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1
Lenzer, James Hans. « Globalization of financial risk a case study of the US sub-prime mortgage crisis / ». Click to view the E-thesis via HKUTO, 2008. http://sunzi.lib.hku.hk/hkuto/record/B41548516.
Texte intégral
2
Chima, Onyebuchi Raphael. « The democratisation of finance ? : financial inclusion and subprime in the UK and US ». Thesis, Northumbria University, 2010. http://nrl.northumbria.ac.uk/648/.
Texte intégralRésumé :
Focusing on the United Kingdom (UK) and the United States of America (US) in the period since the mid-1990s, this thesis analyses the changes in retail financial markets and associated questions of financial democratisation, financial inclusion and exclusion. Specifically, it concentrates on the rise and crisis in the subprime sector of mortgages and consumer credit markets which targeted borrowers who had previously been excluded on a range of grounds. The analysis offered situates these changes and developments in the financialisation of economic life; processes understood as produced through three co-constitutive forces: financialised accumulation, financialised risk management, and financialised discipline. Together, the financialisation of accumulation, risk management and discipline are shown to have driven forward changes in retail finance in general and the rise of subprime in particular, apparently furthering financial inclusion and enabling homeownership. However, experiences of financial inclusion are shown to have been ambiguous, marked by increased levels of indebtedness and rates of interest higher than those prevailing in mainstream markets. Moreover, the forces of financialisation are also shown to have contained contradictions and tensions that were crucial to the crisis in the subprime sector. The crisis, then, is held to raise yet further analytical and policy questions about the problems and prospects of market-led financial inclusion. Ultimately, the thesis argues that unless policymakers support and re-start a closely regulated subprime sector, stark exclusion will characterise post-crisis financialised economic life in the UK and US.
3
Minář, Jan. « Effective US-Czech Stock Portfolio Allocation in Financial Institutions ». Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15634.
Texte intégral
4
Lenzer, James Hans. « Globalization of financial risk : a case studyof the US sub-prime mortgage crisis ». Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2008. http://hub.hku.hk/bib/B41548516.
Texte intégral
5
KUMAR, SATYAJIT. « Study of the US Subprime Mortgage Crisis ». Thesis, 2020. http://dspace.dtu.ac.in:8080/jspui/handle/repository/18002.
Texte intégralRésumé :
The US crisis related to the subprime mortgages had oscillated the pecuniary
system in the United States as well as various nations on the globe.
Consumer spending went down by the year 2007 and the number of
foreclosure of properties soared, the real estate market had been dwindling,
the share markets became bearish, and a lot of financial institutions
throughouttheworld suffered remarkably high deficitbecause ofthe crisis.
In 2006, afterthe United Statesmarketing rate for properties went high and
started their unexpected downfall later on, changing the terms of loan and
paying back the loans turned tougher. Since Adjustable Rate Mortgages
(ARM) began to alter at soared rates of interest leading to monthly
paymentsof the installments at abigger sum thanthe capability of the liable person
to repay, hence, flaw in mortgage debt soared. Mortgage Backed Securities
(MBS), the instrument, frequently owned by the financial organizations, could
not hold its sheen. Due to the increased mortgage flaws, international
investment bodies largely refrained from investing in MBSs and hence it
contributed toward paralyzing the financial developments intheNorth American
country (the United States) and a number of countries as well. The immediate
causeofthecrisis, according to many experts,wastheexplosion oftheasset
bubble which had soared in 2006 and became lean afterwards because of
soared rate of interest, that then became the reason of a remarkable
8
augmentation in the activities related to foreclosure.The US subprime mortgage crisis of 2007-08 was the reason of the economic slowdown as well as the recession in not only in the then safe considered investment destination,theUnitedStates but also almost on the entire globe. It was a crisis caused by a sudden and accidental increase in foreclosure of properties in early 2007. Because of the inadequate policies of the government in early 2000 related to monetary management, a housing bubble was created in which costs of properties were augmenting vastly. Thus the instant factor for the mortgage menace canbe attributed to theblasting of the assets bubble which had spiked in 2006. The interest rates on subprime lending augmented by end of the year 2006 as well as the prices of propertiesleaned which became a factor for anunexpected increase in foreclosure stir. Our dissertation contains the analysis which hintsthat even if the decrease in the US rate of interest could fascinate higher number of subprime customers yet is not a powerful cause to influence the worldwide slowdown,the crisis could had confined within the United States if portfolio managers had not bought the securities supported by mortgages. Hence, the headway towards securitization is believed to be a powerful reason of the worldwide slowdowns of financial activities.
