Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Sunday, April 11, 2010

Dam on International Perspectives on the Subprime Crisis

The Subprime Crisis and Financial Regulation: International and Comparative Perspectives, by Kenneth W. Dam, University of Chicago - Law School; Brookings Institution, was recently posted on SSRN.  Here is the abstract:

Most economic and legal discussion of the subprime mortgage loan crisis (and the follow-on financial crisis) focuses on the United States. However, many other countries participated in the subprime securitization aspect of the crisis, not just by buying U.S.-originated consumer mortgage-backed securities but also by using off-balance sheet entities in connection with such securities. The experiences of the United States and of Germany are examined in some detail. In the case of Germany the role of publicly owned banks, such as the Landesbanken, is discussed. With respect to the underlying economic and regulatory issues, European banks tended to use more leverage than U.S. banks and many European countries experienced housing price inflation, just as did the United States. The focus of this research is on the resulting regulatory issues and on various proposed reforms.

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