J 2016

FAILURE OF THE CONTROL MECHANISMS IN US BANKS DURING THE CRISIS AND SPREAD OF THE FINANCIAL CRISIS INTO THE WORLD THROUGH STRUCTURED PRODUCTS

BOCK, Michal a Jaromír TICHÝ

Základní údaje

Originální název

FAILURE OF THE CONTROL MECHANISMS IN US BANKS DURING THE CRISIS AND SPREAD OF THE FINANCIAL CRISIS INTO THE WORLD THROUGH STRUCTURED PRODUCTS

Autoři

BOCK, Michal (203 Česká republika, domácí) a Jaromír TICHÝ (203 Česká republika, domácí)

Vydání

AD ALTA: Journal of Interdisciplinary Research, 2016, 1804-7890

Další údaje

Jazyk

angličtina

Typ výsledku

Článek v odborném periodiku

Obor

50200 5.2 Economics and Business

Stát vydavatele

Česká republika

Utajení

není předmětem státního či obchodního tajemství

Odkazy

Kód RIV

RIV/04274644:_____/16:#0000083

Organizační jednotka

Vysoká škola finanční a správní

Klíčová slova česky

Strukturovaný produkt, VaR, CDO

Klíčová slova anglicky

structured product; role; interconnectedness of capital markets; CDO; VAR

Štítky

Změněno: 29. 3. 2017 12:26, Ing. Dominika Moravcová

Anotace

V originále

The aim of this paper is to explain the role of structured products, particularly CDOs (Collateralized Debt Obligation) and its modifications to the rise of the international financial crisis since 2008. In that year, a large investment group Lehman Brothers went bankrupt, which rocked the global capital markets, and subsequently a negative sentiment about the quality of loan portfolios was extended, especially of mortgage banks in the US, which by means called moral hazard, increased the value of mortgage loans. The capital guarantee of the largest mortgage banks and insufficient control of federal authorities resulted in the uncontrolled growth of unsecured mortgages and growth of CDO emissions that were linked to these loans. Granted state aid supplies needed liquidity to the banks through emergency programs.