Nishimura, Kiyohiko G. - In: Asian Economic Papers 9 (2010) 1, pp. 25-47
This paper first explains why the financial crisis of 2007-08 started in the United States, in particular, in the sub-prime mortgage market, a periphery of their financial markets. Agency problems in complex securitization and investors' "responsibility avoidance" behavior are argued to be key...