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|z 9781455201754
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|a 1018-5941
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|a Mendoza, Enrique.
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|a Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis /
|c Enrique Mendoza, Emine Boz.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2010.
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|a 1 online resource (62 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Uncertainty about the riskiness of new financial products was an important factor behind the U.S. credit crisis. We show that a boom-bust cycle in debt, asset prices and consumption characterizes the equilibrium dynamics of a model with a collateral constraint in which agents learn "by observation" the true riskiness of a new financial environment. Early realizations of states with high ability to leverage assets into debt turn agents optimistic about the persistence of a high-leverage regime. The model accounts for 69 percent of the household debt buildup and 53 percent of the rise in housing prices during 1997-2006, predicting a collapse in 2007.
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|a Mode of access: Internet
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|a Boz, Emine.
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|a IMF Working Papers; Working Paper ;
|v No. 2010/164
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2010/164/001.2010.issue-164-en.xml
|z IMF e-Library
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