praj-17/QA-MCQ-Open-ended huggingface dataset:
Title: Financial_crisis_of_2007%E2%80%9308
Context: As financial assets became more and more complex, and harder and harder to value, investors were reassured by the fact that both the international bond rating agencies and bank regulators, who came to rely on them, accepted as valid some complex mathematical models which theoretically showed the risks were much smaller than they actually proved to be. George Soros commented that "The super-boom got out of hand when the new products became so complicated that the authorities could no longer calculate the risks and started relying on the risk management methods of the banks themselves. Similarly, the rating agencies relied on the information provided by the originators of synthetic products. It was a shocking abdication of responsibility."

question: Who commented that the super-boom got out of hand when products became so complicated that risk could not be accurately calculated? 

answer: George Soros

question: What happened to financial assets that made them harder to value? 

answer: more complex

question: Who did rating agencies rely on for information to rate financial innovation products? 

answer: the originators of synthetic products

question: When authorities could no longer calculate the risks of complex financial innovation products, who did they rely on for information? 

answer: the banks

question: Who reassured investors by showing the risk of complex financial innovation products was actually less than they proved to be? 

answer: international bond rating agencies
Title: Financial_crisis_of_2007%E2%80%9308
Context: Despite the dominance of the above formula, there are documented attempts of the financial industry, occurring before the crisis, to address the formula limitations, specifically the lack of dependence dynamics and the poor representation of extreme events. The volume "Credit Correlation: Life After Copulas", published in 2007 by World Scientific, summarizes a 2006 conference held by Merrill Lynch in London where several practitioners attempted to propose models rectifying some of the copula limitations. See also the article by Donnelly and Embrechts and the book by Brigo, Pallavicini and Torresetti, that reports relevant warnings and research on CDOs appeared in 2006.

question: Who published "Credit Correlation: Life After Copulas" in 2007? 

answer: World Scientific

question: When did relevant warnings and research on CDOs appear in an article by Donnelly and Embrechts? 

answer: 2006

question: The volume "Credit Correlation: Life After Copulas" summarizes a 2006 conference held by what firm in London? 

answer: Merrill Lynch

question: What did the volume "Credit Correlation: Life After Copulas" propose models to rectify? 

answer: some of the copula limitations

question: What year did the book by Brigo, Pallavicini and Torresetti report warnings and research on CDOs? 

answer: 2006
Title: Financial_crisis_of_2007%E2%80%9308
Context: In a June 2008 speech, President and CEO of the New York Federal Reserve Bank Timothy Geithner—who in 2009 became Secretary of the United States Treasury—placed significant blame for the freezing of credit markets on a "run" on the entities in the "parallel" banking system, also called the shadow banking system. These entities became critical to the credit markets underpinning the financial system, but were not subject to the same regulatory controls. Further, these entities were vulnerable because of maturity mismatch, meaning that they borrowed short-term in liquid markets to purchase long-term, illiquid and risky assets. This meant that disruptions in credit markets would make them subject to rapid deleveraging, selling their long-term assets at depressed prices. He described the significance of these entities:

question: Who was President and CEO of the New York Federal Reserve Bank in June 2008? 

answer: Timothy Geithner

question: What year did Timothy Geithner become U.S. Treasury Secretary? 

answer: 2009

question: In a June 2008 speech, Timoty Geithner placed blame for credit market freezing on which system? 

answer: "parallel" banking system

question: What is the "parallel" banking system also called? 

answer: shadow banking system

question: What is the term defined as being vulnerable by borrowing short-term in liquid markets to purchase long-term illiquid and risky assets? 

answer: maturity mismatch
Title: Financial_crisis_of_2007%E2%80%9308
Context: The securitization markets supported by the shadow banking system started to close down in the spring of 2007 and nearly shut-down in the fall of 2008. More than a third of the private credit markets thus became unavailable as a source of funds. According to the Brookings Institution, the traditional banking system does not have the capital to close this gap as of June 2009: "It would take a number of years of strong profits to generate sufficient capital to support that additional lending volume." The authors also indicate that some forms of securitization are "likely to vanish forever, having been an artifact of excessively loose credit conditions."

