Abstract

http://ssrn.com/abstract=1464891
 
 

References (35)



 
 

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The Financial Crisis of 2008 in Fixed Income Markets


Gerald P. Dwyer


Clemson University; University of Carlos III; Australian National University (ANU) - Centre for Applied Macroeconomic Analysis (CAMA)

Paula A. Tkac


Federal Reserve Banks - Federal Reserve Bank of Atlanta

August 1, 2009

Journal of International Money and Finance, Forthcoming
Federal Reserve Bank of Atlanta Working Paper Series No. 2009-20

Abstract:     
We explore how a relatively small amount of heterogeneous securities created turmoil in financial markets in much of the world in 2007 and 2008. The drivers of the financial turmoil and the financial crisis of 2008 were heterogeneous securities that were hard to value. These securities created concerns about counterparty risk and ultimately created substantial uncertainty. The problems spread in ways that were hard to see in advance. The run on prime money market funds in September 2008 and the effects on commercial paper were an important aspect of the crisis itself and are discussed in some detail.

Number of Pages in PDF File: 52

Keywords: financial crisis, contagion, collateralized debt obligations, ABX, money market funds

JEL Classification: G01, G21, G23, G28

Accepted Paper Series


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Date posted: August 31, 2009 ; Last revised: July 5, 2014

Suggested Citation

Dwyer, Gerald P. and Tkac, Paula A., The Financial Crisis of 2008 in Fixed Income Markets (August 1, 2009). Journal of International Money and Finance, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1464891

Contact Information

Gerald P. Dwyer (Contact Author)
Clemson University ( email )
Clemson, SC 29634
United States
University of Carlos III ( email )
Calle Madrid 126
Getafe, Madrid, Madrid 28903
Spain
Australian National University (ANU) - Centre for Applied Macroeconomic Analysis (CAMA) ( email )
ANU College of Business and Economics
Canberra, Australian Capital Territory 0200
Australia
Paula A. Tkac
Federal Reserve Banks - Federal Reserve Bank of Atlanta ( email )
1000 Peachtree Street, NE
Atlanta, GA 30309-4470
United States
404-498-8813 (Phone)
404-498-8810 (Fax)
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