Opaque markets and opaque balance sheets

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Chapter 8 in All Fall Down, 2018, pp 58-63 from Edward Elgar Publishing

Abstract: Loss of confidence in financial institutions’ dealings with other financial institutions was exacerbated by lack of transparency in markets for mortgage-backed securities and over-the-counter derivatives contracts for foreign exchange, credit default obligations, and other innovative financial insurance coverage as well as lack of information on off-balance sheet positions of the major dealers in these markets. Absence of information on the size of these markets had obscured the extent to which providing credit insurance had become a larger share of financial transactions than providing credit for economic activity; lack of on-time reporting on prices and the size of transactions led to a freeze in activity in these markets as the crisis emerged.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2018
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