# kaal:claim:1806252-021

**Claim.** Market failure in complex financial instruments, rather than hedge fund activity as such, could have been a contributing factor in the recent credit crisis.

**Type.** empirical  **Support.** argued

**Holds when.**

- evidence drawn from the 2007 collapse of the CDO and CDS markets

**Source quote.**

> Market failure in complex financial instruments could have been a contributing factor in the recent credit crisis.

**From.** Kaal, *Hedge Fund Regulation Via Basel III* (2011), V.3 Market Failure in Financial Instruments, page 66

**Cite as.** Kaal, Hedge Fund Regulation Via Basel III (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1806252

**Verify.** sha256 of source PDF `3343ebfe05a925c3d1a75625c4b351ccff515c50819a48d155804daacf01429d` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202011%20-%20Hedge%20Fund%20Regulation%20Via%20Basel%20III.pdf

**Topics.** economics

**Keywords.** market-failure, cdo, credit-default-swaps, financial-crisis

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