IDEAS home Printed from https://ideas.repec.org/a/ekz/ekonoz/2007306.html
   My bibliography  Save this article

Las transformaciones recientes del sistema financiero estadounidense y la crisis de las hipotecas de alto riesgo «subprime»

Author

Listed:
  • Jan Kregel

    (Senior Scholar, Levy Economics Institute of Bard College and Distinguished Research Professor, Center for Full Employment and Price Stability, Kansas City)

Abstract

Financial markets in United States have recently suffered from a housing loan crisis that has threatened the solvency of some of the major financial entities in the world. Banking capital losses are huge and a lot of banking institutions specialized in mortgages have become bankrupt or have been sold. More and more families are unable to face up to their mortgage repayments and, as a consequence, mortgagee sales have increased notably. How is it possible that this market, after 25 years of experience and stability in housing financing by secured mortgages, has brought the world financial system to the edge of collapse? A part of the answer can be found in the creation of mortgage securities and in the Financial Modernization Act in 1999, which deregulated the market, removed the segmentation of the U.S. financial system of commercial and investing banks, and enabled the creation of financial and banking holdings to work in nearly any business.

Suggested Citation

  • Jan Kregel, 2007. "Las transformaciones recientes del sistema financiero estadounidense y la crisis de las hipotecas de alto riesgo «subprime»," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 66(03), pages 126-143.
    • Handle: RePEc:ekz:ekonoz:2007306
    as

    Download full text from publisher

    File URL: http://www.ogasun.ejgv.euskadi.net/r51-k86aekon/es/k86aEkonomiazWar/ekonomiaz/downloadPDF?R01HNoPortal=true&idpubl=61®istro=874
    File Function: complete text
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Morales-Lazcano, Juan Antonio & Velazquez-Valadez, Guillermo, 2012. "La crisis financiera y sus repercusiones en la dinámica económica global," eseconomía, Escuela Superior de Economía, Instituto Politécnico Nacional, vol. 0(36), pages 73-102, cuarto tr.

    More about this item

    Keywords

    Securitization; pass-through; subprime loan; Structured Investment Vehicle; Collateralized Mortgages Obligation; financial holding.;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ekz:ekonoz:2007306. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Iñaki Treviño (email available below). General contact details of provider: https://edirc.repec.org/data/debages.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.