praj-17/QA-MCQ-Open-ended huggingface dataset:
Title: Financial_crisis_of_2007%E2%80%9308
Context: The U.S. Federal Reserve and central banks around the world have taken steps to expand money supplies to avoid the risk of a deflationary spiral, in which lower wages and higher unemployment lead to a self-reinforcing decline in global consumption. In addition, governments have enacted large fiscal stimulus packages, by borrowing and spending to offset the reduction in private sector demand caused by the crisis. The U.S. Federal Reserve's new and expanded liquidity facilities were intended to enable the central bank to fulfill its traditional lender-of-last-resort role during the crisis while mitigating stigma, broadening the set of institutions with access to liquidity, and increasing the flexibility with which institutions could tap such liquidity.

question: What have central banks around the world done to avoid the risk of a deflationary spiral? 

answer: expand money supplies

question: What have governments done to offset the reduction in private sector demand? 

answer: enacted large fiscal stimulus packages

question: What is the U.S. Federal Reserve's traditional role during a crisis? 

answer: lender-of-last-resort

question: What did the U.S. Federal Reserve do to increase access to liquidity? 

answer: expanded liquidity facilities

question: What type decline does lower wages and higher unemployment lead to? 

answer: self-reinforcing decline
Title: Financial_crisis_of_2007%E2%80%9308
Context: This credit freeze brought the global financial system to the brink of collapse. The response of the Federal Reserve, the European Central Bank, the Bank of England and other central banks was immediate and dramatic. During the last quarter of 2008, these central banks purchased US$2.5 trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action, in world history. Following a model initiated by the United Kingdom bank rescue package, the governments of European nations and the USA guaranteed the debt issued by their banks and raised the capital of their national banking systems, ultimately purchasing $1.5 trillion newly issued preferred stock in their major banks. In October 2010, Nobel laureate Joseph Stiglitz explained how the U.S. Federal Reserve was implementing another monetary policy —creating currency— as a method to combat the liquidity trap. By creating $600 billion and inserting[clarification needed] this directly into banks, the Federal Reserve intended to spur banks to finance more domestic loans and refinance mortgages. However, banks instead were spending the money in more profitable areas by investing internationally in emerging markets. Banks were also investing in foreign currencies, which Stiglitz and others point out may lead to currency wars while China redirects its currency holdings away from the United States.

question: What brought the global financial system to the brink of collapse? 

answer: credit freeze

question: How much government debt and troubled private assets did central banks purchase during the last quarter of 2008? 

answer: US$2.5 trillion

question: How much preferred stock did governments of European nations and the USA purchase in their major banks? 

answer: $1.5 trillion

question: In October 2010, who was the Nobel laureate that explained how the U.S. Federal Reserve was creating currency to combat the liquidity trap? 

answer: Joseph Stiglitz

question: What did the banks chose to do with the money created by the Federal Reserve instead of financing more domestic loans and refinancing mortgages? 

answer: investing internationally in emerging markets
Title: Financial_crisis_of_2007%E2%80%9308
Context: United States President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expanded regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others. In January 2010, Obama proposed additional regulations limiting the ability of banks to engage in proprietary trading. The proposals were dubbed "The Volcker Rule", in recognition of Paul Volcker, who has publicly argued for the proposed changes.

question: What was introduced by President Barack Obama in June 2009? 

answer: a series of regulatory proposals

question: What was one of the items important to consumers that was addressed by the new regulatory proposals introduced in June 2009? 

answer: consumer protection

question: Regulations were proposed by Obama in January 2010 to limit the ability of banks to engage in which type trading? 

answer: proprietary

question: Who were proposed new regulations called "The Volcker Rule" named after? 

answer: Paul Volcker

question: Who publicly argued for changes limiting the ability of banks to engage in proprietary trading? 

answer: Paul Volcker
Title: Financial_crisis_of_2007%E2%80%9308
Context: The U.S. Senate passed a reform bill in May 2010, following the House which passed a bill in December 2009. These bills must now be reconciled. The New York Times provided a comparative summary of the features of the two bills, which address to varying extent the principles enumerated by the Obama administration. For instance, the Volcker Rule against proprietary trading is not part of the legislation, though in the Senate bill regulators have the discretion but not the obligation to prohibit these trades.