question: When did the securitization markets supported by the shadow banking systems start to close down? 

answer: spring of 2007

question: When did the securitization markets supported by the shadow banking system nearly shut-down completely? 

answer: fall of 2008

question: How much of the private credit markets become unavailable as a source of funds? 

answer: More than a third

question: What is the firm who reported that the traditional banking system does not have capital to close the gap as of June 2009? 

answer: Brookings Institution

question: How many years would of strong profit would it take to generate enough capital to support additional lending? 

answer: a number of years
Title: Financial_crisis_of_2007%E2%80%9308
Context: Economist Mark Zandi testified to the Financial Crisis Inquiry Commission in January 2010: "The securitization markets also remain impaired, as investors anticipate more loan losses. Investors are also uncertain about coming legal and accounting rule changes and regulatory reforms. Private bond issuance of residential and commercial mortgage-backed securities, asset-backed securities, and CDOs peaked in 2006 at close to $2 trillion...In 2009, private issuance was less than $150 billion, and almost all of it was asset-backed issuance supported by the Federal Reserve's TALF program to aid credit card, auto and small-business lenders. Issuance of residential and commercial mortgage-backed securities and CDOs remains dormant."

question: What economist testified to the Financial Crisis Inquiry Commission in January 2010? 

answer: Mark Zandi

question: In January 2010, what markets did Mark Zandi testify about that remain impaired and investors anticipate more loan losses? 

answer: securitization markets

question: What was the value of CDOs at their peak in 2006? 

answer: close to $2 trillion

question: What was the private issuance of CDOs in 2009? 

answer: less than $150 billion

question: Almost all of the asset-backed issuance in 2009 was supported by what Federal Reserve program? 

answer: TALF
Title: Financial_crisis_of_2007%E2%80%9308
Context: Rapid increases in a number of commodity prices followed the collapse in the housing bubble. The price of oil nearly tripled from $50 to $147 from early 2007 to 2008, before plunging as the financial crisis began to take hold in late 2008. Experts debate the causes, with some attributing it to speculative flow of money from housing and other investments into commodities, some to monetary policy, and some to the increasing feeling of raw materials scarcity in a fast-growing world, leading to long positions taken on those markets, such as Chinese increasing presence in Africa. An increase in oil prices tends to divert a larger share of consumer spending into gasoline, which creates downward pressure on economic growth in oil importing countries, as wealth flows to oil-producing states. A pattern of spiking instability in the price of oil over the decade leading up to the price high of 2008 has been recently identified. The destabilizing effects of this price variance has been proposed as a contributory factor in the financial crisis.

question: Following the collapse in the housing bubble, what happened to a number of commodity prices? 

answer: Rapid increases

question: How much did the price of oil increase from early 2007 to 2008? 

answer: nearly tripled from $50 to $147

question: What did the price of oil began doing when the financial crisis began to take hold in late 2008? 

answer: plunging

question: What is one of the reasons experts believe contributed to the volatilaty in oil prices in 2008?  

answer: monetary policy

question: Consumers tend to have less money to spend on other goods, when the price of which commodity is higher? 

answer: gasoline
Title: Financial_crisis_of_2007%E2%80%9308
Context: In testimony before the Senate Committee on Commerce, Science, and Transportation on June 3, 2008, former director of the CFTC Division of Trading & Markets (responsible for enforcement) Michael Greenberger specifically named the Atlanta-based IntercontinentalExchange, founded by Goldman Sachs, Morgan Stanley and BP as playing a key role in speculative run-up of oil futures prices traded off the regulated futures exchanges in London and New York. However, the IntercontinentalExchange (ICE) had been regulated by both European and U.S. authorities since its purchase of the International Petroleum Exchange in 2001. Mr Greenberger was later corrected on this matter.

question: Who was the former director of the CFTC that testified before the Senate Committee on Commerce, Science, and Transportation on June 3, 2008? 

answer: Michael Greenberger

question: Who did Michael Greenberger erronesously name as a key player in speculative run-up of oil futures? 