6
WU, CHIN-KUANG, et 巫慶桄. « US Subprime Storm causes The Impact of Taiwan’s Economy ». Thesis, 2009. http://ndltd.ncl.edu.tw/handle/hdzc7e.
Texte intégralRésumé :
碩士銘傳大學
經濟學系碩士在職專班
97
The financial crisis for this time was originally involved in a single area and single product. However, with butterfly effect, it becomes a hurricane of financial markets that widely influences all over the world. Because of globalization, all countries have been suffering such severe attacks. Their central banks and financial institutions mostly invested in structured products of subprime mortgage, like Freddie Mac & Fannie Mae, total amount of the investment up to billions US dollars. The heavy impact is leading our global economy downwards gradually. I suppose that everyone should already know the reasons of forming subprime crisis, mainly from “Three plus One”. “Three” means ‘the decrease of Fed Fund rate’, ‘the downturn of housing price’, as well as ‘too little limit for borrowing money from banks’. “One” means that investment banks packaged home mortgage into high yield investment tools and new financial products being sold to worldwide. This article primarily discusses the reasons of Subprime storm and how much impact it will affect Taiwan’s economy.
7
Hsin, Lee, et 李辛. « The Relationship between Taiwan and US Government Bond Yield before and after the US Subprime Mortgage Crisis ». Thesis, 2009. http://ndltd.ncl.edu.tw/handle/54192071676027464956.
Texte intégralRésumé :
碩士淡江大學
財務金融學系碩士在職專班
97
This study examines the relationship of government bond yield between Taiwan and US using daily closing data over the period Apr. 2005 to Nov. 2008.We employed the threshold error-correction model (TECM) to investigate the asymmetric causal relationship between Taiwan and US bond market before and after the subprime mortgage crisis. The KSS nonlinear stationary test and NP, PP, KPSS conventional unit-root tests suggested that both data series are integrated of order one, i.e. I(1) series. The AIC rules suggested that the most preferable model for our adjustment mechanism is the M-TAR model before the subprime crisis and TAR model after the subprime crisis.Empirical results found the existence of threshold co-integration between Taiwan and US bond market before and after the subprime crisis.Our empirical results also showed that existence an unidirectional causality relationship running from US bond market to Taiwan bond market before the subprime crisis, and a bidirectional feedback causality relationship between US and Taiwan bond market after the subprime crisis.
8
Yazicioglu, Gorkem. « An analysis on US subprime mortgage crisis : expansion and the burst of bubble ». Master's thesis, 2010. http://www.nusl.cz/ntk/nusl-281983.
Texte intégralRésumé :
This thesis provides an analysis on the expansion and the burst phases of the 2007 subprime mortgage bubble, in two interrelated sections. The first part - called "Expansion of the bubble"-, analyzes the speculative investor behaviour of the US Real Estate Crisis and exhibits that before the crisis the asset prices such as Commercial Mortgage Backed Securities and Standard and Poor's 500 indexes showed statistical features which are not common among financial time series. Common stylized facts such volatility clustering and autocorrelation of absolute returns were tested for the years 1997-2010, using daily data on the index values. The results indicate that during bubble periods several of the stylized facts disappeared since investors did not respond as normal to the volatility events and price changes. Hence, I have suggested that irrational exuberance of investors during 2007 subprime mortgage crisis and other bubble periods can be detected by testing these stylized facts. In the second part,- called "The burst of Bubble" -, I showed that common macroeconomic risk factors can explain, to a very large extent, all types of mortgage's credit risk and I concluded that individual mortgages are possessing significant default correlation, especially subprime mortgage classes. Finally this thesis ends with...
9
Wu, Cai-Lun, et 吳采倫. « The Relevance of Taiwan and American Monetary Policy after the US Subprime Mortgage Crisis ». Thesis, 2017. http://ndltd.ncl.edu.tw/handle/k947qe.
