Political Economy of Money and Finance

Political Economy of Money and Finance  1750 Words

The Question:

What is securitisation, and what role did it play in the financial crisis of 2007-08?

 

Use the following readings and References  

The rise of securitisation

* Montgomery, J. (2010) ‘Neoliberalism and the making of subprime borrowers’, in Konings, M. (ed.), The Great Credit Crash (London: Verso), pp. 103-18.

* Levinson, M. (2005) ‘Securitisation’, from Guide to Financial Markets, Profile Books, pp. 94-114. Lee, M. (2007) ‘Subprime mortgages: a primer’, National Public Radio. Available here: http://www.npr.org/templates/story/story.php?storyId=9085408

McKenzie, D. (2009) ‘All those arrows’, London Review of Books, 25 June. Available here: http://www.lrb.co.uk/v31/n12/donald-mackenzie/all-those-arrows

DiMartino, D., and Duca, J. V. (2007) ‘The rise and fall of subprime mortgages’, Federal Reserve Bank of Dallas Economic Letter, (2:11), pp. 1-8. Available here: https://www.dallasfed.org/assets/documents/research/eclett/2007/el0711.pdf

Jobst, A. (2008) ‘What is securitisation?’, Finance & Development, (45: 3). Available here: http://www.imf.org/external/pubs/ft/fandd/2008/09/basics.htm

Rosen, R. J. (2007) ‘The role of securitisation in mortgage lending’, Chicago Fed Letter, (244), November. Available here: http://www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2007/cflnovember20 07_244.pdf

Debelle, G. (2009) ‘Whither securitisation?’, Reserve Bank of Australia Bulletin, December, pp. 43-53. Available here: http://www.rba.gov.au/speeches/2009/sp-ag-181109.html

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