answer: IntercontinentalExchange

question: Who founded the Atlanta-based Intercontinental Exchange? 

answer: Goldman Sachs, Morgan Stanley and BP

question: Who purchased the International Petroleum Exchange in 2001? 

answer: IntercontinentalExchange (ICE)

question: Where are regulated future exchanges located? 

answer: London and New York
Title: Financial_crisis_of_2007%E2%80%9308
Context: Feminist economists Ailsa McKay and Margunn Bjørnholt argue that the financial crisis and the response to it revealed a crisis of ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession. They argue that such a reshaping should include new advances within feminist economics and ecological economics that take as their starting point the socially responsible, sensible and accountable subject in creating an economy and economic theories that fully acknowledge care for each other as well as the planet.

question: Who is one of the feminist economists that believe the financial crisis revealed a crisis of mainstream economics and call for a complete reshaping of the economy? 

answer: Ailsa McKay

question: Feminist economists Ailsa McKay and Margunn Bjornhold believe that the financial crisis and response reveal a crisis of ideas in this? 

answer: mainstream economics

question: According to feminist economists McKay and Bjornholt, would type economics should be included in a reshaping? 

answer: feminist economics

question: What do economists McKay and Bjornholt want to occur in the economy, economic theory, and economics profession? 

answer: a reshaping
Title: Financial_crisis_of_2007%E2%80%9308
Context: Current Governor of the Reserve Bank of India Raghuram Rajan had predicted the crisis in 2005 when he became chief economist at the International Monetary Fund.In 2005, at a celebration honouring Alan Greenspan, who was about to retire as chairman of the US Federal Reserve, Rajan delivered a controversial paper that was critical of the financial sector. In that paper, "Has Financial Development Made the World Riskier?", Rajan "argued that disaster might loom." Rajan argued that financial sector managers were encouraged to "take risks that generate severe adverse consequences with small probability but, in return, offer generous compensation the rest of the time. These risks are known as tail risks. But perhaps the most important concern is whether banks will be able to provide liquidity to financial markets so that if the tail risk does materialise, financial positions can be unwound and losses allocated so that the consequences to the real economy are minimised."

question: Who was the current Governor of the Reserve Bank of India that predicted the crisis in 2005? 

answer: Raghuram Rajan

question: When did Raghuram Rajan become chief economist the the International Monetary Fund? 

answer: 2005

question: In 2005, where did Rajan deliver a controversial paper that was critical of the financial paper? 

answer: at a celebration honouring Alan Greenspan

question: What was the name of Raghuram Rajan's controversial paper delivered in 2005? 

answer: "Has Financial Development Made the World Riskier?"

question: What are risks called that generate severe adverse consequences with small probability but generous compensation the rest of the time? 

answer: tail risks
Title: Financial_crisis_of_2007%E2%80%9308
Context: The financial crisis was not widely predicted by mainstream economists except Raghuram Rajan, who instead spoke of the Great Moderation. A number of heterodox economists predicted the crisis, with varying arguments. Dirk Bezemer in his research credits (with supporting argument and estimates of timing) 12 economists with predicting the crisis: Dean Baker (US), Wynne Godley (UK), Fred Harrison (UK), Michael Hudson (US), Eric Janszen (US), Steve Keen (Australia), Jakob Brøchner Madsen & Jens Kjaer Sørensen (Denmark), Kurt Richebächer (US), Nouriel Roubini (US), Peter Schiff (US), and Robert Shiller (US). Examples of other experts who gave indications of a financial crisis have also been given. Not surprisingly, the Austrian economic school regarded the crisis as a vindication and classic example of a predictable credit-fueled bubble that could not forestall the disregarded but inevitable effect of an artificial, manufactured laxity in monetary supply, a perspective that even former Fed Chair Alan Greenspan in Congressional testimony confessed himself forced to return to.

question: Who was one of the only mainstream economist to predict the financial crisis? 

answer: Raghuram Rajan

question: What did Raghuram Rajan speak of? 

answer: Great Moderation

question: Who credit 12 heterodox economists with predicting the crisis in his research credits? 