Texte intégralRésumé :
碩士康寧大學
企業管理研究所
105
The United States and Taiwan are closely related both in economy and politics as being a major dependent partner of Taiwan's long-term trade. After the US subprime mortgage crisis in 2008 that triggered the global financial crisis, various countries adopt monetary policy in order to boost the sluggish economy atmosphere. As Taiwan is a small open economy, we often consult the developmental trends of those major dependent countries when formulating policies. From this viewpoint, this study explores the correlation between the monetary policies in Taiwan and the United States after the US subprime mortgage crisis by analyzing the documents. This study includes monetary policies and the associated macroeconomic variables. This study adopts the qualitative research method to analyze the documents about monetary policy in the past two countries, and summarize the developmental order and period of monetary policy. And the quantitative analysis of the representative of the overall economic variables of the factors, such as: GDP, GNP, CPI, unemployment rate, the above factors to explore the overall economic variables and the relationship between within their rates of exchanging and interest. This study adopts the documents from January 2007 to September 2016. The monetary policies in the two countries and the macroeconomic variables of the composition during this period are the basis of this study.
10
Lo, Cheng Fuh, et 羅丞復. « The Impact of US Subprime Mortgage Crisis on the Mainland China Real Estate Market ». Thesis, 2009. http://ndltd.ncl.edu.tw/handle/25337928587689522101.
Texte intégralRésumé :
碩士淡江大學
國際貿易學系國際企業學碩士在職專班
97
The present paper studies the American loan crisis to have the essential basic reason, summarizes this crisis thoroughly implication which brings to us, inquired into that the mainland real estate financial system''s internal market malfunction, summarizes the financial profession in the management and operation aspect obtained experience, all outlines have the very significant feasible significance to nowadays''s finance and the real estate steady management. The present paper goal begins from the real estate finance risk''s formation mechanism, obtains the real estate finance risk because of the theoretical analysis gradually to accumulate the process which erupts until the crisis, the revelation prevents the financial crisis in accordance to the measure lies in the guard. Continues the Chinese and foreign the comparison to carry on the analysis to the American loan crisis''s example is the foundation, the American real estate finance risk accumulates the process which and the reason gradually occurs until the crisis. The present paper research discusses from the loan crisis to the global economic with the caution which reveals to the mainland real estate financial system, has the anteroom real estate money market the present mainland real estate financial system and the American loan crisis to do compares, the guard financial crisis has its necessity, and this matter is approved. Continues to carry on the analysis judgment to the mainland overall real estate money market system, for present paper key point. Looking from the control real estate finance risk''s viewpoint, proposed that the guard financial crisis''s solution is, with analyzes the mainland real estate finance development the process and the present question and the development strategy. In what the mainland real estate finance organization system lacks unites organization of the management by supervision, but this organization should be has the overseas real estate financial system''s experience and understands the mainland real estate financial system characteristic organization. By provides the direct investment, the credit by the real estate financial organ to supplement that help and so on creditor''s rights circulation, introduce the specialized commercial character real estate finance organization, as well as encourages and permitted that the more financial organ participation real estate finance service, then forms the perfect real estate financial system gradually, All policies are do for discusses the mainland real estate finance after the American loan crisis the transformation subject.
11
Hwang, Dar-Yeh, et 黃達業. « The Impacts of US Subprime Mortgages Event on Taiwan’s Financial System and Regulatory Policy ». Thesis, 2008. http://ndltd.ncl.edu.tw/handle/79288072217562820071.
Texte intégralRésumé :
碩士國立臺灣大學
政治學研究所
97
In this thesis, the impacts of US subprime mortgages event and its regulatory forbearance policy on Taiwan’s financial system are examined. This thesis first investigates the causes and impacts of financial turmoil due to subprime mortgage event. Second, we explore the impacts of US subprime mortgages event on global financial system. This thesis will examine not only the impacts of the event on the infrastructure of global financial markets, but also the impacts of the event on risk management of global financial institutions. Finally, we explore the impacts of US subprime mortgages event on Taiwan’s regulatory policy. Due to the impacts, we discuss how to enhance Taiwan’s ratings agencies and the infrastructure of Taiwan’s financial markets. Also, we sum up how to strengthen risk management practices for Taiwan’s financial institutions. Besides, we also investigate how to enhance prudential regulatory policies for Taiwan’s financial system.
