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Finance

Inside the CDO Market That Catalyzed the Financial Crisis

“Inside the CDO Machine,” a special project from the Yale Program on Financial Stability, explores the first-hand perspectives of market participants.

A home in foreclosure in Lithonia, Georgia, in 2007.
  • Can markets change society?

    Professor Zhiwu Chen has been watching what’s happened as China adopts such financial instruments as mortgages and mutual funds. He was born in a rural village in China, and when he goes back, he says, he sees a country that’s being remade by markets.