| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20027 |
| 来源ID | Working Paper 20027 |
| The Flight from Maturity | |
| Gary B. Gorton; Andrew Metrick; Lei Xie | |
| 发表日期 | 2014-04-10 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Why did the failure of Lehman Brothers make the financial crisis dramatically worse? The financial crisis was a process of a build-up of risk during the crisis prior to the Lehman failure. Market participants tried to preserve an option or exit by shortening maturities - the "flight from maturity". With increasingly short maturities, lenders created the possibility of fast exit. The failure of Lehman Brothers was the tipping point of this build-up of systemic fragility. We produce a chronology of the crisis which formalizes the dynamics of the crisis. A crisis is a dynamic process in which "tail risk" is endogenous. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Financial Economics |
| URL | https://www.nber.org/papers/w20027 |
| 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/577701 |
| 推荐引用方式 GB/T 7714 | Gary B. Gorton,Andrew Metrick,Lei Xie. The Flight from Maturity. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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