The 2007 Meltdown in Structured Securitization : Searching for Lessons, Not Scapegoats

The intensity of recent turbulence in financial markets has surprised nearly everyone. This paper searches out the root causes of the crisis, distinguishing them from scapegoating explanations that have been used in policy circles to divert attention from the underlying breakdown of incentives. Incentive conflicts explain how securitization went wrong, why credit ratings proved so inaccurate, and why it is superficial to blame the crisis on mark-to-market accounting, an unexpected loss of liquidity, or trends in globalization and deregulation in financial markets. The analysis finds disturbing implications of the crisis for Basel II and its implementation. The paper argues that the principal source of financial instability lies in contradictory political and bureaucratic incentives that undermine the effectiveness of financial regulation and supervision in every country in the world. The paper concludes by identifying reforms that would improve incentives by increasing transparency and accountability in government and industry alike.

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Bibliographic Details
Main Authors: Caprio, Gerard, Jr., Demirgüç-Kunt, Aslı, Kane, Edward J.
Language:English
Published: Washington, DC: World Bank 2008-10
Subjects:ACCOUNTABILITY, ACCOUNTING PRINCIPLES, AFFILIATES, AMOUNT OF CAPITAL, ARBITRAGE, ASSET HOLDINGS, ASSET POOL, ASSET PRICES, ASSET QUALITY, ASSET SALES, ASSET VALUES, ASYMMETRIC INFORMATION, AUDITING, BAILOUTS, BALANCE SHEET, BALANCE SHEETS, BANK LOANS, BANK REGULATION, BANK REGULATIONS, BANKING CRISES, BANKING CRISIS, BANKING INDUSTRY, BANKING SYSTEM, BARRIERS TO ENTRY, BID, BOND ISSUE, BOND ISSUES, BONDS, BOOK VALUE, BORROWER, BUSINESS CYCLE, CAPITAL ADEQUACY, CAPITAL REGULATION, CAPITAL REQUIREMENTS, CAPITAL SHORTAGE, CASH FLOWS, CDS, CENTRAL BANK, CENTRAL BANKS, COLLATERAL, COMMERCIAL BANKS, COMMERCIAL PAPER, CONFLICT OF INTEREST, CONFLICTS OF INTEREST, CORPORATE BONDS, CORPORATE DEFAULT, CORPORATE GOVERNANCE, CORPORATE STOCK, CREDIBILITY, CREDIT DEFAULT, CREDIT DEFAULT SWAPS, CREDIT ENHANCEMENTS, CREDIT LINES, CREDIT QUALITY, CREDIT RATING, CREDIT RATINGS, CREDIT RISK, CREDIT RISKS, CREDIT SPREAD, CREDIT SPREADS, CREDIT STANDING, CREDIT SYSTEMS, CREDITORS, CREDITWORTHINESS, DEBT, DEBT CRISIS, DEBT OBLIGATION, DEBTS, DEFAULT PROBABILITIES, DEFAULT RATE, DEFAULT RATES, DEFAULTS, DEPOSIT, DEPOSIT INSURANCE, DEPOSIT INTEREST, DEPOSITORS, DEPOSITORY INSTITUTION, DEPOSITS, DERIVATIVE, DERIVATIVE INSTRUMENTS, DERIVATIVES, DEVELOPING COUNTRIES, DISBURSEMENT, DUE DILIGENCE, EARNING POWER, ENFORCEMENT SYSTEMS, EQUITY CAPITAL, EQUITY VALUE, EXCHANGE COMMISSION, EXTERNAL CREDIT RATINGS, FACE VALUE, FEDERAL NATIONAL MORTGAGE ASSOCIATION, FEDERAL RESERVE, FINANCIAL CRISES, FINANCIAL CRISIS, FINANCIAL FRAGILITY, FINANCIAL HISTORY, FINANCIAL INSTABILITY, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL MARKETS, FINANCIAL REGULATION, FINANCIAL SAFETY NETS, FINANCIAL STABILITY, FINANCIAL SYSTEM, FINANCIAL SYSTEMS, FOREIGN EXCHANGE, FOREIGN EXCHANGE RISK, FOREIGN MARKETS, FORMS OF DEBT, FUND MANAGERS, GLOBAL MARKETS, GLOBALIZATION, HEDGE FUND, HEDGE FUND MANAGERS, HEDGE FUNDS, HOLDINGS, HOME LOAN, HOME OWNERSHIP, HOST COUNTRIES, HOUSING, HOUSING PRICES, ILLIQUIDITY, IMPLICIT SUBSIDIES, INDIVIDUAL BOND, INDIVIDUAL LOANS, INFLATION, INFORMATION SYSTEM, INFORMATION SYSTEMS, INSURANCE, INSURANCE COMPANIES, INSURANCE COMPANY, INTANGIBLE, INTEREST