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Our most academic publication offers research and surveys on monetary policy, national and international developments, banking, and more. The content is written for an economically informed readership—from the undergraduate student to the PhD.

Vol. 91, No. 5, Part 1 (Posted 2009-09-01)

Systemic Risk and the Financial Crisis: A Primer

by James Bullard, Christopher J. Neely, and David C. Wheelock

How did problems in a relatively small portion of the home mortgage market trigger the most severe financial crisis in the United States since the Great Depression? Several developments played a role, including the proliferation of complex mortgage-backed securities and derivatives with highly opaque structures, high leverage, and inadequate risk management.

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