图 书 馆
讲座25 - 杠杆周期和次贷危机Lecture 25 - The Leverage Cycle and the Subprime Mortgage Crisis |
|
| 课程网址: | http://videolectures.net/yalemecon251f09_geanakoplos_lec25/ |
| 主讲教师: | John Geanakoplos |
| 开课单位: | 耶鲁大学 |
| 开课时间: | 2012-03-17 |
| 课程语种: | 英语 |
| 中文简介: |  |
| 课程简介: | Standard financial theory left us woefully unprepared for the financial crisis of 2007-09. Something is missing in the theory. In the majority of loans the borrower must agree on an interest rate and also on how much collateral he will put up to guarantee repayment. The standard theory presented in all the textbooks ignores collateral. The next two lectures introduce a theory of the Leverage Cycle, in which default and collateral are endogenously determined. The main implication of the theory is that when collateral requirements get looser and leverage increases, asset prices rise, but then when collateral requirements get tougher and leverage decreases, asset prices fall. This stands in stark contrast to the fundamental value theory of asset pricing we taught so far. We'll look at a number of facts about the subprime mortgage crisis, and see whether the new theory offers convincing explanations. |
| 关 键 词: | 商业; 金融理论; 杠杆周期 |
| 课程来源: | 视频讲座网 |
| 最后编审: | 2020-06-13：邬启凡(课程编辑志愿者) |
| 阅读次数: | 109 |