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dc.coverage.spatialMedellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degreeseng
dc.date.available2013-04-19T21:09:26Z
dc.date.issued2011-11-16
dc.identifier.urihttp://hdl.handle.net/10784/742
dc.descriptionThe crisis that broke out in mid-2007 was caused by the fact that the 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 caused 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.eng
dc.language.isoengeng
dc.publisherUniversidad EAFITspa
dc.subjectWealth concentrationspa
dc.subjectIncome inequalityspa
dc.subjectCDOsspa
dc.subjectSubprime crisisspa
dc.subjectBond yieldsspa
dc.titleThe contribution of wealth concentration to the subprime crisis: a quantitative estimation.eng
dc.typeinfo:eu-repo/semantics/workingPaper
dc.typeworkingPapereng
dc.rights.accessrightsinfo:eu-repo/semantics/openAccesseng
dc.publisher.departmentEscuela de Economía y Finanzasspa
dc.type.localDocumento de trabajo de investigaciónspa
dc.rights.localAcceso abiertospa
dc.date.accessioned2013-04-19T21:09:26Z
dc.type.hasVersiondrafteng
dc.identifier.jelD31; G01; G12
dc.contributor.authorGoda, Thomasspa
dc.contributor.authorLysandrou, Photisspa


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