RATE, INTEREST RATES, INTEREST-RATE RISK, INTERNATIONAL BANK, INTERNATIONAL FINANCE, INVESTING, INVESTMENT BANK, INVESTMENT BANKING, INVESTMENT BANKS, INVESTMENT STRATEGY, INVESTMENT VEHICLE, INVESTOR LOSS, INVESTOR RETURNS, ISSUANCE, LENDER, LENDERS, LINES OF CREDIT, LIQUIDITY, LIQUIDITY CRISIS, LIQUIDITY PROBLEM, LIQUIDITY RISK, LOAN APPLICATIONS, LOAN MARKETS, LOAN OFFICERS, LOAN PORTFOLIO, LOAN QUALITY, LONG-TERM INTEREST, LOSS OF CONFIDENCE, MARK-TO-MARKET, MARK-TO-MARKET ACCOUNTING, MARKET DISCIPLINE, MARKET FOR CREDIT, MARKET INTEREST RATES, MARKET LIQUIDITY, MARKET OVERSIGHT, MARKET PARTICIPANTS, MARKET PRACTICES, MARKET RISK, MARKET RISKS, MARKET STRUCTURE, MARKET VALUES, MATURITIES, MATURITY, MATURITY TRANSFORMATION, MINIMUM CAPITAL REQUIREMENTS, MONETARY POLICY, MORTGAGE, MORTGAGES, MUNICIPALITIES, NEW ENTRANTS, OIL PRICES, OLIGOPOLISTIC MARKET, OUTPUT LOSS, PENSION, PENSION FUNDS, PORTFOLIO, PORTFOLIOS, PRIVATE PARTIES, PROBABILITY OF DEFAULT, PRUDENTIAL REGULATION, PRUDENTIAL SUPERVISION, REGULATORY FORBEARANCE, REGULATORY STANDARDS, REGULATORY SYSTEMS, RESERVES, RETURN, RISK CONTROLS, RISK EXPOSURE, RISK EXPOSURES, RISK MANAGEMENT, RISK PREMIUMS, RISKY LOANS, SAFETY NET, SAFETY NETS, SECURITIES, SHAREHOLDER, SHAREHOLDER EQUITY, SHAREHOLDERS, SHORT-TERM DEBT, SIMPLE BOND, STOCK OPTIONS, STUDENT LOANS, SUBORDINATED DEBT, SUPERVISORY AUTHORITIES, SUPERVISORY AUTHORITY, TAX, TRADING, TRANCHE, TRANCHES, TRANSACTION, TRANSACTION COSTS, TRANSFER RISK, TRANSPARENCY, UNDERLYING ASSET, UNDERLYING ASSETS, UNDERLYING MORTGAGES, VALUATION, VALUATIONS, WAREHOUSE, WRITEDOWNS,
Online Access:http://documents.worldbank.org/curated/en/2008/11/10053071/2007-meltdown-structured-securitization-searching-lessons-not-scapegoats
https://hdl.handle.net/10986/6309
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tag biblioteca
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libraryname Biblioteca del Banco Mundial
language English
topic ACCOUNTABILITY
ACCOUNTING PRINCIPLES
AFFILIATES
AMOUNT OF CAPITAL
ARBITRAGE
ASSET HOLDINGS
ASSET POOL
ASSET PRICES
ASSET QUALITY
ASSET SALES
ASSET VALUES
ASYMMETRIC INFORMATION
AUDITING
BAILOUTS
BALANCE SHEET
BALANCE SHEETS
BANK LOANS
BANK REGULATION
BANK REGULATIONS
BANKING CRISES
BANKING CRISIS
BANKING INDUSTRY
BANKING SYSTEM
BARRIERS TO ENTRY
BID
BOND ISSUE
BOND ISSUES
BONDS
BOOK VALUE
BORROWER
BUSINESS CYCLE
CAPITAL ADEQUACY
CAPITAL REGULATION
CAPITAL REQUIREMENTS
CAPITAL SHORTAGE
CASH FLOWS
CDS
CENTRAL BANK
CENTRAL BANKS
COLLATERAL
COMMERCIAL BANKS
COMMERCIAL PAPER
CONFLICT OF INTEREST
CONFLICTS OF INTEREST
CORPORATE BONDS
CORPORATE DEFAULT
CORPORATE GOVERNANCE
CORPORATE STOCK
CREDIBILITY
CREDIT DEFAULT
CREDIT DEFAULT SWAPS
CREDIT ENHANCEMENTS
CREDIT LINES
CREDIT QUALITY
CREDIT RATING
CREDIT RATINGS
CREDIT RISK
CREDIT RISKS
CREDIT SPREAD
CREDIT SPREADS
CREDIT STANDING
CREDIT SYSTEMS
CREDITORS
CREDITWORTHINESS
DEBT
DEBT CRISIS
DEBT OBLIGATION
DEBTS
DEFAULT PROBABILITIES
DEFAULT RATE
DEFAULT RATES
DEFAULTS
DEPOSIT
DEPOSIT INSURANCE
DEPOSIT INTEREST
DEPOSITORS
DEPOSITORY INSTITUTION
DEPOSITS
DERIVATIVE
DERIVATIVE INSTRUMENTS
DERIVATIVES
DEVELOPING COUNTRIES
DISBURSEMENT
DUE DILIGENCE
EARNING POWER
ENFORCEMENT SYSTEMS
EQUITY CAPITAL
EQUITY VALUE
EXCHANGE COMMISSION
EXTERNAL CREDIT RATINGS
FACE VALUE
FEDERAL NATIONAL MORTGAGE ASSOCIATION
FEDERAL RESERVE
FINANCIAL CRISES
FINANCIAL CRISIS
FINANCIAL FRAGILITY
FINANCIAL HISTORY
FINANCIAL INSTABILITY
FINANCIAL INSTITUTION
FINANCIAL INSTITUTIONS
FINANCIAL INSTRUMENTS
FINANCIAL MARKETS
