Graciela Chichilnisky is Professor at Columbia University in Mathematics and Economics. She is an expert in short sales and asset backed securities, financial innovation and widespread default, has created financial instruments known as 'catastrophe bundles,' and is the author of the carbon market of the Kyoto Protocol of the United Nations.

Blog Entries by Graciela Chichilnisky

It's the Mortgages: How to Restore the Health and Stability of the Economy

Posted November 17, 2008 | 02:21 PM (EST)


An extremely important fact has been absent from the analysis of the financial crisis and is jeopardizing the opportunity to resolve it effectively. The astonishing scope and spread of the crisis is due to a snowballing effect that amplifies defaults on mortgages from 33 to 100 times the value of...

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