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dc.date2014-03-03
dc.date.available2015-11-06T16:24:59Z
dc.date.issued2014-03-03
dc.identifier.issn0309-166X
dc.identifier.urihttp://hdl.handle.net/10784/7523
dc.description.abstractThe 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.eng
dc.language.isoengeng
dc.publisherOxford University Press on behalf of the Cambridge Political Economy Society.eng
dc.relation.ispartofCambridge Journal of Economics. Vol.38(2), 2014, pp.157-182spa
dc.relation.isversionofhttp://cje.oxfordjournals.org/content/early/2013/12/03/cje.bet061.short
dc.relation.urihttp://cje.oxfordjournals.org/content/early/2013/12/03/cje.bet061.short
dc.rightsrestrictedAccesseng
dc.rights© The Author 2013. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.spa
dc.sourceCambridge Journal of Economics. Vol.38(2), 2014, pp.157-182spa
dc.titleThe contribution of wealth concentration to the subprime crisis: a quantitative estimationeng
dc.typearticleeng
dc.typeinfo:eu-repo/semantics/articleeng
dc.typeinfo:eu-repo/semantics/publishedVersioneng
dc.rights.accessrightsinfo:eu-repo/semantics/restrictedAccesseng
dc.type.localArtículospa
dc.subject.keywordWealth concentrationeng
dc.subject.keywordIncome inequalityeng
dc.subject.keywordCDOseng
dc.subject.keywordSubprime crisiseng
dc.subject.keywordBond yieldseng
dc.rights.localAcceso restringidospa
dc.date.accessioned2015-11-06T16:24:59Z
dc.type.hasVersionObra publicadaspa
dc.type.hasVersionpublishedVersioneng
dc.contributor.departmentEscuela de Economía y Finanzasspa
dc.contributor.departmentEconomíaspa
dc.contributor.authorGoda, Thomasspa
dc.contributor.authorLysandrou, Photisspa
dc.citation.journalTitleCambridge Journal of Economicseng
dc.citation.volume38
dc.citation.issue2
dc.citation.spage157
dc.citation.epage182
dc.identifier.doi10.1093/cje/bet061
dc.contributor.affiliationUniversidad EAFIT, Colombiaspa
dc.contributor.affiliationCity University and School of Oriental and African Studies (SOAS), UKspa
dc.contributor.programEstudios en Economía y Empresaspa


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