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The book delves into the unique factors behind the severe financial crisis of 2007-2009, focusing on the actions of large, complex financial institutions (LCFIs). It contends that these institutions deviated from their established securitization practices by retaining systemic tail risk rather than transferring it to other investors. This failure to manage risk effectively contributed significantly to the crisis, highlighting the vulnerabilities within the financial system during a period marked by a credit boom and housing bubble.
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Manufacturing Tail Risk, Viral V. Acharya, Thomas Cooley, Matthew Richardson
- Lingua
- Pubblicato
- 2010
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- (In brossura)
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