FINANCIAL REGULATION
FINANCIAL SAFETY NETS
FINANCIAL STABILITY
FINANCIAL SYSTEM
FINANCIAL SYSTEMS
FOREIGN EXCHANGE
FOREIGN EXCHANGE RISK
FOREIGN MARKETS
FORMS OF DEBT
FUND MANAGERS
GLOBAL MARKETS
GLOBALIZATION
HEDGE FUND
HEDGE FUND MANAGERS
HEDGE FUNDS
HOLDINGS
HOME LOAN
HOME OWNERSHIP
HOST COUNTRIES
HOUSING
HOUSING PRICES
ILLIQUIDITY
IMPLICIT SUBSIDIES
INDIVIDUAL BOND
INDIVIDUAL LOANS
INFLATION
INFORMATION SYSTEM
INFORMATION SYSTEMS
INSURANCE
INSURANCE COMPANIES
INSURANCE COMPANY
INTANGIBLE
INTEREST RATE
INTEREST RATES
INTEREST-RATE RISK
INTERNATIONAL BANK
INTERNATIONAL FINANCE
INVESTING
INVESTMENT BANK
INVESTMENT BANKING
INVESTMENT BANKS
INVESTMENT STRATEGY
INVESTMENT VEHICLE
INVESTOR LOSS
INVESTOR RETURNS
ISSUANCE
LENDER
LENDERS
LINES OF CREDIT
LIQUIDITY
LIQUIDITY CRISIS
LIQUIDITY PROBLEM
LIQUIDITY RISK
LOAN APPLICATIONS
LOAN MARKETS
LOAN OFFICERS
LOAN PORTFOLIO
LOAN QUALITY
LONG-TERM INTEREST
LOSS OF CONFIDENCE
MARK-TO-MARKET
MARK-TO-MARKET ACCOUNTING
MARKET DISCIPLINE
MARKET FOR CREDIT
MARKET INTEREST RATES
MARKET LIQUIDITY
MARKET OVERSIGHT
MARKET PARTICIPANTS
MARKET PRACTICES
MARKET RISK
MARKET RISKS
MARKET STRUCTURE
MARKET VALUES
MATURITIES
MATURITY
MATURITY TRANSFORMATION
MINIMUM CAPITAL REQUIREMENTS
MONETARY POLICY
MORTGAGE
MORTGAGES
MUNICIPALITIES
NEW ENTRANTS
OIL PRICES
OLIGOPOLISTIC MARKET
OUTPUT LOSS
PENSION
PENSION FUNDS
PORTFOLIO
PORTFOLIOS
PRIVATE PARTIES
PROBABILITY OF DEFAULT
PRUDENTIAL REGULATION
PRUDENTIAL SUPERVISION
REGULATORY FORBEARANCE
REGULATORY STANDARDS
REGULATORY SYSTEMS
RESERVES
RETURN
RISK CONTROLS
RISK EXPOSURE
RISK EXPOSURES
RISK MANAGEMENT
RISK PREMIUMS
RISKY LOANS
SAFETY NET
SAFETY NETS
SECURITIES
SHAREHOLDER
SHAREHOLDER EQUITY
SHAREHOLDERS
SHORT-TERM DEBT
SIMPLE BOND
STOCK OPTIONS
STUDENT LOANS
SUBORDINATED DEBT
SUPERVISORY AUTHORITIES
SUPERVISORY AUTHORITY
TAX
TRADING
TRANCHE
TRANCHES
TRANSACTION
TRANSACTION COSTS
TRANSFER RISK
TRANSPARENCY
UNDERLYING ASSET
UNDERLYING ASSETS
UNDERLYING MORTGAGES
VALUATION
VALUATIONS
WAREHOUSE
WRITEDOWNS
ACCOUNTABILITY
ACCOUNTING PRINCIPLES
AFFILIATES
AMOUNT OF CAPITAL
ARBITRAGE
ASSET HOLDINGS
ASSET POOL
ASSET PRICES
ASSET QUALITY
ASSET SALES
ASSET VALUES
ASYMMETRIC INFORMATION
AUDITING
BAILOUTS
BALANCE SHEET
BALANCE SHEETS
BANK LOANS
BANK REGULATION
BANK REGULATIONS
BANKING CRISES
BANKING CRISIS
BANKING INDUSTRY
BANKING SYSTEM
BARRIERS TO ENTRY
BID
BOND ISSUE
BOND ISSUES
BONDS
BOOK VALUE
BORROWER
BUSINESS CYCLE
CAPITAL ADEQUACY
CAPITAL REGULATION
CAPITAL REQUIREMENTS
CAPITAL SHORTAGE
CASH FLOWS
CDS
CENTRAL BANK
CENTRAL BANKS
COLLATERAL
COMMERCIAL BANKS
COMMERCIAL PAPER
CONFLICT OF INTEREST
CONFLICTS OF INTEREST
CORPORATE BONDS
CORPORATE DEFAULT
CORPORATE GOVERNANCE
CORPORATE STOCK
CREDIBILITY
CREDIT DEFAULT
CREDIT DEFAULT SWAPS
CREDIT ENHANCEMENTS
CREDIT LINES
CREDIT QUALITY
CREDIT RATING
CREDIT RATINGS
CREDIT RISK
CREDIT RISKS
CREDIT SPREAD
CREDIT SPREADS
CREDIT STANDING
CREDIT SYSTEMS
CREDITORS
CREDITWORTHINESS
DEBT
DEBT CRISIS
DEBT OBLIGATION
DEBTS
DEFAULT PROBABILITIES
DEFAULT RATE
DEFAULT RATES
DEFAULTS
DEPOSIT
DEPOSIT INSURANCE
DEPOSIT INTEREST
DEPOSITORS
DEPOSITORY INSTITUTION
DEPOSITS
DERIVATIVE
DERIVATIVE INSTRUMENTS
DERIVATIVES
DEVELOPING COUNTRIES
DISBURSEMENT
DUE DILIGENCE
EARNING POWER
ENFORCEMENT SYSTEMS
EQUITY CAPITAL
EQUITY VALUE
EXCHANGE COMMISSION
EXTERNAL CREDIT RATINGS
FACE VALUE
FEDERAL NATIONAL MORTGAGE ASSOCIATION
FEDERAL RESERVE
FINANCIAL CRISES
FINANCIAL CRISIS
FINANCIAL FRAGILITY
FINANCIAL HISTORY
FINANCIAL INSTABILITY
FINANCIAL INSTITUTION
FINANCIAL INSTITUTIONS
FINANCIAL INSTRUMENTS