12
SUNG, SHI-YI, et 宋詩怡. « Analysis of the Impact of Subprime Mortgage Event on the US and Taiwan Stock Markets ». Thesis, 2008. http://ndltd.ncl.edu.tw/handle/19901682866114490465.
Texte intégralRésumé :
碩士國立臺北大學
統計學系
96
On the end of July, 2007, the subprime mortgage crisis was broke out in the U.S. The crisis quickly spread throughout the world and cause a tremendous impact to international financial market. At the same time, the Taiwan stock market was also affected by the subprime mortgage crisis and the market declined on the second half year of 2007. The purpose of this research is to discuss the volatility impulse responses of the returns of Taiwan Capitalization Weighted Stock Index and Dow Jones Industrial Index due to the subprime mortgage crisis. This study adopts the Conditional Moment Profiles (GRT) method, proposed by Gallant, Rossi, Tauchen (1993), and the Volatility Impulse Response Function (VIRF) method, proposed by Hanfer & Herwartz (2006), to evaluate the dynamic impact of shocks on volatility respectively. The effects of subprime mortgage crisis on the volatility of return of Taiwan Capitalization Weighted Stock Index and Dow Jones Industrial Index are analyzed. The dynamic relation of the return of these two indices is also discussed in this study.
13
Wang, Chih-Liang, et 王智樑. « US Subprime Mortgage Crisis and Excessive Credit Creation : the Policies of Federal Reserve Bureau（FED） ». Thesis, 2010. http://ndltd.ncl.edu.tw/handle/42934087876743355308.
Texte intégralRésumé :
碩士淡江大學
美洲研究所碩士班
98
At the beginning of 2007, the Subprime Mortgage Crisis broke out in the U.S. and spread across the global financial market at an amazing speed, and we know it still has the great influence on the world''s economy nowadays. The crisis stemmed from the subprime loan market. This paper aims to figure out that why the financial products triggered such a severe crisis. What is the fundamental reason for the crisis? What is the linkage between the Federal Reserve and the crisis. Firstly, this author reviewed the course of the Subprime Mortgage Crisis and analyzed it from the financial environment before it occurred, and explained some related incidents and timeframes. Finally author discussed the U.S. government''s policies. There are four major points in this paper：financial monetary speculation, mistaken Fed''s policies, incomplete financial regulations and inaccurate credit rating agencies and system. In conclusion, the author defined the reasons of the crisis based on the research framework and also hoped to prevent the financial crisis from happening again. The author recommends that the financial regulatory structure and the monetary authority in the U.S. be reformed. The author concluded that the optimal choice would be to grant more regulatory power and policy tools to the Fed, and thereby create sound financial environment. Furthermore, Fed’s ultimate mandate is to prevent financial crisis and to provide the macro-management support for the U.S. economy.
14
Chen, Hsiu-Chi, et 陳綉琪. « The Co-movement analysis of the Nasdaq and TEI before and after US Subprime mortgage crisis ». Thesis, 2010. http://ndltd.ncl.edu.tw/handle/49848901466936709538.
Texte intégralRésumé :
碩士銘傳大學
經濟學系碩士在職專班
98
The main purpose of this thesis is to analyze the degree of this influence and comovement effect of the American stock market on the Taiwan stock market. In consequence, the NASDAQ’s stock exchange and the Taiwan Electronic stock index data were used. To carry out this study, we use the Unit Root test (including the Augmented Dickey-Fuller (ADF) test and the Phillips-Perron (PP) test), the Johansen co-integration test, the Granger Causality test and, finally, the Copula correlation test. After running these tests, some results were expected. First, the unit root test showed that, for both sub-samples, the data has unit root. Concerning the Johansen test, again, in both sub-samples, it was found that there is a co-integration between NASDAQ stock exchange and Taiwan Electronic stock index. This result was verified when the Granger Causality was executed. Finally, the copula correlation test also showed that, after the U.S. subprime mortgage crisis, the correlation between the two stock markets was more important. This means that the co-movement was larger after the crisis.
15
Liu, Szuyun, et 劉思筠. « The Impact Of Subprime Crisis On The Dependence Between The US And The Asian Stock Markets ». Thesis, 2011. http://ndltd.ncl.edu.tw/handle/25086142854565265384.
