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The crisis of The Risky American Mortgage Credits(Subprime Crisis) - The International Financial Crisis Initiating Factor


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  1. Authors:
      • Anne-Mary Rotariu, Afiliation: Academy of Economic Studies

      • 183|186

  2. Keywords: subprime crisis, house prices, credit default swaps, domino effect

  3. Abstract:
    Financial crises have begun to be a part of our daily life. The financial crisis that the whole world is dealing with presently, initiated by the USA mortgage crisis, is merely a link from a long chain of crises: the Latin American debtors’ crisis (1982), the USA savings houses crisis (1986), the Japanese banks crisis (1992), the Mexican pesos crisis (1994), the Asian crisis (1997), the Argentinean crisis (2000), the technological field crisis (2000). All these crises appeared as a result of speculations without happy ending, following a lower supervising degree of the banks and a diminuation of the control regarding the capital being under circulation since the ’70s. The US Subprime Crisis began in 2007 as a result of important disruptions in the international credit and capital markets. Had market participants anticipated the increase in defaults on subprime mortgages originated in 2005 and 2006, the extent of these market disruptions would be different. If investors in mortgage-backed securities would have demanded higher returns, borrowers would not have found credit cheap and easy to get as it happened during the subprime boom of 2005-2006.

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