FINANCIAL MARKETS
FINANCIAL REGULATION
FINANCIAL SAFETY NETS
FINANCIAL STABILITY
FINANCIAL SYSTEM
FINANCIAL SYSTEMS
FOREIGN EXCHANGE
FOREIGN EXCHANGE RISK
FOREIGN MARKETS
FORMS OF DEBT
FUND MANAGERS
GLOBAL MARKETS
GLOBALIZATION
HEDGE FUND
HEDGE FUND MANAGERS
HEDGE FUNDS
HOLDINGS
HOME LOAN
HOME OWNERSHIP
HOST COUNTRIES
HOUSING
HOUSING PRICES
ILLIQUIDITY
IMPLICIT SUBSIDIES
INDIVIDUAL BOND
INDIVIDUAL LOANS
INFLATION
INFORMATION SYSTEM
INFORMATION SYSTEMS
INSURANCE
INSURANCE COMPANIES
INSURANCE COMPANY
INTANGIBLE
INTEREST RATE
INTEREST RATES
INTEREST-RATE RISK
INTERNATIONAL BANK
INTERNATIONAL FINANCE
INVESTING
INVESTMENT BANK
INVESTMENT BANKING
INVESTMENT BANKS
INVESTMENT STRATEGY
INVESTMENT VEHICLE
INVESTOR LOSS
INVESTOR RETURNS
ISSUANCE
LENDER
LENDERS
LINES OF CREDIT
LIQUIDITY
LIQUIDITY CRISIS
LIQUIDITY PROBLEM
LIQUIDITY RISK
LOAN APPLICATIONS
LOAN MARKETS
LOAN OFFICERS
LOAN PORTFOLIO
LOAN QUALITY
LONG-TERM INTEREST
LOSS OF CONFIDENCE
MARK-TO-MARKET
MARK-TO-MARKET ACCOUNTING
MARKET DISCIPLINE
MARKET FOR CREDIT
MARKET INTEREST RATES
MARKET LIQUIDITY
MARKET OVERSIGHT
MARKET PARTICIPANTS
MARKET PRACTICES
MARKET RISK
MARKET RISKS
MARKET STRUCTURE
MARKET VALUES
MATURITIES
MATURITY
MATURITY TRANSFORMATION
MINIMUM CAPITAL REQUIREMENTS
MONETARY POLICY
MORTGAGE
MORTGAGES
MUNICIPALITIES
NEW ENTRANTS
OIL PRICES
OLIGOPOLISTIC MARKET
OUTPUT LOSS
PENSION
PENSION FUNDS
PORTFOLIO
PORTFOLIOS
PRIVATE PARTIES
PROBABILITY OF DEFAULT
PRUDENTIAL REGULATION
PRUDENTIAL SUPERVISION
REGULATORY FORBEARANCE
REGULATORY STANDARDS
REGULATORY SYSTEMS
RESERVES
RETURN
RISK CONTROLS
RISK EXPOSURE
RISK EXPOSURES
RISK MANAGEMENT
RISK PREMIUMS
RISKY LOANS
SAFETY NET
SAFETY NETS
SECURITIES
SHAREHOLDER
SHAREHOLDER EQUITY
SHAREHOLDERS
SHORT-TERM DEBT
SIMPLE BOND
STOCK OPTIONS
STUDENT LOANS
SUBORDINATED DEBT
SUPERVISORY AUTHORITIES
SUPERVISORY AUTHORITY
TAX
TRADING
TRANCHE
TRANCHES
TRANSACTION
TRANSACTION COSTS
TRANSFER RISK
TRANSPARENCY
UNDERLYING ASSET
UNDERLYING ASSETS
UNDERLYING MORTGAGES
VALUATION
VALUATIONS
WAREHOUSE
WRITEDOWNS
spellingShingle ACCOUNTABILITY
ACCOUNTING PRINCIPLES
AFFILIATES
AMOUNT OF CAPITAL
ARBITRAGE
ASSET HOLDINGS
ASSET POOL
ASSET PRICES
ASSET QUALITY
ASSET SALES
ASSET VALUES
ASYMMETRIC INFORMATION
AUDITING
BAILOUTS
BALANCE SHEET
BALANCE SHEETS
BANK LOANS
BANK REGULATION
BANK REGULATIONS
BANKING CRISES
BANKING CRISIS
BANKING INDUSTRY
BANKING SYSTEM
BARRIERS TO ENTRY
BID
BOND ISSUE
BOND ISSUES
BONDS
BOOK VALUE
BORROWER
BUSINESS CYCLE
CAPITAL ADEQUACY
CAPITAL REGULATION
CAPITAL REQUIREMENTS
CAPITAL SHORTAGE
CASH FLOWS
CDS
CENTRAL BANK
CENTRAL BANKS
COLLATERAL
COMMERCIAL BANKS
COMMERCIAL PAPER
CONFLICT OF INTEREST
CONFLICTS OF INTEREST
CORPORATE BONDS
CORPORATE DEFAULT
CORPORATE GOVERNANCE
CORPORATE STOCK
CREDIBILITY
CREDIT DEFAULT
CREDIT DEFAULT SWAPS
CREDIT ENHANCEMENTS
CREDIT LINES
CREDIT QUALITY
CREDIT RATING
CREDIT RATINGS
CREDIT RISK
CREDIT RISKS
CREDIT SPREAD
CREDIT SPREADS
CREDIT STANDING
CREDIT SYSTEMS
CREDITORS
CREDITWORTHINESS
DEBT
DEBT CRISIS
DEBT OBLIGATION
DEBTS
DEFAULT PROBABILITIES
DEFAULT RATE
DEFAULT RATES
DEFAULTS
DEPOSIT
DEPOSIT INSURANCE
DEPOSIT INTEREST
DEPOSITORS
DEPOSITORY INSTITUTION
DEPOSITS
DERIVATIVE
DERIVATIVE INSTRUMENTS
DERIVATIVES
DEVELOPING COUNTRIES
DISBURSEMENT
DUE DILIGENCE
EARNING POWER
ENFORCEMENT SYSTEMS
EQUITY CAPITAL
EQUITY VALUE
EXCHANGE COMMISSION
EXTERNAL CREDIT RATINGS
FACE VALUE
FEDERAL NATIONAL MORTGAGE ASSOCIATION
FEDERAL RESERVE
FINANCIAL CRISES
FINANCIAL CRISIS
FINANCIAL FRAGILITY
FINANCIAL HISTORY
FINANCIAL INSTABILITY
FINANCIAL INSTITUTION