Texte intégralRésumé :
碩士大葉大學
管理學院碩士在職專班
100
ABSTRACT The impact of globalization and liberalization caused flowing of capital to international stock markets which enhanced the international interaction. Bae, Karolyi and Stulz (2003) indicated that correlations between negative returns of international stock markets as risky infection. The US, as a leader of economic heart in the world occurred the subprime mortgage crisis in 2007, cost of USD 100 billion as according to the estimation of Bernanke. Thus, this study discussed the changes produced by the US subprime mortgage crisis to the major Asian stock markets. This article based on bounds Test proposed by Pesaran and Smith （2001） did not consider the stationary variables and samples. When the samples were divided into whole period, the preceding period, the middle period and the later period in the subprime crisis, it came out the six countries and the US had not any cointegration during the whole period. However, Taiwan and China had a one-way cointegration in the preceding period, while Taiwan and Hong Kong had two-way feedback relationship in the later period. According to Granger’s (1969) definition of Granger causality test, we found subprime mortgage crisis changed the long term relationship of US with Taiwan, China and Hong Kong. In the meantime, it also enhanced the short term relationship of US with South Korea and Japan, the mutual influences between Taiwan and the US were strengthened, Singapore and Hong Kong kept the same relationship before crisis, while China switched relationship to weakness. Therefore, this study inferred subprime mortgage crisis enhanced the dependence of US stock with Taiwan stock and stronger with Hong Kong stock, while Singapore kept original at short term. China became a very good country to distinguish the risk from investment. South Korea and Japan were deeply influenced by US stock in short term. It seemed to reveal US information was transmitted quicker than ever. Key Words : Subprime Mortgage Crisis, Bounds Test, Cointegration, Granger Causality Test
16
Chih-YingHsu et 許芷瑩. « The relationship between the China stock index, the Japanese stock index and US government bond yield before and after the US subprime mortgage crisis ». Thesis, 2014. http://ndltd.ncl.edu.tw/handle/p2z59j.
Texte intégralRésumé :
碩士國立成功大學
財務金融研究所碩士在職專班
102
This study examines the relationship between the long-term and short-term bond yield spreads in the United States and its two largest creditors - Chinese and Japanese stock index as the research target, and it investigates the impact of the correlation between Chinese and Japanese stock market, when the U.S. bond yield spreads change. Nowadays, the world’s top three economies in the stock market, the foreign exchange market and the bond market have more and more close relationship, and the study wants to know that besides observing the U.S. economy, if the U.S. bond yield spreads can be important signals of transnational stock market investments. Empirical analysis is summarized as follow: (1)No matter whether the time is before or after the U.S. subprime mortgage crisis, there is no significant association between the U.S. bond yield spreads and Shanghai A stock index. (2)No matter whether the time is before or after the U.S. subprime mortgage crisis, there is no significant association between the U.S. bond yield spreads and Japan TOPIX stock index. (3)No matter whether the time is before or after the U.S subprime mortgage crisis, the Japanese economic variables have the short-term reaction, and the Chinese economic variables have the long-term response; in addition, No matter whether the time is before or after the subprime mortgage crisis, the TOPIX stock index and Shanghai A stock index both have the complete reaction in the first period. It appeals that the stock market is efficient.
17
Tse, Lee Tsung, et 李宗澤. « The US subprime mortgage Happen and Exchange rate and Contagion Analysis on Asia Chinese Country Stock market ». Thesis, 2009. http://ndltd.ncl.edu.tw/handle/25312617819872108451.
Texte intégralRésumé :
碩士嶺東科技大學
財務金融研究所
97
This article aims at discussing the US subprime mortgage happen and exchange rate and contagion analysis on Asia Chinese country stock markets. There are 1993 daily return materials, from January 1st, 2000 to December 30th, 2008. The materials are divided into three parts. They are before ,after the issue and the wholing while studying. Regard the stock markets of four Asia Chinese Countries as the real example target. Four stock markets include: TAIWAN, HONGKONG, SHANGHAI, SHENZHEN. Consider the volatility transmission effect those American stock market vs. the stock markets of various countries of Asia Chinese at the same time .The empirical results are presented as follow：1. After no matter or issued before the US subprime mortgage, the American stock market has volatility driving force and significant influence result. Show that U.S.A. still has a leading role to the stock market of various countries of Asia Chinese. 2. The GARCH model empirical result implies the return both of the Asia Chinese Country Stock market and the American Stock market demonstrate a significant increase or decrease of the estimate coefficient contagion effect.
