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Manufacturing Tail Risk - A Perspective on the Financial Crisis of 2007-09 (Paperback)
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Manufacturing Tail Risk - A Perspective on the Financial Crisis of 2007-09 (Paperback)
Series: Foundations and Trends (R) in Finance
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There is virtually universal agreement that the fundamental cause
of the global economic and financial crisis of 2007-2009 was the
combination of a credit boom and a housing bubble, but it is much
less clear why this combination of events led to such a severe
financial crisis. Manufacturing Tail Risk: A Perspective on the
Financial Crisis of 2007-2009 argues that what made this economic
shock unique and led to such a severe financial crisis was the
behavior of many of the large, complex financial institutions
(LCFIs) that today dominate the financial industry. These LCFIs
ignored their own business model of securitization and chose not to
transfer credit risk to other investors. Instead, they employed
securitization to manufacture and retain tail risk that was
systemic in nature and inadequately capitalized. Manufacturing Tail
Risk: A Perspective on the Financial Crisis of 2007-2009 provides a
brief history of how the U.S. financial system evolved into its
current form. It presents the manner in which banks built tail
(systemic) risk exposures in large measure to get around capital
requirements, in contrast to their earlier business models, and it
explains how lax regulation contributed to these outcomes. It also
examines alternative explanations for the financial crisis. The
authors conclude that global imbalances and loose monetary policy
were relevant proximate contributors to the crisis by producing an
asset-price bubble in the United States that ultimately led to the
financial crisis. Manufacturing Tail Risk: A Perspective on the
Financial Crisis of 2007-2009 concludes with a discussion of
possible remedies to charge banks for manufacturing tail risks and
to contain such propensity in the first place. And while the focus
is on the United States, the authors review risk-taking and
realized losses by LCFIs in other parts of the world.
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