| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17350 |
| 来源ID | Working Paper 17350 |
| ABS Inflows to the United States and the Global Financial Crisis | |
| Carol Bertaut; Laurie Pounder DeMarco; Steven B. Kamin; Ralph W. Tryon | |
| 发表日期 | 2011-08-25 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | The "global saving glut" (GSG) hypothesis argues that the surge in capital inflows from emerging market economies to the United States led to significant declines in long-term interest rates in the United States and other industrial economies. In turn, these lower interest rates, when combined with both innovations and deficiencies of the U.S. credit market, are believed to have contributed to the U.S. housing bubble and to the buildup in financial vulnerabilities that led to the financial crisis. Because the GSG countries for the most part restricted their U.S. purchases to Treasuries and Agency debt, their provision of savings to ultimately risky subprime mortgage borrowers was necessarily indirect, pushing down yields on safe assets and increasing the appetite for alternative investments on the part of other investors. We present a more complete picture of how capital flows contributed to the crisis, drawing attention to the sizable inflows from European investors into U.S. private-label asset-backed securities (ABS), including mortgage-backed securities and other structured investment products. By adding to domestic demand for private-label ABS, substantial foreign acquisitions of these securities contributed to the decline in their spreads over Treasury yields. Through a combination of empirical estimation and model simulation, we verify that both GSG inflows into Treasuries and Agencies, as well as European acquisitions of ABS, played a role in contributing to downward pressures on U.S. interest rates. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w17350 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575024 |
| 推荐引用方式 GB/T 7714 | Carol Bertaut,Laurie Pounder DeMarco,Steven B. Kamin,et al. ABS Inflows to the United States and the Global Financial Crisis. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17350.pdf（484KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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