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《Studies of International Finance》 2008-11
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Sub-prime Crisis:Cause,Impact and Implication for Supervision

Ge Qi  
US subprime crisis,resulted in current financial sector crisis,derived from the issue of subprime mortgage. The subprime market boomed with the contribution from US government,the Fed,investment banks,rating agencies and in- surance companies.Through the"Originate,rating and relocate"mechanism,the risk of subprime is diversified to world- wide investors.It is shown that financial sector regulator is one of them who are responsible for the crisis.The market homo- geneous behavior,which realized the systemic risks,is the result of traditional and out-of-dated regulation principles and New Basel Accord.New Basel Accord is also the reason for pro-cyclicality.Nevertheless,the limited regulation on financial insti- tutions with high leverage and mismatch in terms of funding,to some extent,worsen the crisis.
【CateGory Index】: F831
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