answer: Dirk Bezemer

question: How did the Austrian economic school regard the crisis? 

answer: as a vindication

question: Which former Fed Chair confessed in Congressional testimony to being forced to return to lax monetary supply? 

answer: Alan Greenspan
Title: Financial_crisis_of_2007%E2%80%9308
Context: A cover story in BusinessWeek magazine claims that economists mostly failed to predict the worst international economic crisis since the Great Depression of the 1930s. The Wharton School of the University of Pennsylvania's online business journal examines why economists failed to predict a major global financial crisis. Popular articles published in the mass media have led the general public to believe that the majority of economists have failed in their obligation to predict the financial crisis. For example, an article in the New York Times informs that economist Nouriel Roubini warned of such crisis as early as September 2006, and the article goes on to state that the profession of economics is bad at predicting recessions. According to The Guardian, Roubini was ridiculed for predicting a collapse of the housing market and worldwide recession, while The New York Times labelled him "Dr. Doom".

question: Which magazine ran a cover story claiming that most economists failed to the the financial crisis? 

answer: BusinessWeek

question: The financial crisis of 2007 was the worst economic crisis since which crisis that occurred in the 1930s? 

answer: Great Depression

question: Which school at University of Pennsylvania examined in their online business journal why economists failed to predict the crisis? 

answer: The Wharton School

question: Which economist did the New York Times state warned of a crisis as early as September 2006? 

answer: Nouriel Roubini

question: What was economist Roubini called by the New York Times for predicting a collapse of the housing market? 

answer: "Dr. Doom"
Title: Financial_crisis_of_2007%E2%80%9308
Context: Stock trader and financial risk engineer Nassim Nicholas Taleb, author of the 2007 book The Black Swan, spent years warning against the breakdown of the banking system in particular and the economy in general owing to their use of bad risk models and reliance on forecasting, and their reliance on bad models, and framed the problem as part of "robustness and fragility". He also took action against the establishment view by making a big financial bet on banking stocks and making a fortune from the crisis ("They didn't listen, so I took their money"). According to David Brooks from the New York Times, "Taleb not only has an explanation for what’s happening, he saw it coming."

question: Who wrote the 2007 book The Black Swan? 

answer: Nassim Nicholas Taleb

question: What journalist from the New York Times stated his believe in Nassim Nicholas Taleb? 

answer: David Brooks

question: What did Nassim Nicholas Taleb warn about for years prior to the financial crisis of 2007? 

answer: the breakdown of the banking system

question: What did Nassim Nicholas Taleb make a fortune on by making a big financial bet? 

answer: banking stocks
Title: Financial_crisis_of_2007%E2%80%9308
Context: Market strategist Phil Dow believes distinctions exist "between the current market malaise" and the Great Depression. He says the Dow Jones average's fall of more than 50% over a period of 17 months is similar to a 54.7% fall in the Great Depression, followed by a total drop of 89% over the following 16 months. "It's very troubling if you have a mirror image," said Dow. Floyd Norris, the chief financial correspondent of The New York Times, wrote in a blog entry in March 2009 that the decline has not been a mirror image of the Great Depression, explaining that although the decline amounts were nearly the same at the time, the rates of decline had started much faster in 2007, and that the past year had only ranked eighth among the worst recorded years of percentage drops in the Dow. The past two years ranked third, however.

question: Who is the market strategist that believes distinctions exist between the current crisis and the Great Depression? 

answer: Phil Dow

question: How much did the Dow Jones average fall during a period of 17 months? 

answer: 50%

question: What was the percentage the Dow Jones fell in the Great Depression? 

answer: 54.7%

question: Who was the chief financial correspondent of The New York Times in March 2009? 

answer: Floyd Norris
Title: Financial_crisis_of_2007%E2%80%9308
Context: One of the first victims was Northern Rock, a medium-sized British bank. The highly leveraged nature of its business led the bank to request security from the Bank of England. This in turn led to investor panic and a bank run in mid-September 2007. Calls by Liberal Democrat Treasury Spokesman Vince Cable to nationalise the institution were initially ignored; in February 2008, however, the British government (having failed to find a private sector buyer) relented, and the bank was taken into public hands. Northern Rock's problems proved to be an early indication of the troubles that would soon befall other banks and financial institutions.

