El origen del pánico de 2008: la crisis del mercado de crédito hipotecario en Estados Unidos

Mauricio Pérez Salazar ()
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Mauricio Pérez Salazar: Universidad Externado de Colombia

Revista de Economía Institucional, 2008, vol. 10, issue 19, pages 19-54

Abstract: This article analyzes the causes of U.S. mortgage backed securities crisis, a crucial market in the financial panic of 2008. It shows that irrational behavior of investors is not infrequent, as evidenced by Ponzi schemes and bubbles. A comparison is made between traditional and new models of mortgage financing, where the key difference is the new model that unlinks incentives for different agents in the value chain and the risks they assume. It concludes with some reflections on the lessons that the experience of the Colombian mortgage crisis of 1998-2000 may offer for the resolution of the current crisis in the U.S.

Keywords: mortgage market; financial crisis; United States (search for similar items in EconPapers)
JEL-codes: G01 G15 (search for similar items in EconPapers)
Date: 2008
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Persistent link: http://EconPapers.repec.org/RePEc:rei:ecoins:v:10:y:2008:i:19:p:19-54

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