18
HsuanChang et 張暄. « Does Subprime Mortgage Crisis Influence Risk Appetite of US REITs Investors : A Study on Domestic and Cross-border M＆A ». Thesis, 2017. http://ndltd.ncl.edu.tw/handle/xt32wf.
Texte intégralRésumé :
碩士國立成功大學
財務金融研究所
105
This paper compares the risk appetite of US REITs investors with domestic and cross-border M＆A announcements under different economic conditions, analyzing the information content in the periods under consideration. Based on a sample of 182 M＆A announcements made by US REITs between 2005 and 2010, the evidence shows that they are associated with a positive stock price reaction, averaging 0.73% over a 2-day window. Stratifying the sample into domestic M＆A and cross-border M＆A across different market conditions, the evidence indicates that the significant positive economic gains that occurred during the subprime mortgage crisis flowed from the pool of domestic M＆A announcements. They registered a significant mean abnormal return of 1.86 % over the 2-day window, as opposed to an insignificant 1.28% for the pool of cross-border M＆A announcements. Further investigation confirms that since the subprime mortgage crisis, the risk aversion level of US REITs investors has raised due to the panic and uncertainty associated with a financial crisis. Thus, the degree of geographic diversification which has positive influence on abnormal return has increased. In addition, a new variable, the number of states that the REITs firm has properties in is regarded to be effective in analyzing REITs M＆A. Along this direction this study paves the way for future deep research confirming that this proxy variable has high explanatory power.
19
Srnic, Stefan. « Impact of Economic Crisis Announcements on BRIC Market Volatility ». Master's thesis, 2014. http://www.nusl.cz/ntk/nusl-332247.
Texte intégralRésumé :
In this thesis, we aim to find the effect of economic crisis announcements arising from the US subprime mortgage crisis and European sovereign debt crisis on the market volatility in theBRIC countries. We implement a GARCH model in order to compare the effect of individual news announcements and find that the US crisis had a bigger impact on BRIC market volatility than the European crisis. Of particular note, we find the US bailout had a higher impact than the failure of Lehman Brothers or any European crisis dates that were considered. We then examine the volatility transmission mechanism by implementing a VAR model to create a spillover index. Following, we apply a rolling window approach, creating spillover plots which show that both return and volatility spillovers are affected by crisis announcements. The importance of our results are related to investor decision making, particularly the relationship between market return and risk in developing country markets. Far to our knowledge, no recent literature has compared the two crises in the way we have nor with the datasets we have used.
20
HUANG, KUN-MING, et 黃坤銘. « A Study on the Dynamic Correlations Among US Stock, Treasury Bond andTreasury Bond Futures Markets under the Crisis of Subprime Mortgage and Financial Tsunami：The Application of VEC DCC GJR-GARCH Model andVEC Copula GJR-GARCH-skewed-t Model ». Thesis, 2010. http://ndltd.ncl.edu.tw/handle/00285305031586744297.
Texte intégralRésumé :
碩士國立臺北大學
國際企業研究所
98
This study investigates the dynamic correlations among S&P 500 stock index, US 10-year treasury bond index and futures under the crisis of subprime mortgage and financial tsunami by using VEC DCC GJR-GARCH model and VEC Copula GJR-GARCH-skewed-t model. It also discusses the contagion effect of the crisis of subprime mortgage and financial tsunami on the US finance market. The sample period of this study is from January 1, 2004 to February 26, 2010. The empirical results obtainy from the VEC DCC GJR-GARCH model verify that during the crisis of subprime mortgage and financial tsunami period, the correlation coefficients between stock and bond markets and between stock and bond futures markets have increased, mean the correlation coefficients between bond and futures market have decreased. The model results also indicated that the return and volatility correlation of US stock, bond and futures markets are affected by the crisis of subprime mortgage and financial tsunami(contagion effect), rather than simply by cross-market information transmission through the volatility spillovers between any two markets as metioned above. In addition, the of VEC Copula GJR-GARCH-skewed-t model signify the highly tail-dependency structure between stock-bond, stock-bond futures and bond-bond futures markets. We also found that the market dependency between those any two markets have during the period of subprime mortgage crsis and financial tsunami.