question: When did the U.S. Senate first pass a financial reform bill? 

answer: May 2010

question: When did the U.S. House first pass a financial reform bill? 

answer: December 2009

question: What rule against proprietary trading was not part of legislation passed by either the Senate or House? 

answer: Volcker Rule

question: Which bill gave regulators the discretion to prohibit proprietary trades? 

answer: Senate
Title: Financial_crisis_of_2007%E2%80%9308
Context: It threatened the collapse of large financial institutions, which was prevented by the bailout of banks by national governments, but stock markets still dropped worldwide. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of U.S. dollars, and a downturn in economic activity leading to the 2008–2012 global recession and contributing to the European sovereign-debt crisis. The active phase of the crisis, which manifested as a liquidity crisis, can be dated from August 9, 2007, when BNP Paribas terminated withdrawals from three hedge funds citing "a complete evaporation of liquidity".

question: What action in 2007 by national governments prevented the collapse of large financial institutions? 

answer: bailout of banks

question: How much estimated consumer wealth was lost as a result of the financial crisis of 2007? 

answer: trillions of U.S. dollars

question: What is the date the active phase of the financial crisis began as a liquidity crisis? 

answer: August 9, 2007

question: What year did the global recession that followed the financial crisis of 2007 end? 

answer: 2012

question: What was the name of the company that terminated withdrawals from three hedge funds in 2007 citing a liquidity crisis? 

answer: BNP Paribas
Title: Financial_crisis_of_2007%E2%80%9308
Context: The bursting of the U.S. (United States) housing bubble, which peaked in 2004, caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions globally. The financial crisis was triggered by a complex interplay of policies that encouraged home ownership, providing easier access to loans for subprime borrowers, overvaluation of bundled subprime mortgages based on the theory that housing prices would continue to escalate, questionable trading practices on behalf of both buyers and sellers, compensation structures that prioritize short-term deal flow over long-term value creation, and a lack of adequate capital holdings from banks and insurance companies to back the financial commitments they were making. Questions regarding bank solvency, declines in credit availability and damaged investor confidence had an impact on global stock markets, where securities suffered large losses during 2008 and early 2009. Economies worldwide slowed during this period, as credit tightened and international trade declined. Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion and institutional bailouts. In the U.S., Congress passed the American Recovery and Reinvestment Act of 2009.

question: What year did the U.S. housing bubble peak? 

answer: 2004

question: What year did Congress pass the American Recover and Reinvestment Act? 

answer: 2009

question: Overvaluation of bundled subprime mortgages was based on the theory that housing prices would continue to do this? 

answer: escalate

question: One of the causes of the financial crisis was easier access to loans by this type borrower? 

answer: subprime

question: In 2007, banks and insurance companies did not have adequate holdings of which type to back their financial commitments? 

answer: capital
Title: Financial_crisis_of_2007%E2%80%9308
Context: Many causes for the financial crisis have been suggested, with varying weight assigned by experts. The U.S. Senate's Levin–Coburn Report concluded that the crisis was the result of "high risk, complex financial products; undisclosed conflicts of interest; the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street." The Financial Crisis Inquiry Commission concluded that the financial crisis was avoidable and was caused by "widespread failures in financial regulation and supervision", "dramatic failures of corporate governance and risk management at many systemically important financial institutions", "a combination of excessive borrowing, risky investments, and lack of transparency" by financial institutions, ill preparation and inconsistent action by government that "added to the uncertainty and panic", a "systemic breakdown in accountability and ethics", "collapsing mortgage-lending standards and the mortgage securitization pipeline", deregulation of over-the-counter derivatives, especially credit default swaps, and "the failures of credit rating agencies" to correctly price risk. The 1999 repeal of the Glass-Steagall Act effectively removed the separation between investment banks and depository banks in the United States. Critics argued that credit rating agencies and investors failed to accurately price the risk involved with mortgage-related financial products, and that governments did not adjust their regulatory practices to address 21st-century financial markets. Research into the causes of the financial crisis has also focused on the role of interest rate spreads.

question: What is the name of the U.S. Senate report giving their conclusions for the cause of the crisis? 

answer: Levin–Coburn Report

question: Which act was repealed in 1999 effectively removing the separation between investment and deposit banks? 

answer: Glass-Steagall Act

question: What is the name of the commission who concluded the financial crisis was avoidable? 

