{"id":"https://openalex.org/W2955762015","doi":"https://doi.org/10.5089/9781451870442.001","title":"Real Effects of the Subprime Mortgage Crisis","display_name":"Real Effects of the Subprime Mortgage Crisis","publication_year":2008,"publication_date":"2008-07-01","ids":{"openalex":"https://openalex.org/W2955762015","doi":"https://doi.org/10.5089/9781451870442.001","mag":"2955762015"},"language":"en","primary_location":{"id":"doi:10.5089/9781451870442.001","doi":"https://doi.org/10.5089/9781451870442.001","is_oa":false,"landing_page_url":"https://doi.org/10.5089/9781451870442.001","pdf_url":null,"source":{"id":"https://openalex.org/S4210171147","display_name":"IMF Working Paper","issn_l":"1018-5941","issn":["1018-5941","2227-8885"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":"https://openalex.org/P4310316166","host_organization_name":"International Monetary Fund","host_organization_lineage":["https://openalex.org/P4310316166","https://openalex.org/P4310321776"],"host_organization_lineage_names":["International Monetary Fund","United Nations"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IMF Working Papers","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5102991779","display_name":"Hui Tong","orcid":"https://orcid.org/0000-0001-8538-5795","observed_orcids":["https://orcid.org/0000-0001-8538-5795"]},"institutions":[{"id":"https://openalex.org/I1310145890","display_name":"International Monetary Fund","ror":"https://ror.org/05m4rmw09","country_code":"US","type":"other","lineage":["https://openalex.org/I1310145890"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Hui Tong","raw_affiliation_strings":["International Monetary Fund"],"raw_orcid":"https://orcid.org/0000-0001-8538-5795","affiliations":[{"raw_affiliation_string":"International Monetary Fund","institution_ids":["https://openalex.org/I1310145890"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5109848490","display_name":"Shang\u2010Jin Wei","orcid":"https://orcid.org/0000-0002-6685-9366","observed_orcids":["https://orcid.org/0000-0002-6685-9366"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Shang-Jin Wei","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":4.0777,"has_fulltext":false,"cited_by_count":24,"citation_normalized_percentile":{"value":0.9451882,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"2008","issue":"186","first_page":"1","last_page":"1"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.21969999372959137,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.21969999372959137,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.1842000037431717,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11711","display_name":"COVID-19 Pandemic Impacts","score":0.1193000003695488,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/subprime-mortgage-crisis","display_name":"subprime crisis","score":0.9959999918937683},{"id":"https://openalex.org/keywords/real-economy-effects","display_name":"real economy effects","score":0.8370000123977661},{"id":"https://openalex.org/keywords/consumer-demand","display_name":"consumer demand","score":0.7210000157356262},{"id":"https://openalex.org/keywords/liquidity-constraints","display_name":"liquidity constraints","score":0.7829999923706055},{"id":"https://openalex.org/keywords/financial-constraints","display_name":"financial constraints","score":0.6420000195503235},{"id":"https://openalex.org/keywords/corporate-cash-holdings","display_name":"cash holdings","score":0.7689999938011169}],"concepts":[{"id":"https://openalex.org/C148901597","wikidata":"https://www.wikidata.org/wiki/Q844541","display_name":"Subprime mortgage crisis","level":3,"score":0.7046841382980347},{"id":"https://openalex.org/C2781300812","wikidata":"https://www.wikidata.org/wiki/Q178061","display_name":"Shock (circulatory)","level":2,"score":0.5877408981323242},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.4864828288555145},{"id":"https://openalex.org/C2994123097","wikidata":"https://www.wikidata.org/wiki/Q844541","display_name":"Subprime