FINANCIAL INSTITUTIONS
FINANCIAL INSTRUMENTS
FINANCIAL MARKETS
FINANCIAL REGULATION
FINANCIAL SAFETY NETS
FINANCIAL STABILITY
FINANCIAL SYSTEM
FINANCIAL SYSTEMS
FOREIGN EXCHANGE
FOREIGN EXCHANGE RISK
FOREIGN MARKETS
FORMS OF DEBT
FUND MANAGERS
GLOBAL MARKETS
GLOBALIZATION
HEDGE FUND
HEDGE FUND MANAGERS
HEDGE FUNDS
HOLDINGS
HOME LOAN
HOME OWNERSHIP
HOST COUNTRIES
HOUSING
HOUSING PRICES
ILLIQUIDITY
IMPLICIT SUBSIDIES
INDIVIDUAL BOND
INDIVIDUAL LOANS
INFLATION
INFORMATION SYSTEM
INFORMATION SYSTEMS
INSURANCE
INSURANCE COMPANIES
INSURANCE COMPANY
INTANGIBLE
INTEREST RATE
INTEREST RATES
INTEREST-RATE RISK
INTERNATIONAL BANK
INTERNATIONAL FINANCE
INVESTING
INVESTMENT BANK
INVESTMENT BANKING
INVESTMENT BANKS
INVESTMENT STRATEGY
INVESTMENT VEHICLE
INVESTOR LOSS
INVESTOR RETURNS
ISSUANCE
LENDER
LENDERS
LINES OF CREDIT
LIQUIDITY
LIQUIDITY CRISIS
LIQUIDITY PROBLEM
LIQUIDITY RISK
LOAN APPLICATIONS
LOAN MARKETS
LOAN OFFICERS
LOAN PORTFOLIO
LOAN QUALITY
LONG-TERM INTEREST
LOSS OF CONFIDENCE
MARK-TO-MARKET
MARK-TO-MARKET ACCOUNTING
MARKET DISCIPLINE
MARKET FOR CREDIT
MARKET INTEREST RATES
MARKET LIQUIDITY
MARKET OVERSIGHT
MARKET PARTICIPANTS
MARKET PRACTICES
MARKET RISK
MARKET RISKS
MARKET STRUCTURE
MARKET VALUES
MATURITIES
MATURITY
MATURITY TRANSFORMATION
MINIMUM CAPITAL REQUIREMENTS
MONETARY POLICY
MORTGAGE
MORTGAGES
MUNICIPALITIES
NEW ENTRANTS
OIL PRICES
OLIGOPOLISTIC MARKET
OUTPUT LOSS
PENSION
PENSION FUNDS
PORTFOLIO
PORTFOLIOS
PRIVATE PARTIES
PROBABILITY OF DEFAULT
PRUDENTIAL REGULATION
PRUDENTIAL SUPERVISION
REGULATORY FORBEARANCE
REGULATORY STANDARDS
REGULATORY SYSTEMS
RESERVES
RETURN
RISK CONTROLS
RISK EXPOSURE
RISK EXPOSURES
RISK MANAGEMENT
RISK PREMIUMS
RISKY LOANS
SAFETY NET
SAFETY NETS
SECURITIES
SHAREHOLDER
SHAREHOLDER EQUITY
SHAREHOLDERS
SHORT-TERM DEBT
SIMPLE BOND
STOCK OPTIONS
STUDENT LOANS
SUBORDINATED DEBT
SUPERVISORY AUTHORITIES
SUPERVISORY AUTHORITY
TAX
TRADING
TRANCHE
TRANCHES
TRANSACTION
TRANSACTION COSTS
TRANSFER RISK
TRANSPARENCY
UNDERLYING ASSET
UNDERLYING ASSETS
UNDERLYING MORTGAGES
VALUATION
VALUATIONS
WAREHOUSE
WRITEDOWNS
ACCOUNTABILITY
ACCOUNTING PRINCIPLES
AFFILIATES
AMOUNT OF CAPITAL
ARBITRAGE
ASSET HOLDINGS
ASSET POOL
ASSET PRICES
ASSET QUALITY
ASSET SALES
ASSET VALUES
ASYMMETRIC INFORMATION
AUDITING
BAILOUTS
BALANCE SHEET
BALANCE SHEETS
BANK LOANS
BANK REGULATION
BANK REGULATIONS
BANKING CRISES
BANKING CRISIS
BANKING INDUSTRY
BANKING SYSTEM
BARRIERS TO ENTRY
BID
BOND ISSUE
BOND ISSUES
BONDS
BOOK VALUE
BORROWER
BUSINESS CYCLE
CAPITAL ADEQUACY
CAPITAL REGULATION
CAPITAL REQUIREMENTS
CAPITAL SHORTAGE
CASH FLOWS
CDS
CENTRAL BANK
CENTRAL BANKS
COLLATERAL
COMMERCIAL BANKS
COMMERCIAL PAPER
CONFLICT OF INTEREST
CONFLICTS OF INTEREST
CORPORATE BONDS
CORPORATE DEFAULT
CORPORATE GOVERNANCE
CORPORATE STOCK
CREDIBILITY
CREDIT DEFAULT
CREDIT DEFAULT SWAPS
CREDIT ENHANCEMENTS
CREDIT LINES
CREDIT QUALITY
CREDIT RATING
CREDIT RATINGS
CREDIT RISK
CREDIT RISKS
CREDIT SPREAD
CREDIT SPREADS
CREDIT STANDING
CREDIT SYSTEMS
CREDITORS
CREDITWORTHINESS
DEBT
DEBT CRISIS
DEBT OBLIGATION
DEBTS
DEFAULT PROBABILITIES
DEFAULT RATE
DEFAULT RATES
DEFAULTS
DEPOSIT
DEPOSIT INSURANCE
DEPOSIT INTEREST
DEPOSITORS
DEPOSITORY INSTITUTION
DEPOSITS
DERIVATIVE
DERIVATIVE INSTRUMENTS
DERIVATIVES
DEVELOPING COUNTRIES
DISBURSEMENT
DUE DILIGENCE
EARNING POWER
ENFORCEMENT SYSTEMS
EQUITY CAPITAL
EQUITY VALUE
EXCHANGE COMMISSION
EXTERNAL CREDIT RATINGS
FACE VALUE
FEDERAL NATIONAL MORTGAGE ASSOCIATION
FEDERAL RESERVE
FINANCIAL CRISES
FINANCIAL CRISIS
FINANCIAL FRAGILITY
FINANCIAL HISTORY
