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Egy különleges eseménysorozat elemzése - a másodrendű jelzáloghitel-piaci válság és (hazai) következményei
[Analysis of a special sequence of events - the crisis on the secondary mortgage market and its consequences (also for Hungary)]

Author

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  • Király, Júlia
  • Nagy, Márton
  • Szabó E., Viktor

Abstract

2007 nyarán az Egyesült Államok másodrendű jelzáloghitel-piacáról kiinduló válság előzményeit, kiváltó okait és terjedési mechanizmusát tekintjük át. Célunk elsősorban a különböző elemzésekben és statisztikákban szereplő tények, összefüggések egységes és egyben újszerű keretben történő tárgyalása, az \"epicentrum\" és a \"periféria\" fertőződésének elkülönítése, a hatásmechanizmusok megértése. Megállapítjuk, hogy a válság kirobbanásához főként a tartósan alacsony globális kamatkörnyezet és a globalizáció miatt kialakuló világméretű pénzügyi egyensúlytalanságok vezettek. A válság jelentős méretét a gyors lakásár-infláció és a pénzügyi eszközök áremelkedésének a másodrendű jelzáloghitelek értékpapírosítása (a keletkeztető és szétosztó modell) miatti összekapcsolódása, valamint a buborékok kipukkanása okozta. A válság terjedése pedig a jelentős pénzügyi integráció következménye. Tanulmányunk egyik újítása a pénzügyi integráción belül a fertőzési csatorna részletes bemutatása: az epicentrumban meghatározó szerepet játszott a bizalmi válság és a bankközi piacok turbulenciája, míg a periférián a belső sérülékenység és a kockázati felárak növekedése, valamint a finanszírozási lehetőségek beszűkülése. Journal of Economic Literature (JEL) kód: G20, G30.

Suggested Citation

  • Király, Júlia & Nagy, Márton & Szabó E., Viktor, 2008. "Egy különleges eseménysorozat elemzése - a másodrendű jelzáloghitel-piaci válság és (hazai) következményei [Analysis of a special sequence of events - the crisis on the secondary mortgage market an," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 573-621.
    • Handle: RePEc:ksa:szemle:1033
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    Cited by:

    1. Tobias Adrian & Adam B. Ashcraft & Hayley Boesky & Zoltan Pozsar, 2013. "Shadow banking," Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 1-16.
      • Tobias Adrian & Adam B. Ashcraft & Hayley Boesky & Zoltan Pozsar, 2010. "Shadow banking," Staff Reports 458, Federal Reserve Bank of New York.
    2. Benczes, István, 2018. "Az euróövezet válságrendezése a liberális kormányköziség elméletének értelmezésében [Crisis management in the Euro Zone from the perspective of liberal inter-governmentalism]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 923-948.
    3. József Móczár, 2010. "Anatomy and Lessons of the Global Financial Crisis," Public Finance Quarterly, State Audit Office of Hungary, vol. 55(4), pages 753-775.
    4. Muraközy, László, 2010. "Válságok állama - államok válsága [The state in crises-the crisis of states]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 779-797.
    5. Medvegyev, Péter & Gyarmati, Ákos, 2011. "Válság és hitelderivatívák. A szintetikus fedezett adósságkötelezettségek (CDO-k) árazása és kockázataik [Crisis and loan derivatives. The pricing and risks of synthetic collateralized debt obligat," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 949-969.
    6. Dancsik, Bálint, 2020. "Rendszerszintű kockázat rendszerszintű erkölcs nélkül. Kiegészítések a pénzügyi válságok etikai magyarázatához [Systemic risk without systemic ethics. Supplements to the ethical explanation of fina," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 225-243.
    7. Banai, Ádám, 2016. "A banki hitelezést meghatározó tényezők - középpontban a bankok helyzete és a makrokörnyezet [Drivers of bank lending in Hungary - the roles of bank-specific and macro factors]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 137-161.
    8. Kiss, Gábor Dávid & Kosztopulosz, Andreász, 2012. "The impact of the crisis on the monetary autonomy of Central and Eastern European countries," Public Finance Quarterly, Corvinus University of Budapest, vol. 57(1), pages 28-52.

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    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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