question: Which medium sized British bank was the first victim of the financial crisis? 

answer: Northern Rock

question: Who did Northern Rock request security from? 

answer: Bank of England

question: When did Northern Rock investors panic and a bank run begin? 

answer: September 2007

question: When was Northern Rock taken into public hands? 

answer: February 2008

question: Which bank early problems in 2007 were an indicator of the troubles that would soon befall other banks and financial institutions? 

answer: Northern Rock
Title: Financial_crisis_of_2007%E2%80%9308
Context: IndyMac often made loans without verification of the borrower’s income or assets, and to borrowers with poor credit histories. Appraisals obtained by IndyMac on underlying collateral were often questionable as well. As an Alt-A lender, IndyMac’s business model was to offer loan products to fit the borrower’s needs, using an extensive array of risky option-adjustable-rate-mortgages (option ARMs), subprime loans, 80/20 loans, and other nontraditional products. Ultimately, loans were made to many borrowers who simply could not afford to make their payments. The thrift remained profitable only as long as it was able to sell those loans in the secondary mortgage market. IndyMac resisted efforts to regulate its involvement in those loans or tighten their issuing criteria: see the comment by Ruthann Melbourne, Chief Risk Officer, to the regulating agencies.

question: IndyMac often made loans without verifying what? 

answer: the borrower’s income

question: What was questionable on IndyMac's underlying collateral? 

answer: Appraisals

question: IndyMac gave loans to borrower's with what type credit histories? 

answer: poor

question: IndyMac offered this type of questionable loans to borrowers? 

answer: risky

question: IndyMac resisted efforts by regulators to tighten this criteria of their loans? 

answer: issuing criteria
Title: Financial_crisis_of_2007%E2%80%9308
Context: Typical American families did not fare as well, nor did those "wealthy-but-not wealthiest" families just beneath the pyramid's top. On the other hand, half of the poorest families did not have wealth declines at all during the crisis. The Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63 percent of all Americans declined in that period. 77 percent of the richest families had a decrease in total wealth, while only 50 percent of those on the bottom of the pyramid suffered a decrease.

question: How many of the poorest families did not have any wealth decline during the financial crisis? 

answer: half

question: In a Federal Reserve survey of 4,000 households, what percent reported wealth decline between 2007 and 2009? 

answer: 63

question: How many of the richest families had a decrease in total wealth between 2007 and 2009? 

answer: 77

question: How many families at the bottom of the pyramid had a decrease in total wealth between 2007 and 2009? 

answer: 50

question: Which families experienced the least decline in wealth between 2007 and 2009? 

answer: poorest families
Title: Financial_crisis_of_2007%E2%80%9308
Context: On November 3, 2008, the European Commission at Brussels predicted for 2009 an extremely weak growth of GDP, by 0.1%, for the countries of the Eurozone (France, Germany, Italy, Belgium etc.) and even negative number for the UK (−1.0%), Ireland and Spain. On November 6, the IMF at Washington, D.C., launched numbers predicting a worldwide recession by −0.3% for 2009, averaged over the developed economies. On the same day, the Bank of England and the European Central Bank, respectively, reduced their interest rates from 4.5% down to 3%, and from 3.75% down to 3.25%. As a consequence, starting from November 2008, several countries launched large "help packages" for their economies.

question: On November 3, 2008, who predicted extremely weak GDP growth for the Eurozone in 2009? 

answer: European Commission at Brussels

question: How much did the European Commission estimate the GDP growth for Eurozone countries would be in 2009? 

answer: 0.1%

question: How much did the European Commission estimate the GDP growth for the UK would be in 2009? 

answer: −1.0%

question: On November 6, in Washington, D.C., who predicted a worldwide recession for 2009? 

answer: the IMF

question: On November 5, 2008, the Bank of England reduced their interest rate from 4.5% to what? 

answer: 3%