answer: Financial Crisis Inquiry Commission

question: What agency failed to accurately price risk involved in mortgage-related financial products? 

answer: credit rating agencies

question: What practices should have been adjusted by governments to address 21st-century financial markets? 

answer: regulatory
Title: Financial_crisis_of_2007%E2%80%9308
Context: As part of the housing and credit booms, the number of financial agreements called mortgage-backed securities (MBS) and collateralized debt obligations (CDO), which derived their value from mortgage payments and housing prices, greatly increased. Such financial innovation enabled institutions and investors around the world to invest in the U.S. housing market. As housing prices declined, major global financial institutions that had borrowed and invested heavily in subprime MBS reported significant losses.

question: What are MBS as related to the housing and credit booms? 

answer: mortgage-backed securities

question: What are CDO as related to the housing and credit booms? 

answer: collateralized debt obligations

question: When housing prices declined, who reported significant losses from being heavily invested in subprime MBS? 

answer: major global financial institutions

question: Who could invest in the U.S. housing market through MBS and CDO? 

answer: institutions and investors around the world

question: MBS and CDO derive their value from? 

answer: mortgage payments and housing prices
Title: Financial_crisis_of_2007%E2%80%9308
Context: Falling prices also resulted in homes worth less than the mortgage loan, providing a financial incentive to enter foreclosure. The ongoing foreclosure epidemic that began in late 2006 in the U.S. continues to drain wealth from consumers and erodes the financial strength of banking institutions. Defaults and losses on other loan types also increased significantly as the crisis expanded from the housing market to other parts of the economy. Total losses are estimated in the trillions of U.S. dollars globally.

question: How much are total losses estimated to be from falling home prices? 

answer: trillions of U.S. dollars

question: What is the financial incentive when a home is worth less than the mortgage loan? 

answer: foreclosure

question: What year did the foreclosure epidemic begin? 

answer: late 2006

question: What other financial instruments had significant defaults and losses as a result of the crisis expanding from housing to other parts of the economy? 

answer: other loan types

question: What continues to drain consumer wealth and erode the strength of banks? 

answer: foreclosure epidemic
Title: Financial_crisis_of_2007%E2%80%9308
Context: While the housing and credit bubbles were building, a series of factors caused the financial system to both expand and become increasingly fragile, a process called financialization. U.S. Government policy from the 1970s onward has emphasized deregulation to encourage business, which resulted in less oversight of activities and less disclosure of information about new activities undertaken by banks and other evolving financial institutions. Thus, policymakers did not immediately recognize the increasingly important role played by financial institutions such as investment banks and hedge funds, also known as the shadow banking system. Some experts believe these institutions had become as important as commercial (depository) banks in providing credit to the U.S. economy, but they were not subject to the same regulations.

question: What institutions comprise the shadow banking system? 

answer: investment banks and hedge funds

question: What institutions are not subject to the same regulations as commercial banks? 

answer: investment banks and hedge funds

question: What process caused the financial system to both expand and become fragile? 

answer: financialization

question: What policy has U.S. Government emphasized from the 1970's onward? 

answer: deregulation

question: Since the 1970's, what has emphasized deregulation to encourage business, but resulted in less oversight and less disclosure? 

answer: U.S. Government policy
Title: Financial_crisis_of_2007%E2%80%9308
Context: These institutions, as well as certain regulated banks, had also assumed significant debt burdens while providing the loans described above and did not have a financial cushion sufficient to absorb large loan defaults or MBS losses. These losses impacted the ability of financial institutions to lend, slowing economic activity. Concerns regarding the stability of key financial institutions drove central banks to provide funds to encourage lending and restore faith in the commercial paper markets, which are integral to funding business operations. Governments also bailed out key financial institutions and implemented economic stimulus programs, assuming significant additional financial commitments.

question: Some regulated banks did not have sufficient financial cushions in place to absorb what losses as a result of the financial crisis of 2007? 

answer: MBS

question: What was a consequence of the large loan defaults and MBS losses in 2007? 

answer: slowing economic activity

question: Who provided funds to encourage lending and restore faith in commercial banks in the aftermath of the financial crisis of 2007? 

answer: central banks

question: Who bailed out key financial institutions and implemented economic stimulus programs as an answer to the financial crisis of 2007? 

