... BANK OF ST
.
LOUIS
REV I EW
for taking risky strategies, regardless of whether
they were aware of their scale, and the creditors
of the institution were able to pass the debts of
the company to its ... Authority (FSA). The
responsibilities in the case of a crisis were then
split among the Treasury, the Bank, and the FSA
as documented in a Memorandum of Un...
... 2007).
The fluctuations of credit in the context of secured lending expose the fallacy of the lump
of liquidity in the financial system. The language of liquidity suggests a stock of available ... focused on the role of monetary
aggregates in the supply of credit. However, with the emergence of the market-based financial
system, the ratio of high...
... because it
requires servicing, is of uncertain credit quality,
and has a high propensity for default. Se
curitiza -
t
ion dealt with some of these concerns. If the
mortgage was packaged together with ... the crisis
first manifest itself in the United States? Probably
because the United States went further with finan-
cial innovation, thus drawing more buyers with
marginal...