国际金融（原书第12版）教学课件作者大卫.艾特曼（DavidEiteman）阿瑟.斯通西M05_EITE1342_12E_IM_C05课件.pdfVIP

下载本文档

26
0
约3.49千字
约 2页
2017-03-03 发布于广东
举报
版权申诉

国际金融（原书第12版）教学课件作者大卫.艾特曼（DavidEiteman）阿瑟.斯通西M05_EITE1342_12E_IM_C05课件.pdf

1、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
4、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
5、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
6、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
7、VIP文档为合作方或网友上传，每下载1次，网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档

国际金融（原书第12版）教学课件作者大卫.艾特曼（DavidEiteman）阿瑟.斯通西M05_EITE1342_12E_IM_C05课件.pdf

Chapter 5 Current Multinational Financial Challenges: The Credit Crisis of 2007–2009 ? Questions 5-1. Three Forces. What were the three major forces behind the credit crisis of 2007 and 2008? Although there are a variety of differing opinions, many attribute the causes of the credit crisis to (1) the flow of capital into real estate investment in the post-dotcom era; (2) the deregulation of the U.S. commercial and investment banking systems, allowing commercial banks to become larger and larger participants in riskier business activities that had historically been off-limits to them; and (3) the expansion of sub-prime lending and securitization. 5-2. MBS. What is a mortgage-backed security (MBS)? A derivative security composed of a residential or commercial real estate mortgage. 5-3. SIV. What is a structured investment vehicle (SIV)? A structured investment vehicle (SIV) is an off-balance sheet entity first created by Citigroup in 1988. It was designed to allow a bank to create an investment entity that would invest in long-term and higher yielding assets such as speculative grade bonds, mortgage-backed securities (MBSs) and collateralized debt obligations (CDOs), while funding itself through commercial paper (CP) issuances. 5-4. CDO. What is a collateralized debt obligation (CDO)? A collateralized debt obligation (CDO) is a portfolio of debt instruments of varying credit qualities created and packaged for resale as an asset-backed security. The collateral in the CDO was the real estate or aircraft or heavy equipment or other property the loan was used to purchase. 5-5. CDS. What is a credit default swap (CDS)? A credit default swap (CDS) is a derivative contract that derives its value from the credit quality and performance of any specified asset. The CDS was invented by a team at JPMorgan in 1997 and designed to shift the risk of default to a third-party. It is a way to bet whether a specific mortgage or security will either fail to pay on time or fail to pay at