answer: Governments

question: What impacted the ability of financial institutions to lend in the financial crisis of 2007? 

answer: large loan defaults or MBS losses
Title: Financial_crisis_of_2007%E2%80%9308
Context: The U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It concluded that "the crisis was avoidable and was caused by: widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; an explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels".

question: When did the U.S. Financial Crisis Inquiry Commission report its findings? 

answer: January 2011

question: What was one of  the conclusions of the U.S. Financial Crisis Inquiry Commission regarding the financial crisis of 2007? 

answer: the crisis was avoidable and was caused by: widespread failures in financial regulation

question: What agency failed to stem the tide of toxic mortgages contributing to the financial crisis of 2007? 

answer: Federal Reserve

question: Who was not prepared for the financial crisis in 2007 by lacking a full understanding of the financial system? 

answer: key policy makers

question: Which business sector contributed to the financial crisis by acting recklessly and taking on too much risk? 

answer: financial firms
Title: Financial_crisis_of_2007%E2%80%9308
Context: During a period of tough competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view of some analysts, the relatively conservative government-sponsored enterprises (GSEs) policed mortgage originators and maintained relatively high underwriting standards prior to 2003. However, as market power shifted from securitizers to originators and as intense competition from private securitizers undermined GSE power, mortgage standards declined and risky loans proliferated. The worst loans were originated in 2004–2007, the years of the most intense competition between securitizers and the lowest market share for the GSEs.

question: What caused mortgage lenders to relax underwriting standards and approve riskier mortgages? 

answer: tough competition

question: In what year were high underwriting standards relaxed? 

answer: 2003

question: What years were the worst mortgage loans originated? 

answer: 2004–2007

question: What years had the most intense competition between securitizers and the lowest market share for GSEs? 

answer: 2004–2007

question: Who policed mortgage originators and maintained relatively high standards prior to 2003? 

answer: government-sponsored enterprises (GSEs)
Title: Financial_crisis_of_2007%E2%80%9308
Context: The majority report of the Financial Crisis Inquiry Commission, written by the six Democratic appointees, the minority report, written by 3 of the 4 Republican appointees, studies by Federal Reserve economists, and the work of several independent scholars generally contend that government affordable housing policy was not the primary cause of the financial crisis. Although they concede that governmental policies had some role in causing the crisis, they contend that GSE loans performed better than loans securitized by private investment banks, and performed better than some loans originated by institutions that held loans in their own portfolios. Paul Krugman has even claimed that the GSE never purchased subprime loans – a claim that is widely disputed.

question: How many Democratic appointees wrote the majority report of the Financial Crisis Inquiry Commission? 

answer: six

question: Who claimed that the GSE never purchased subprime loans - a claim that is widely disputed? 

answer: Paul Krugman

question: Several reports written by various agencies  concluded that which policy was not the primary cause of the financial crisis? 

answer: government affordable housing policy

question: According to reports, which loans performed better than some loans securitized by private investment banks? 

answer: GSE loans

question: How many Republican appointees wrote the minority report of the Financial Crisis Inquiry Commission? 

answer: 4
Title: Financial_crisis_of_2007%E2%80%9308
Context: In his dissent to the majority report of the Financial Crisis Inquiry Commission, American Enterprise Institute fellow Peter J. Wallison stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by HUD in the 1990s and to massive risky loan purchases by government-sponsored entities Fannie Mae and Freddie Mac. Later, based upon information in the SEC's December 2011 securities fraud case against 6 ex-executives of Fannie and Freddie, Peter Wallison and Edward Pinto estimated that, in 2008, Fannie and Freddie held 13 million substandard loans totaling over $2 trillion.

question: How many estimated substandard loans did Fannie and Freddie have in 2008?  

answer: 13 million

question: What was the value of the estimated 13 million substandard loans held by Fannie and Freddie in 2008? 

answer: over $2 trillion

question: Which government-sponsored entities had massive risky loan purchases? 

answer: Fannie Mae and Freddie Mac

question: Peter J. Wallison believes that the one of the roots of the financial crisis can be traced to affordable housing policies by which agency in the 1990s? 

answer: HUD

question: How many ex-executives of Fannie and Freddie were named in the SEC's December 2011 securities fraud case? 

answer: 6