Various financial factors and liquidity shock on the ۲۰۰۸ US crisis

The ۲۰۰۸ American crisis was a severe financial meltdown that had global repercussions. It was triggered by a combination of factors, such as the collapse of the housing market, the proliferation of risky mortgage-backed securities, the excessive leverage of financial institutions, and the failure of regulatory oversight. This paper examines how different financial statements and liquidity shocks affected the performance and solvency of various sectors during the crisis. Using data from the Federal Reserve and the Bureau of Economic Analysis, we analyze the impact of income statements, balance sheets, and cash flow statements on the profitability, liquidity, and leverage ratios of banks, non-financial corporations, and households. We also measure the magnitude and duration of liquidity shock, defined as the sudden and large increase in the spread between the interbank lending rate and the risk-free rate. We find that financial statements and liquidity shock had significant and heterogeneous effects on the different sectors, depending on their exposure and vulnerability to the crisis. We discuss the implications of our findings for financial stability and policy.

کلیدواژه ها:

CDS ، Securitization ، Liquidity shock ، MBS ، and BUBBLE