FINANCIAL INSTABILITY
FINANCIAL INSTITUTION
FINANCIAL INSTITUTIONS
FINANCIAL INSTRUMENTS
FINANCIAL MARKETS
FINANCIAL REGULATION
FINANCIAL SAFETY NETS
FINANCIAL STABILITY
FINANCIAL SYSTEM
FINANCIAL SYSTEMS
FOREIGN EXCHANGE
FOREIGN EXCHANGE RISK
FOREIGN MARKETS
FORMS OF DEBT
FUND MANAGERS
GLOBAL MARKETS
GLOBALIZATION
HEDGE FUND
HEDGE FUND MANAGERS
HEDGE FUNDS
HOLDINGS
HOME LOAN
HOME OWNERSHIP
HOST COUNTRIES
HOUSING
HOUSING PRICES
ILLIQUIDITY
IMPLICIT SUBSIDIES
INDIVIDUAL BOND
INDIVIDUAL LOANS
INFLATION
INFORMATION SYSTEM
INFORMATION SYSTEMS
INSURANCE
INSURANCE COMPANIES
INSURANCE COMPANY
INTANGIBLE
INTEREST RATE
INTEREST RATES
INTEREST-RATE RISK
INTERNATIONAL BANK
INTERNATIONAL FINANCE
INVESTING
INVESTMENT BANK
INVESTMENT BANKING
INVESTMENT BANKS
INVESTMENT STRATEGY
INVESTMENT VEHICLE
INVESTOR LOSS
INVESTOR RETURNS
ISSUANCE
LENDER
LENDERS
LINES OF CREDIT
LIQUIDITY
LIQUIDITY CRISIS
LIQUIDITY PROBLEM
LIQUIDITY RISK
LOAN APPLICATIONS
LOAN MARKETS
LOAN OFFICERS
LOAN PORTFOLIO
LOAN QUALITY
LONG-TERM INTEREST
LOSS OF CONFIDENCE
MARK-TO-MARKET
MARK-TO-MARKET ACCOUNTING
MARKET DISCIPLINE
MARKET FOR CREDIT
MARKET INTEREST RATES
MARKET LIQUIDITY
MARKET OVERSIGHT
MARKET PARTICIPANTS
MARKET PRACTICES
MARKET RISK
MARKET RISKS
MARKET STRUCTURE
MARKET VALUES
MATURITIES
MATURITY
MATURITY TRANSFORMATION
MINIMUM CAPITAL REQUIREMENTS
MONETARY POLICY
MORTGAGE
MORTGAGES
MUNICIPALITIES
NEW ENTRANTS
OIL PRICES
OLIGOPOLISTIC MARKET
OUTPUT LOSS
PENSION
PENSION FUNDS
PORTFOLIO
PORTFOLIOS
PRIVATE PARTIES
PROBABILITY OF DEFAULT
PRUDENTIAL REGULATION
PRUDENTIAL SUPERVISION
REGULATORY FORBEARANCE
REGULATORY STANDARDS
REGULATORY SYSTEMS
RESERVES
RETURN
RISK CONTROLS
RISK EXPOSURE
RISK EXPOSURES
RISK MANAGEMENT
RISK PREMIUMS
RISKY LOANS
SAFETY NET
SAFETY NETS
SECURITIES
SHAREHOLDER
SHAREHOLDER EQUITY
SHAREHOLDERS
SHORT-TERM DEBT
SIMPLE BOND
STOCK OPTIONS
STUDENT LOANS
SUBORDINATED DEBT
SUPERVISORY AUTHORITIES
SUPERVISORY AUTHORITY
TAX
TRADING
TRANCHE
TRANCHES
TRANSACTION
TRANSACTION COSTS
TRANSFER RISK
TRANSPARENCY
UNDERLYING ASSET
UNDERLYING ASSETS
UNDERLYING MORTGAGES
VALUATION
VALUATIONS
WAREHOUSE
WRITEDOWNS
Caprio, Gerard, Jr.
Demirgüç-Kunt, Aslı
Kane, Edward J.
The 2007 Meltdown in Structured Securitization : Searching for Lessons, Not Scapegoats
description The intensity of recent turbulence in financial markets has surprised nearly everyone. This paper searches out the root causes of the crisis, distinguishing them from scapegoating explanations that have been used in policy circles to divert attention from the underlying breakdown of incentives. Incentive conflicts explain how securitization went wrong, why credit ratings proved so inaccurate, and why it is superficial to blame the crisis on mark-to-market accounting, an unexpected loss of liquidity, or trends in globalization and deregulation in financial markets. The analysis finds disturbing implications of the crisis for Basel II and its implementation. The paper argues that the principal source of financial instability lies in contradictory political and bureaucratic incentives that undermine the effectiveness of financial regulation and supervision in every country in the world. The paper concludes by identifying reforms that would improve incentives by increasing transparency and accountability in government and industry alike.
topic_facet ACCOUNTABILITY
ACCOUNTING PRINCIPLES
AFFILIATES
AMOUNT OF CAPITAL
ARBITRAGE
ASSET HOLDINGS
ASSET POOL
ASSET PRICES
ASSET QUALITY
ASSET SALES
ASSET VALUES
ASYMMETRIC INFORMATION
AUDITING
BAILOUTS
