For example, based on market intelligence, the Bank of Japan designs and compiles the “Tokyo Money Market Survey”, which provides an overall quantitative assessment of the money markets. 3 The survey depicts, among other things, the current interconnectedness among financial institutions through repo transactions, as is shown in Chart 10.
They were a particularly tempting target: Many subprime mortgage products were newer, performance histories were shorter, prices were rising faster, securitization structures were more complex, disclosure was more opaque, and credit standards were weaker than most other asset classes. But, were subprime credit problems the source of contagion causing broader reductions in liquidity and market functioning, as has become a common refrain?