A Tale of Two Crises: The 2008 Mortgage Meltdown and the 2020 COVID-19 Crisis

IF 2.2 Q2 BUSINESS, FINANCE

Review of Asset Pricing Studies Pub Date : 2020-10-07 DOI:10.1093/rapstu/raaa019

Chester Spatt

引用次数: 27

Abstract

Abstract The causes and consequences of the 2008 mortgage meltdown and 2020 COVID-19 crisis are quite different: the 2008 mortgage meltdown reflected infection of the financial system due to excess leverage and poor-quality mortgage loans, and the recent crisis reflects a substantial global economic shock to contain the viral outbreak of the coronavirus. Yet the financial and medical systems share many elements, such as opacity and interconnectedness as well as adequate buffers and reserves. We examine these themes as well as asset pricing, moral hazard (though it was at the root of the crisis only in the Great Recession), the consequences for government as a systemic actor, economic concentration, and capital market regulation in the two crises. In both crises, interventions in financial markets and disruptions in the housing market played important, but differing, roles. The recent crisis elucidates open questions about the foundation of financial economics and risk sharing. (JEL G1, G2, G3, E4, E5, B2) Received: June 6, 2020; editorial decision: August 25, 2020; Editor: Jeffrey Pontiff.

查看原文本刊更多论文

两个危机的故事:2008年抵押贷款危机和2020年COVID-19危机

2008年的抵押贷款危机与2020年的新冠肺炎危机的起因和后果截然不同:2008年的抵押贷款危机反映了过度杠杆和不良抵押贷款对金融体系的感染，而最近的危机反映了遏制冠状病毒爆发的大规模全球经济冲击。然而，金融和医疗体系有许多共同之处，比如不透明和相互关联，以及充足的缓冲和储备。我们研究了这些主题，以及资产定价、道德风险(尽管它仅在大衰退中是危机的根源)、作为系统性参与者的政府的后果、经济集中度和两次危机中的资本市场监管。在这两次危机中，对金融市场的干预和对房地产市场的破坏都发挥了重要作用，但作用不同。最近的危机阐明了有关金融经济学和风险分担基础的悬而未决的问题。(JEL G1、G2、G3、E4、E5、B2)收稿日期:2020年6月6日;编辑决定:2020年8月25日;编辑:Jeffrey Pontiff。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Review of Asset Pricing Studies BUSINESS, FINANCE-

CiteScore

19.80

自引率

0.80%

发文量

期刊介绍： The Review of Asset Pricing Studies (RAPS) is a journal that aims to publish high-quality research in asset pricing. It evaluates papers based on their original contribution to the understanding of asset pricing. The topics covered in RAPS include theoretical and empirical models of asset prices and returns, empirical methodology, macro-finance, financial institutions and asset prices, information and liquidity in asset markets, behavioral investment studies, asset market structure and microstructure, risk analysis, hedge funds, mutual funds, alternative investments, and other related topics. Manuscripts submitted to RAPS must be exclusive to the journal and should not have been previously published. Starting in 2020, RAPS will publish three issues per year, owing to an increasing number of high-quality submissions. The journal is indexed in EconLit, Emerging Sources Citation IndexTM, RePEc (Research Papers in Economics), and Scopus.