TY  - UNPD
A1  - Scott, Kenneth E.
T1  - Lessons from the crisis
N2  - A lot happened even before the perceived beginning of this crisis in 2007, so although the events are recent, I will give an overview from a US perspective of the period from 2001 to date, in our search for the lessons to be learned. Much of it is probably familiar, but worth revisiting. I will break this necessarily simplified account into 3 stages: first, a look at the key factors that led to the increasing riskiness of US home mortgages; second, how those risks were transmitted as securities from US housing lenders to institutional investors around the globe; and third, how those risks led to huge losses and created a credit crunch that moved the impact from the financial economy to the real economy and produced a severe recession. Then we will have a factual foundation for deriving the lessons that ought to be taken away from this very expensive experience.
T3  - Working paper series / Johann-Wolfgang-Goethe-Universität, Institute for Law and Finance - 108 
Y1  - 2009
UR  - http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/7300
UR  - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:hebis:30-72807
N1  - The paper has been presented at the IMFS conference "The Financial Market Crisis - Causes, Remedies and Prevention" Goethe Universität Frankfurt, Oct. 22, 2009. Revised version of Oct.29, 2009.
ER  -