BALANCE SHEET
BALANCE SHEETS
BANK LOANS
BANK REGULATION
BANK REGULATIONS
BANKING CRISES
BANKING CRISIS
BANKING INDUSTRY
BANKING SYSTEM
BARRIERS TO ENTRY
BID
BOND ISSUE
BOND ISSUES
BONDS
BOOK VALUE
BORROWER
BUSINESS CYCLE
CAPITAL ADEQUACY
CAPITAL REGULATION
CAPITAL REQUIREMENTS
CAPITAL SHORTAGE
CASH FLOWS
CDS
CENTRAL BANK
CENTRAL BANKS
COLLATERAL
COMMERCIAL BANKS
COMMERCIAL PAPER
CONFLICT OF INTEREST
CONFLICTS OF INTEREST
CORPORATE BONDS
CORPORATE DEFAULT
CORPORATE GOVERNANCE
CORPORATE STOCK
CREDIBILITY
CREDIT DEFAULT
CREDIT DEFAULT SWAPS
CREDIT ENHANCEMENTS
CREDIT LINES
CREDIT QUALITY
CREDIT RATING
CREDIT RATINGS
CREDIT RISK
CREDIT RISKS
CREDIT SPREAD
CREDIT SPREADS
CREDIT STANDING
CREDIT SYSTEMS
CREDITORS
CREDITWORTHINESS
DEBT
DEBT CRISIS
DEBT OBLIGATION
DEBTS
DEFAULT PROBABILITIES
DEFAULT RATE
DEFAULT RATES
DEFAULTS
DEPOSIT
DEPOSIT INSURANCE
DEPOSIT INTEREST
DEPOSITORS
DEPOSITORY INSTITUTION
DEPOSITS
DERIVATIVE
DERIVATIVE INSTRUMENTS
DERIVATIVES
DEVELOPING COUNTRIES
DISBURSEMENT
DUE DILIGENCE
EARNING POWER
ENFORCEMENT SYSTEMS
EQUITY CAPITAL
EQUITY VALUE
EXCHANGE COMMISSION
EXTERNAL CREDIT RATINGS
FACE VALUE
FEDERAL NATIONAL MORTGAGE ASSOCIATION
FEDERAL RESERVE
FINANCIAL CRISES
FINANCIAL CRISIS
FINANCIAL FRAGILITY
FINANCIAL HISTORY
FINANCIAL INSTABILITY
FINANCIAL INSTITUTION
FINANCIAL INSTITUTIONS
FINANCIAL INSTRUMENTS
FINANCIAL MARKETS
FINANCIAL REGULATION
FINANCIAL SAFETY NETS
FINANCIAL STABILITY
FINANCIAL SYSTEM
FINANCIAL SYSTEMS
FOREIGN EXCHANGE
FOREIGN EXCHANGE RISK
FOREIGN MARKETS
FORMS OF DEBT
FUND MANAGERS
GLOBAL MARKETS
GLOBALIZATION
HEDGE FUND
HEDGE FUND MANAGERS
HEDGE FUNDS
HOLDINGS
HOME LOAN
HOME OWNERSHIP
HOST COUNTRIES
HOUSING
HOUSING PRICES
ILLIQUIDITY
IMPLICIT SUBSIDIES
INDIVIDUAL BOND
INDIVIDUAL LOANS
INFLATION
INFORMATION SYSTEM
INFORMATION SYSTEMS
INSURANCE
INSURANCE COMPANIES
INSURANCE COMPANY
INTANGIBLE
INTEREST RATE
INTEREST RATES
INTEREST-RATE RISK
INTERNATIONAL BANK
INTERNATIONAL FINANCE
INVESTING
INVESTMENT BANK
INVESTMENT BANKING
INVESTMENT BANKS
INVESTMENT STRATEGY
INVESTMENT VEHICLE
INVESTOR LOSS
INVESTOR RETURNS
ISSUANCE
LENDER
LENDERS
LINES OF CREDIT
LIQUIDITY
LIQUIDITY CRISIS
LIQUIDITY PROBLEM
LIQUIDITY RISK
LOAN APPLICATIONS
LOAN MARKETS
LOAN OFFICERS
LOAN PORTFOLIO
LOAN QUALITY
LONG-TERM INTEREST
LOSS OF CONFIDENCE
MARK-TO-MARKET
MARK-TO-MARKET ACCOUNTING
MARKET DISCIPLINE
MARKET FOR CREDIT
MARKET INTEREST RATES
MARKET LIQUIDITY
MARKET OVERSIGHT
MARKET PARTICIPANTS
MARKET PRACTICES
MARKET RISK
MARKET RISKS
MARKET STRUCTURE
MARKET VALUES
MATURITIES
MATURITY
MATURITY TRANSFORMATION
MINIMUM CAPITAL REQUIREMENTS
MONETARY POLICY
MORTGAGE
MORTGAGES
MUNICIPALITIES
NEW ENTRANTS
OIL PRICES
OLIGOPOLISTIC MARKET
OUTPUT LOSS
PENSION
PENSION FUNDS
PORTFOLIO
PORTFOLIOS
PRIVATE PARTIES
PROBABILITY OF DEFAULT
PRUDENTIAL REGULATION
PRUDENTIAL SUPERVISION
REGULATORY FORBEARANCE
REGULATORY STANDARDS
REGULATORY SYSTEMS
RESERVES
RETURN
RISK CONTROLS
RISK EXPOSURE
RISK EXPOSURES
RISK MANAGEMENT
RISK PREMIUMS
RISKY LOANS
SAFETY NET
SAFETY NETS
SECURITIES
SHAREHOLDER
SHAREHOLDER EQUITY
SHAREHOLDERS
SHORT-TERM DEBT
SIMPLE BOND
STOCK OPTIONS
STUDENT LOANS
SUBORDINATED DEBT
SUPERVISORY AUTHORITIES
SUPERVISORY AUTHORITY
TAX
TRADING
TRANCHE
TRANCHES
TRANSACTION
TRANSACTION COSTS
TRANSFER RISK
TRANSPARENCY
UNDERLYING ASSET
UNDERLYING ASSETS
UNDERLYING MORTGAGES
VALUATION
VALUATIONS
WAREHOUSE
WRITEDOWNS
author Caprio, Gerard, Jr.
Demirgüç-Kunt, Aslı
Kane, Edward J.
author_facet Caprio, Gerard, Jr.
Demirgüç-Kunt, Aslı
Kane, Edward J.
author_sort Caprio, Gerard, Jr.
