The quality of information on the financial market in the context of the financial crisis

Michał Moszyński



The article concerns the sources of the financial crisis in the U.S. from the perspective of the quality of information. The line of thoughts is based on the thesis that imperfect information has contributed – among other factors – to the development of the crisis. The problem of asymmetric information is analyzed on the basis of relations among market participants involved in assets securitization, owing to the fact that this complex process constitutes the epicenter of the crisis and, at the same time, is the source of seriousinformation problems.


financial markets; financial crisis; asymmetric information

Full Text:

PDF (Polish)


Acocella N., Zasady polityki gospodarczej, Wydawnictwo Naukowe PWN, Warszawa 2002.

Ashcraft A. B., Schuermann T., Understanding the securitization of subprime mortgage credit, Federal Reserve Bank of New York, Staff Reports 2008, No. 318.

Banerjee A. V.,A simple model of herd behavior, "The Quarterly Journal of Economics", August 1992, Vol. 107, No. 3.

Beales R., Scholtes S., Tett G., Failing grades?, "Financial Times", 16 maja 2007, http:// (20.02.2009).

Bolton P., Freixas X., Shapiro J., The credit ratings game, NB1ŁR Working Paper, luty 2009, No. 14712.

Carr J. H., Kolluri L., Predatory lending: an overview, Fannie Mae Foundation 2001, http:// Carr-Kolluri.pdf (26.02.2009).

Committe on Oversight and Government Reform, Credit rating agencies and the financial crisis, 22.10.2008, (20.02.2009).

Dębski W., Rynek finansowy i jego mechanizmy, Wydawnictwo Naukowe PWN, Warszawa 2007.

Fergusson N. ,Jajo z Wall Street, Niezbędnik inteligenta, "Polityka" 2009, nr 8.

Federal Home Loan Mortgage Corporation Act, (20.02.2009).

Greenspan A., Risk transfer and financial stability, przemówienie na Chicago's Forty-first Annual Conference on Bank Structure, Federal Reserve Bank of Chicago, 5 maja 2005, (20.02.2009).

Jäger M., Voigtländer M., Hintergründe und Lehren aus der Subprime-Krise, IW-Trends 2008 nr 3.

Keys B. J. i in., Did securitization lead to lax screening? Evidencefrom subprime loans, Working Paper, December 2008, (26.02.2009).

Lewis H., Moral hazard' helps shape mortgage mess,, 18.04.2007 (28.02.2009).

Lowenstein R., Triple - a failure, New York Times, 27.04.2007.

Mishkin F. S., Ekonomika pieniądza, bankowości i rynków finansowych, Wydawnictwo Naukowe PWN, Warszawa 2002.

Nie wierzę w kryzys, rozmowa z W. Gadomskim, Gazeta Wyborcza, 21.01.2008.

Stiglitz J. E., Walsh C. E., Principles of microeconomics, Norton & Comp., New York 2006.

Taylor J. B., The financial crisis and the policy responses: an empirical analysis of what went wrong, NBER Working Paper, styczeń 2009, No. 14631,

Zobmirt J., Styn I., Transakcje sekurytyzacyjne w Polsce i na świecie, "Rynek Terminowy" 2001, nr 4.

ISSN 1898-2255 (print)
ISSN 2392-1625 (online)

Partnerzy platformy czasopism