The Sub Prime Crisis : Implications for Emerging Markets

This paper discusses some of the key characteristics of the U.S. subprime mortgage boom and bust, contrasts them with characteristics of emerging mortgage markets, and makes recommendations for emerging market policy makers. The crisis has raised q...

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Bibliographic Details
Main Authors:	Gwinner, William B., Sanders, Anthony
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCOUNTING ACCOUNTING STANDARDS AMORTIZATION ASSET CLASS ASSET MANAGERS ASSET-BACKED SECURITIES ASSET-BACKED SECURITY ASYMMETRIC INFORMATION BALANCE SHEET BALANCE SHEETS BANK ACCOUNTS BANK BALANCE SHEETS BANK BRANCHES BANK DEBT BANK LENDER BANK LENDERS BANK LENDING BANKING SYSTEM BANKRUPTCY BANKRUPTCY COURT BASIS POINTS BIDS BOND BOND MARKET BONDS BORROWER BROKER BROKERS CAPITAL ALLOCATION CAPITAL MARKET CAPITAL REQUIREMENTS CASH FLOW COLLATERAL COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL CREDITS COMMERCIAL PAPER CONFORMING LOAN CONSUMER PROTECTION CREDIBILITY CREDIT DEFAULTS CREDIT ENHANCEMENTS CREDIT HISTORIES CREDIT MARKET CREDIT PERFORMANCE CREDIT PROGRAMS CREDIT QUALITY CREDIT RATING CREDIT RATING AGENCIES CREDIT RATING AGENCY CREDIT RECORDS CREDIT RISK CREDIT SCORING CREDIT SPREADS CREDITWORTHINESS DEBT DEBT BURDENS DEBT OBLIGATIONS DEBT RATIOS DEBT SERVICE DEFAULT PROBABILITY DEFAULT RATE DEFAULT RATES DEFAULTS DEPOSITORY INSTITUTIONS DEPOSITS DEVELOPING COUNTRIES DISCLOSURE REQUIREMENTS DOMESTIC FINANCIAL MARKETS DUE DILIGENCE EMERGING MARKET EMERGING MARKETS EQUITY CONTRIBUTION EXPENDITURES EXTERNAL DEBT FEDERAL RESERVE FEE INCOME FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL RISK FINANCIAL SHOCK FINANCIAL SHOCKS FINANCIAL SYSTEM FINANCIAL SYSTEMS FORECLOSURE FORECLOSURES FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN INVESTMENT FRAUD GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GOVERNMENT BONDS HEDGE FUNDS HOLDING HOLDINGS HOME LOAN HOME OWNERSHIP HOMEOWNERSHIP HOUSEHOLD INCOME HOUSING FINANCE INCOME LEVEL INCOME TAX INCOME TAXES INDEBTEDNESS INFLATION INSTITUTIONAL INVESTORS INSURANCE INSURANCE CORPORATION INSURANCE PREMIUM INSURANCE PREMIUMS INTEREST EXPENSE INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL CREDIT INTERNATIONAL INVESTORS INVESTMENT BANK INVESTMENT BANKS INVESTMENT FUND INVESTMENT FUNDS INVESTMENT OPPORTUNITY INVESTMENT VEHICLES ISSUANCE LENDER LENDERS LENDING DECISIONS LENDING LIMITS LIEN LIENS LINES OF CREDIT LIQUIDITY LLC LOAN LOAN AMOUNT LOAN AMOUNTS LOAN BALANCES LOAN MATURITIES LOAN PORTFOLIO LOAN PORTFOLIOS LOAN PRODUCTS LOAN QUALITY LOAN TERM LOAN TERMS LOCAL CURRENCY MACROECONOMIC CRISES MARKET BENCHMARK MARKET CONDITIONS MARKET CONFIDENCE MARKET DEVELOPMENTS MARKET DISCIPLINE MARKET PARTICIPANTS MARKET PRACTICES MARKET PRICES MARKET REFORMS MARKET SHARE MATURITY MICROFINANCE MONETARY CONTROL MORAL HAZARD MORTGAGE MORTGAGE FINANCE MORTGAGE INTEREST MORTGAGE INTEREST RATE MORTGAGE INTEREST RATES MORTGAGE LOAN MORTGAGE LOANS MORTGAGE MARKET MORTGAGE MARKETS MORTGAGE-BACKED SECURITIES MORTGAGES NATIONAL BANKS PAYMENT DEFAULT PAYMENT DEFAULTS PAYMENT OF PRINCIPAL PORTFOLIO PORTFOLIOS PREPAYMENT PREPAYMENT RATES PREPAYMENTS PRICE RISK PRIMARY MARKET PRIME LENDING RATES PRIVATE FINANCIAL INSTITUTIONS PRIVATE INVESTMENT PROBABILITY OF DEFAULT PROFIT MARGINS PRUDENTIAL REGULATION PRUDENTIAL SUPERVISION RATES OF INTEREST REAL ESTATE LENDING REGULATORY SCRUTINY REGULATORY SYSTEM REINVESTMENT RESERVE FUNDS RESERVES RESIDENTIAL MORTGAGE RETURN RETURNS RISK MANAGEMENT RISK OF DEFAULT RISKY BORROWERS RISKY COLLATERAL SAVINGS ACCOUNTS SECONDARY MARKET SECURITIES SETTLEMENT SHORT MATURITIES STATE BANK SUPPLY OF CREDIT TAX TAX BENEFITS TAX CREDIT TAX DEDUCTION TAX EXEMPTIONS TAX INCENTIVES TAX POLICIES TAX POLICY TAX TREATMENT TOTAL DEBT TRADING TRANCHES TRANSACTION TRANSITION COUNTRIES TRANSPARENCY TREASURY TREASURY BILL UNDERWRITER UNDERWRITERS VARIABLE RATE YIELD SPREAD
Online Access:	http://documents.worldbank.org/curated/en/2008/09/9877630/sub-prime-crisis-implications-emerging-markets http://hdl.handle.net/10986/6976