作者：Uhlig, Harald
作者单位：University of Chicago; National Bureau of Economic Research
摘要：This paper provides a model of the view that the 2008 financial crisis is reminiscent of a bank run, focussing on six stylized key features. In particular, core financial institutions have invested their funds in asset-backed securities rather than committed to long-term projects: in distress, these can potentially be sold to a large pool of outside investors at steep discounts. I consider two different motives for outside investors and their interaction with banks trading asset-backed securit...
作者：Mendoza, Enrique G.; Quadrini, Vincenzo
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; University of Southern California; Center for Economic & Policy Research (CEPR)
摘要：Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net borrowing of the U.S. non-financial sectors since the mid-1980s has been financed by foreign lending. Second, the collapse of the U.S. housing and mortgage-backed-securities markets had worldwide effects on financial institutions and asset markets. Using an open-economy model where financial intermediaries play a central role, we show that fina...
