International Monetary Systems and the Global Financial Crisis
Introduction
The global financial turmoil emerged as a liquidity catastrophe. The first signs became noticeable in early August 2007, consisted of relentless instabilities in the interbank market. These turbulence comprised of abnormal margins of profit, minimized maturities, ruin and even vanishing of some market segments. By contagion, these tensions have impacted even the non-financial firms, as well as the financing of the real economy. The crisis has also emerged as a securitization crisis. Securitization is an extremely old financial technique that has been utilized productively in the past three decades for credit refinancing for purchases of automobiles, mortgages, consumer credit, and so on. Nonetheless, in the past ten years, this strategy was deployed in doubtful situations; for the financing on the short-term of complex structured products, with zero liquidity, as well as uncertain value; usually determined as a rule, not by the market, but by theoretical models.
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