| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21108 |
| 来源ID | Working Paper 21108 |
| AIG in Hindsight | |
| Robert L. McDonald; Anna Paulson | |
| 发表日期 | 2015-04-20 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | The near-failure on September 16, 2008, of American International Group (AIG) was an iconic moment in the financial crisis. Two large bets on real estate made with funding that was vulnerable to bank-run like behavior on the part of funders pushed AIG to the brink of bankruptcy. AIG used securities lending to transform insurance company assets into residential mortgage-backed securities and collateralized debt obligations, ultimately losing at least $21 billion and threatening the solvency of the life insurance companies. AIG also sold insurance on multi-sector collateralized debt obligations, backed by real estate assets, ultimately losing more than $30 billion. These activities were apparently motivated by a belief that AIG’s real estate bets would not suffer defaults and were “money-good.” We find that these securities have in fact suffered write-downs and that the stark “money-good” claim can be rejected. Ultimately, both liquidity and solvency were issues for AIG. |
| 主题 | Macroeconomics ; Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w21108 |
| 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/578783 |
| 推荐引用方式 GB/T 7714 | Robert L. McDonald,Anna Paulson. AIG in Hindsight. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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