Examinando por Autor "Lysandrou, Photis"

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    Ítem
    The contribution of us bond demand to the us bond yield conundrum of 2004 to 2007: an empirical investigation
    (Universidad EAFIT, 2011-12-12) Goda, Thomas; Lysandrou, Photis; Stewart, Chris
    Although the federal funds rate started rising from mid-2004 US long term rates continued to fall. A likely contributory factor to this conundrum was the contemporaneous increase in US bond demand. Using ARDL-based models, which accommodate structural breaks, this paper estimates the impact of demand on US bond yields in the conundrum period. This impact is shown to have been everywhere significantly negative. The fact that our model fully explains the bond yield conundrum gives support to the hypothesis that the US CDO market was rapidly expanded before 2007 chiefly to absorb the overspill of global demand for safe assets
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    Ítem
    The contribution of wealth concentration to the subprime crisis: a quantitative estimation
    (Oxford University Press on behalf of the Cambridge Political Economy Society., 2014-03-03) Goda, Thomas; Lysandrou, Photis; Universidad EAFIT, Colombia; City University and School of Oriental and African Studies (SOAS), UK; Escuela de Economía y Finanzas; Economía; Estudios en Economía y Empresa
    The crisis that broke out in mid-2007 was caused by the fact that the collateralised debt obligation (CDO) market had grown to a size sufficient to wreak general havoc when it suddenly collapsed. Several authors have argued that economic inequality was important to the growth of this market. This paper attempts to strengthen this argument by concentrating attention on global wealth concentration. After summarising recent evidence on the negative impact of investor demand on US bond yields in the pre-crisis period, new evidence regarding the specific contribution of high-net-worth individuals to this negative impact is presented. The paper then goes on to show how, after having helped to cause a yield problem in the major US debt markets, high-net-worth individuals (via hedge funds) continued to be a major source of the pressure on US banks to resolve this yield problem through the mass production of CDOs.
  • No hay miniatura disponible
    Ítem
    The contribution of wealth concentration to the subprime crisis: a quantitative estimation.
    (Universidad EAFIT, 2011-11-16) Goda, Thomas; Lysandrou, Photis