1703431020
1703431021
[11]这是《经济学人》文章所给的标题,该文介绍了我们2008年2月研究的内容。参见the Economist,“Chain of Fools,” February 7,2008。
1703431022
1703431023
[12]Benjamin Keys,T.Mukherjee,Amit Seru,and Vikrant Vig,“Did Securitization Lead to Lax Screening?
:Evidence from Subprime Loans,” Quarterly Journal of Economics 125 (2010)
:307-62.
1703431024
1703431025
[13]Christopher Mayer,Karen Pence,and Shane Sherlund,“The Rise in Mortgage Defaults,” Journal of Political Economy 23 (2009)
:27-50。本文提供了进一步支持,他们“发现承销情况从几个方面开始恶化:在给借款人发放的贷款中,贷款首付非常少,收入或资产证明很少甚或完全没有。
1703431026
1703431027
[14]Tomasz Piskorski,Amit Seru,and James Witkin,“Asset Quality Misrepresentation by Financial Intermediaries
:Evidence from RMBS Market” (working paper,Columbia Business School,Columbia University,February 12,2013).
1703431028
1703431029
[15]Adam Ashcraft ,Paul GoldsmithPinkham,and James Vickery,“MBS Ratings and the Mortgage Credit Boom,” Federal Reserve Bank of New York Staff Report #449,May 2010.
1703431030
1703431031
[16]Piskorski,Seru,and Witkin,“Asset Quality Misrepresentation.”
1703431032
1703431033
[17]Yuliya Demyanyk and Otto Van Hemert,“Understanding the Subprime Mortgage Crisis,” Review of Financial Studies 24 (2011)
:1848-80.
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1703431035
[18]这个估计数是基于ABX指数,它跟踪MBS的价值,这些住房抵押贷款是2007年发放的。
1703431036
1703431037
第8章
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1703431039
[1]Daniel Altman,“Charles P.Kindleberger,92,Global Economist,Is Dead,” New York Times,July 9,2003.
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1703431041
[2]Robert Solow,foreword to Manias,Panics,and Crashes
:A History of Financial Crises,5th ed.,by Charles Kindleberger and Robert Aliber (Hoboken,NJ
:John Wiley & Sons,2005).
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1703431043
[3]Vernon Smith,Gerry Suchanek,and Arlington Williams,“Bubbles,Crashes and Endogenous Expectations in Experimental Spot Asset Markets,” Econometrica 56(1988)
:1119-51.
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1703431045
[4]Robert Shiller,“Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?” American Economic Review 71 (1981)
:421-36.
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1703431047
[5]Jeffrey Pontiff ,“Excess Volatility and ClosedEnd Funds,” American Economic Review 87 (1997)
:155-69.
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1703431049
[6]David Porter and Vernon Smith,“Stock Market Bubbles in the Laboratory,”Journal of Behavioral Finance 4 (2003)
:7-20.
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1703431051
[7]参见下列研究的模型,它们描述了这一逻辑:Michael Harrison and David Kreps,“Speculative Investor Behavior in a Stock Market with Heterogeneous Expectations,” Quarterly Journal of Economics 92 (1978)
:323-36; Jose Scheinkman and Wei Xiong,“Overconfidence and Speculative Bubbles,” Journal of Political Economy 111 (2003)
:1183-219; and Dilip Abreu and Markus Brunnermeier,“Bubbles and Crashes,” Econometrica 71 (2003)
:173-204。
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1703431053
[8]下面的讨论主要受到以下文章的启发:John Geanakoplos,“The Leverage Cycle,” in NBER Macroeconomic Annual 2009,vol.24,ed.Daron Acemoglu,Kenneth Rogoff,and Michael Woodford (Chicago
:University of Chicago Press,2010),1-65。
1703431054
1703431055
[9]可以通过以下公式确认:100 × $125,000 = $12.5百万。
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1703431057
[10]See,for example, Edward Glaeser,Joshua Gottlieb,and Joseph Gyourko,“Can Cheap Credit Explain the Housing Boom?” (working paper no.16230,NBER,July 2010).
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1703431059
[11]Nicola Gennaioli,Andrei Shleifer,and Robert Vishny,“Neglected Risks,Financial Innovation,and Financial Fragility,” Journal of Financial Economics 104 (2012)
:452-68.
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1703431061
[12]Solow,foreword to Manias,Panics and Crashes.
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1703431063
[13]Jon Hilsenrath,“A 91YearOld Who Foresaw Selloff is ‘Dubious’ of StockMarket Rally,” Wall Street Journal,July 25,2002.
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1703431065
第9章
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1703431067
[1]Euronews,“Spain’s Unforgiving Eviction Law,” December 11,2012; Suzanne Daley,“In Spain,Homes Are Taken but Debt Stays,” New York Times,October 27,2010.
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1703431069
[2]Gabriele Steinhauser and Matthew Dalton,“Lingering Bad Debts Stifl e Europe Recovery,” Wall Street Journal,January 31,2013.
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