title The 2007 Meltdown in Structured Securitization : Searching for Lessons, Not Scapegoats
title_short The 2007 Meltdown in Structured Securitization : Searching for Lessons, Not Scapegoats
title_full The 2007 Meltdown in Structured Securitization : Searching for Lessons, Not Scapegoats
title_fullStr The 2007 Meltdown in Structured Securitization : Searching for Lessons, Not Scapegoats
title_full_unstemmed The 2007 Meltdown in Structured Securitization : Searching for Lessons, Not Scapegoats
title_sort 2007 meltdown in structured securitization : searching for lessons, not scapegoats
publisher Washington, DC: World Bank
publishDate 2008-10
url http://documents.worldbank.org/curated/en/2008/11/10053071/2007-meltdown-structured-securitization-searching-lessons-not-scapegoats
https://hdl.handle.net/10986/6309
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spelling dig-okr-1098663092024-08-08T16:32:55Z The 2007 Meltdown in Structured Securitization : Searching for Lessons, Not Scapegoats Caprio, Gerard, Jr. Demirgüç-Kunt, Aslı Kane, Edward J. ACCOUNTABILITY ACCOUNTING PRINCIPLES AFFILIATES AMOUNT OF CAPITAL ARBITRAGE ASSET HOLDINGS ASSET POOL ASSET PRICES ASSET QUALITY ASSET SALES ASSET VALUES ASYMMETRIC INFORMATION AUDITING BAILOUTS BALANCE SHEET BALANCE SHEETS BANK LOANS BANK REGULATION BANK REGULATIONS BANKING CRISES BANKING CRISIS BANKING INDUSTRY BANKING SYSTEM BARRIERS TO ENTRY BID BOND ISSUE BOND ISSUES BONDS BOOK VALUE BORROWER BUSINESS CYCLE CAPITAL ADEQUACY CAPITAL REGULATION CAPITAL REQUIREMENTS CAPITAL SHORTAGE CASH FLOWS CDS CENTRAL BANK CENTRAL BANKS COLLATERAL COMMERCIAL BANKS COMMERCIAL PAPER CONFLICT OF INTEREST CONFLICTS OF INTEREST CORPORATE BONDS CORPORATE DEFAULT CORPORATE GOVERNANCE CORPORATE STOCK CREDIBILITY CREDIT DEFAULT CREDIT DEFAULT SWAPS CREDIT ENHANCEMENTS CREDIT LINES CREDIT QUALITY CREDIT RATING CREDIT RATINGS CREDIT RISK CREDIT RISKS CREDIT SPREAD CREDIT SPREADS CREDIT STANDING CREDIT SYSTEMS CREDITORS CREDITWORTHINESS DEBT DEBT CRISIS DEBT OBLIGATION DEBTS DEFAULT PROBABILITIES DEFAULT RATE DEFAULT RATES DEFAULTS DEPOSIT DEPOSIT INSURANCE DEPOSIT INTEREST DEPOSITORS DEPOSITORY INSTITUTION DEPOSITS DERIVATIVE DERIVATIVE INSTRUMENTS DERIVATIVES DEVELOPING COUNTRIES DISBURSEMENT DUE DILIGENCE EARNING POWER ENFORCEMENT SYSTEMS EQUITY CAPITAL EQUITY VALUE EXCHANGE COMMISSION EXTERNAL CREDIT RATINGS FACE VALUE FEDERAL NATIONAL MORTGAGE ASSOCIATION FEDERAL RESERVE FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL FRAGILITY FINANCIAL HISTORY FINANCIAL INSTABILITY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL SAFETY NETS FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FOREIGN EXCHANGE FOREIGN EXCHANGE RISK FOREIGN MARKETS FORMS OF DEBT FUND MANAGERS GLOBAL MARKETS GLOBALIZATION HEDGE FUND HEDGE FUND MANAGERS HEDGE FUNDS HOLDINGS HOME LOAN HOME OWNERSHIP HOST COUNTRIES HOUSING HOUSING PRICES ILLIQUIDITY IMPLICIT SUBSIDIES INDIVIDUAL BOND INDIVIDUAL LOANS INFLATION INFORMATION SYSTEM INFORMATION SYSTEMS INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTANGIBLE INTEREST RATE INTEREST RATES INTEREST-RATE RISK INTERNATIONAL BANK INTERNATIONAL FINANCE INVESTING INVESTMENT BANK INVESTMENT BANKING INVESTMENT BANKS INVESTMENT STRATEGY INVESTMENT VEHICLE INVESTOR LOSS INVESTOR RETURNS ISSUANCE LENDER LENDERS LINES OF CREDIT LIQUIDITY LIQUIDITY CRISIS LIQUIDITY PROBLEM LIQUIDITY RISK LOAN APPLICATIONS LOAN MARKETS LOAN OFFICERS LOAN PORTFOLIO LOAN QUALITY LONG-TERM INTEREST LOSS OF CONFIDENCE MARK-TO-MARKET MARK-TO-MARKET ACCOUNTING MARKET DISCIPLINE MARKET FOR CREDIT MARKET INTEREST RATES MARKET LIQUIDITY MARKET OVERSIGHT MARKET PARTICIPANTS MARKET PRACTICES MARKET RISK MARKET RISKS MARKET STRUCTURE MARKET VALUES MATURITIES MATURITY MATURITY TRANSFORMATION MINIMUM CAPITAL REQUIREMENTS MONETARY POLICY MORTGAGE MORTGAGES MUNICIPALITIES NEW ENTRANTS OIL PRICES OLIGOPOLISTIC MARKET OUTPUT LOSS PENSION PENSION FUNDS PORTFOLIO PORTFOLIOS PRIVATE PARTIES PROBABILITY OF DEFAULT PRUDENTIAL REGULATION PRUDENTIAL SUPERVISION REGULATORY FORBEARANCE REGULATORY STANDARDS REGULATORY SYSTEMS RESERVES RETURN RISK CONTROLS RISK EXPOSURE RISK EXPOSURES RISK MANAGEMENT RISK PREMIUMS RISKY LOANS SAFETY NET SAFETY NETS SECURITIES SHAREHOLDER SHAREHOLDER EQUITY SHAREHOLDERS SHORT-TERM DEBT SIMPLE BOND STOCK OPTIONS STUDENT LOANS SUBORDINATED DEBT SUPERVISORY AUTHORITIES SUPERVISORY AUTHORITY TAX TRADING TRANCHE TRANCHES TRANSACTION TRANSACTION COSTS TRANSFER RISK TRANSPARENCY UNDERLYING ASSET UNDERLYING ASSETS UNDERLYING MORTGAGES VALUATION VALUATIONS WAREHOUSE WRITEDOWNS The intensity of recent turbulence in financial markets has surprised nearly everyone. This paper searches out the root causes of the crisis, distinguishing them from scapegoating explanations that have been used in policy circles to divert attention from the underlying breakdown of incentives. Incentive conflicts explain how securitization went wrong, why credit ratings proved so inaccurate, and why it is superficial to blame the crisis on mark-to-market accounting, an unexpected loss of liquidity, or trends in globalization and deregulation in financial markets. The analysis finds disturbing implications of the crisis for Basel II and its implementation. The paper argues that the principal source of financial instability lies in contradictory political and bureaucratic incentives that undermine the effectiveness of financial regulation and supervision in every country in the world. The paper concludes by identifying reforms that would improve incentives by increasing transparency and accountability in government and industry alike. 2012-05-22T17:06:11Z 2012-05-22T17:06:11Z 2008-10 http://documents.worldbank.org/curated/en/2008/11/10053071/2007-meltdown-structured-securitization-searching-lessons-not-scapegoats https://hdl.handle.net/10986/6309 English Policy Research Working Paper; No. 4756 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank application/pdf text/plain Washington, DC: World Bank