MARC Record from Library of Congress

LEADER: 02156nam a22003017a 4500
001 2008610823
003 DLC
005 20080813084443.0
007 cr |||||||||||
008 080709s2008 mau sb 000 0 eng
010 $a 2008610823
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aDooley, Michael P.
245 10 $aWill subprime be a twin crisis for the United States?$h[electronic resource] /$cMichael P. Dooley, David Folkerts-Landau, Peter M. Garber.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2008.
490 1 $aNBER working paper series ;$vworking paper 13978
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 7/9/2008.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"We identify incentives generated by the Bretton Woods II system that may have contributed to the sub-prime liquidity crisis now working its way through the international monetary system. We then evaluate the persistent conjecture that the liquidity crisis is or will become a balance of payments crisis for the United States. Given that it happens, the additional costs associated with a sudden stop of net capital flows to the United States could be quite substantial. But we observe that emerging market governments have continued to acquire US assets even as yields have fallen, and the incentives for continuing to do so remain strong. Moreover, the Bretton Woods II system, which has clearly been the most resilient of the forces driving current markets, continues to generate low real interest rates in industrial countries and growth in emerging markets that will help limit the damage from the liquidity crisis"--National Bureau of Economic Research web site.
700 1 $aFolkerts-Landau, D. F. I.$q(David Fokke Ihno),$d1949-
700 1 $aGarber, Peter M.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 13978.
856 40 $uhttp://papers.nber.org/papers/w13978