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 TICHÝZákladní 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.