected loss of liquidity, trends in globalization, and deregulation in financial markets. The authors' analysis finds disturbing implications of the crisis for Basel II and its implementation. They conclude by drawing out lessons for developing countries and identifying reforms that would improve incentives by increasing transparency and accountability in government and industry alike.en
dc.identifier.citationWorld Bank Research Observer
dc.identifier.doi10.1596/4436
dc.identifier.issn1564-6971
dc.identifier.urihttps://hdl.handle.net/10986/4436
dc.publisherWorld Bank
dc.relation.ispartofseriesWorld Bank Research Observer
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo/
dc.subjectaccounting
dc.subjectcredit ratings
dc.subjectcredit risk
dc.subjectdeveloping countries
dc.subjectfinancial crisis
dc.subjectfinancial markets
dc.subjectglobalization
dc.subjectinsurance
dc.subjectinsurance company
dc.subjectinterest rates
dc.subjectinternational bank
dc.subjectinvestment banking
dc.subjectinvestment banks
dc.subjectliquidity
dc.subjectloss of confidence
dc.subjectmonetary fund
dc.subjectregulatory standards
dc.subjectrisk management
dc.subjectsafety net
dc.subjecttransparency
dc.titleThe 2007 Meltdown in Structured Securitizationen
dc.title.alternativeSearching for Lessons, not Scapegoatsen
dc.typeJournal Articleen
dc.typeArticle de journalfr
dc.typeArtículo de revistaes
dspace.entity.typePublication
okr.crosscuttingsolutionareaJobs
okr.date.doiregistration2025-05-06T11:36:13.008373Z
okr.doctypeJournal Article
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.identifier.report1
okr.language.supporteden
okr.pagenumber125
okr.pagenumber155
okr.pdfurlwbro_25_1_125.pdfen
okr.peerreviewAcademic Peer Review
okr.region.administrativeLatin America & Caribbean
okr.region.administrativeEast Asia and Pacific
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicBanks and Banking Reform
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.topicSocial Protections and Labor::Labor Policies
okr.volume25
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relation.isAuthorOfPublication.latestForDiscovery234a20c0-893c-561a-8c90-6f5be5be5b9b
relation.isJournalIssueOfPublication169bfaa9-0716-4a51-a4a0-e562c5a69e1a
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