Hartije od vrednosti garantovane hipotekom - likvidna aktiva ili generator kriza

Abstract

ln September 2008 the global financial system was strongly shaken by the crisis caused by the collapse of the mortgage market in the United States of America. Bankruptcy of the biggest investment banks started the wave that caused great turbulence in the world's financial markets and generated enormous losses to the financial sector and economy in general. ln this working paper the origin and development of mortgage backed securities are explained. This type of financial instruments is considered from two aspects: as liquid assets, and as generators of the crisis. The fact that is specifically addressed in this work is the connection between the global financial crisis and this kind of financial instruments. Certain scientific methods, especially methods of description and methods of generalization are used in the paper. Having considered the phenomenon of mortgage backed securities we can draw the basic messages and lessons for the financial markets. They are at the basic level as is the financial market in

Serbia.