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Chapter 5 Current Multinational Financial Challenges: The Credit Crisis of 2007-2009

The Seeds of Crisis: Sub-Prime Debt ,[object Object],[object Object],[object Object],5- 0

The Seeds of Crisis: Sub-Prime Debt (cont’d) ,[object Object],[object Object],[object Object],5- 0

Deregulation ,[object Object],[object Object],[object Object],5- 0

The Housing Sector and Mortgage Lending ,[object Object],[object Object],5- 0

Credit Quality ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],5- 0

Credit Quality ,[object Object],[object Object],5- 0

Credit Quality ,[object Object],[object Object],[object Object],5- 0

Asset Values ,[object Object],[object Object],[object Object],[object Object],[object Object],5- 0

The Transmission Mechanism: Securitization ,[object Object],[object Object],[object Object],5- 0

Exhibit 5.2 Household Debt as a Percentage of Disposable Income, 1990-2008 5- 0

The Transmission Mechanism: Securitization ,[object Object],[object Object],[object Object],[object Object],5- 0

Exhibit 5.3 Securitized Loans Outstanding (trillions of U.S. dollars) 5- 0

Structured Investment Vehicles begáIt]bkrN_EdlCarcnasm<½n§ ,[object Object],[object Object],[object Object],5- 0

Exhibit 5.4 Structured Investment Vehicles (SIVs) 5- 0

Collateralized Debt Obligations ,[object Object],[object Object],[object Object],[object Object],5- 0

Exhibit 5.5 The Collateralized Debt Obligation 5- 0

Credit Default Swaps ,[object Object],[object Object],[object Object],[object Object],[object Object],5- 0

Credit Default Swaps ,[object Object],[object Object],[object Object],[object Object],5- 0

Credit Default Swaps ,[object Object],[object Object],[object Object],5- 0

Credit Default Swaps ,[object Object],[object Object],5- 0

Credit Enhancement ,[object Object],[object Object],[object Object],[object Object],[object Object],5- 0

Subordination for Credit Enhancement in CDO Tranches ,[object Object],5- 0

The Crisis of 2007 and 2008 ,[object Object],[object Object],[object Object],[object Object],5- 0

The Crisis of 2007 and 2008 ,[object Object],[object Object],5- 0

The Crisis of 2007 and 2008 ,[object Object],[object Object],[object Object],5- 0

Global Contagion ,[object Object],[object Object],[object Object],[object Object],5- 0

Global Contagion ,[object Object],[object Object],[object Object],[object Object],[object Object],5- 0

Mark-to-Market Accounting emtUtKNnaKittMéltamTIpSar ,[object Object],[object Object],[object Object],[object Object],5- 0

What’s Wrong with LIBOR? ¬[eKx©I sMrab;FnaKar¦ ,[object Object],[object Object],[object Object],5- 0

LIBOR’s Role ,[object Object],[object Object],[object Object],5- 0

Exhibit 5.12 LIBOR and the Crisis in Lending 5- 0

LIBOR’s Role ,[object Object],[object Object],[object Object],[object Object],5- 0

Exhibit 5.13 The U.S. Dollar TED Spread (July 2008–January 2009) 5- 0

LIBOR’s Elements ,[object Object],[object Object],[object Object],[object Object],5- 0

LIBOR’s Elements ,[object Object],[object Object],[object Object],[object Object],[object Object],5- 0

The Remedy: karBüa)al Prescriptions for an Infected Global Financial Organism ¬mUlFnniym¦ ,[object Object],[object Object],5- 0

The Remedy: Prescriptions for an Infected Global Financial Organism ,[object Object],[object Object],[object Object],[object Object],[object Object],5- 0

The Remedy: Prescriptions for an Infected Global Financial Organism ,[object Object],[object Object],[object Object],[object Object],5- 0

Mini-Case: Letting Go of Lehman Brothers ,[object Object],[object Object],[object Object],5- 0

Additional Chapter Exhibits Chapter 5

Exhibit 5.1 U.S. Financial Assets as a Percent of GDP 5- [Insert Exhibit 5.1]

Exhibit 5.6 Global CDO Issuance, 2004–2008 (billions of U.S. dollars) 5- [Insert Exhibit 5.6]

Exhibit 5.7 Cash Flows under a Credit Default Swap 5-

Exhibit 5.8 Credit Default Swap Market Growth 5-

Exhibit 5.10 USD & JPY LIBOR Rates (September—October 2008) 5-

Exhibit 5.11 Selected Stock Markets during the Crisis 5-

Exhibit 5.14 Three-Month Money Market and Credit Spreads (Bank for International Settlements) in Basis Points 5-

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