La crisi finanziaria del 2007-08

The 2007-09 financial crisis. The evolution of the financial markets in the last years has seen a progressive growth of financial intermediaries. The structure of the liabilities of the financial markets has gotten further therefore from the traditional model of commercial banking and it has made unstable the input of the financial system. In this context increasing quotas of transactions were guaranteed by collateral in order to strengthen the system. But the value of collateral is not an exogenous and stable variable. The increase of the haircuts means a reduction of the market value of collateral and a credit contraction to the real economy