crisis","level":3,"score":0.43082913756370544},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4184938371181488},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3616044819355011},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.35724905133247375},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.12680542469024658},{"id":"https://openalex.org/C126322002","wikidata":"https://www.wikidata.org/wiki/Q11180","display_name":"Internal medicine","level":1,"score":0.06325730681419373},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.5089/9781451870442.001","doi":"https://doi.org/10.5089/9781451870442.001","is_oa":false,"landing_page_url":"https://doi.org/10.5089/9781451870442.001","pdf_url":null,"source":{"id":"https://openalex.org/S4210171147","display_name":"IMF Working Paper","issn_l":"1018-5941","issn":["1018-5941","2227-8885"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":"https://openalex.org/P4310316166","host_organization_name":"International Monetary Fund","host_organization_lineage":["https://openalex.org/P4310316166","https://openalex.org/P4310321776"],"host_organization_lineage_names":["International Monetary Fund","United Nations"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IMF Working Papers","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":21,"referenced_works":["https://openalex.org/W1969057730","https://openalex.org/W2012226613","https://openalex.org/W2059859460","https://openalex.org/W2075251557","https://openalex.org/W2095271489","https://openalex.org/W2096706782","https://openalex.org/W2096874528","https://openalex.org/W2124115302","https://openalex.org/W2146649587","https://openalex.org/W2149088624","https://openalex.org/W2166215547","https://openalex.org/W2280131726","https://openalex.org/W2314681954","https://openalex.org/W2889965213","https://openalex.org/W2890045262","https://openalex.org/W3121786372","https://openalex.org/W3124046399","https://openalex.org/W3125665227","https://openalex.org/W4230402055","https://openalex.org/W6682427290","https://openalex.org/W6754414930"],"related_works":["https://openalex.org/W3125091522","https://openalex.org/W7095973365","https://openalex.org/W2215332052","https://openalex.org/W7099401228","https://openalex.org/W7099992452","https://openalex.org/W2263919504","https://openalex.org/W2351451040","https://openalex.org/W7043919914","https://openalex.org/W2350597421","https://openalex.org/W2152203196"],"abstract_inverted_index":{"We":[0,52,63,85,101],"develop":[1],"a":[2,54,69,88,110,119],"methodology":[3,55],"to":[4,12,47,56,72,79],"study":[5],"how":[6],"the":[7,13,80],"subprime":[8],"crisis":[9],"spills":[10],"over":[11],"real":[14],"economy.":[15],"Does":[16],"it":[17],"manifest":[18],"itself":[19],"primarily":[20],"through":[21,26],"reducing":[22],"consumer":[23,73,121],"demand":[24],"or":[25],"tightening":[27],"liquidity":[28,50,112],"constraint":[29,94],"on":[30,76,92,96],"non-financial":[31,35],"firms?":[32],"Since":[33],"most":[34],"firms":[36],"have":[37],"much":[38],"larger":[39],"cash":[40],"holding":[41],"than":[42,118],"before,":[43],"they":[44],"appear":[45],"unlikely":[46],"face":[48],"significant":[49],"constraint.":[51],"propose":[53,65],"estimate":[57],"these":[58],"two":[59],"channels":[60,105],"of":[61,68],"spillovers.":[62],"first":[64],"an":[66],"index":[67,91],"firm's":[70],"sensitivity":[71],"demand,":[74],"based":[75,95],"its":[77],"response":[78],"9/11":[81],"shock":[82],"in":[83,123,128],"2001.":[84],"then":[86],"construct":[87],"separate":[89],"firm-level":[90],"financial":[93],"Whited":[97],"and":[98],"Wu":[99],"(2006).":[100],"find":[102],"that":[103],"both":[104],"are":[106],"at":[107],"work,":[108],"but":[109],"tightened":[111],"squeeze":[113],"is":[114],"economically":[115],"more":[116],"important":[117],"reduced":[120],"spending":[122],"explaining":[124],"cross":[125],"firm":[126],"differences":[127],"stock":[129],"price":[130],"declines.":[131]},"counts_by_year":[{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2014,"cited_by_count":4},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2019-07-12T00:00:00"}
