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The Journal of Structured Finance

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The Subprime Turmoil: What's Old, What's New, and What's Next

Charles W Calomiris
The Journal of Structured Finance Spring 2009, 15 (1) 6-52; DOI: https://doi.org/10.3905/JSF.2009.15.1.006
Charles W Calomiris
is the Henry Kaufman professor of financial institutions at Columbia Business School and a research associate of the National Bureau of Economic Research.
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  • For correspondence: cc374@columbia.edu
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Abstract

This article considers the origins of the subprime turmoil and the way the financial system has responded to it. It explains that there are both old and new components in both the origins and the propagation of the subprime shock. Old components include government financial subsidies for bearing risk, accommodative monetary policy, and adverse selection facilitated by asymmetric information. New components include the central role of agency problems in asset management, the ability of financial institutions to raise new capital from external sources, the activist role of the United States Treasury Department and Federal Reserve, and improvements in U.S. financial system diversification resulting from deregulation, consolidation, and globalization. In light of these old and new elements of the origins and propagation of the subprime turmoil, the article concludes by considering the near-term future of financial and macroeconomic performance, and the implications for monetary policy, regulatory policy, and the future of the structure of the financial services industry.

TOPICS: Legal and regulatory issues for structured finance, portfolio theory, portfolio construction

  • © 2009 Pageant Media Ltd
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Vol. 15, Issue 1
Spring 2009
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The Subprime Turmoil: What's Old, What's New, and What's Next
Charles W Calomiris
The Journal of Structured Finance Apr 2009, 15 (1) 6-52; DOI: 10.3905/JSF.2009.15.1.006

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The Subprime Turmoil: What's Old, What's New, and What's Next
Charles W Calomiris
The Journal of Structured Finance Apr 2009, 15 (1) 6-52; DOI: 10.3905/JSF.2009.15.1.006
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    • Abstract
    • WHAT'S OLD AND WHAT'S NEW ABOUT THE ORIGINS OF THE TURMOIL?
    • WHAT'S OLD AND WHAT'S NEW ABOUT THE PROPAGATION OF THE TURMOIL?
    • WHAT'S NEXT?
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