How Australia survived the global financial crisis

Edward Elgar
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The Financial and Economic Crises: An International Perspective, 2010, 1st, pp. 139 - 154
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The first major effect of the US subprime mortgage market was relt in Australia around August 2007 when the Australian mortgage lender RAMS announced that it was unable to sell $6 billion' of its securitized debt in the global financial market. The RAMS financing model depended on selling home loans in AustralIa, securitizing these and then seUing the securitize
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