that banks used this form of securitization to concentrate, rather than disperse, financial risks in the banking sector …

to climate risk may be a drop in the ocean of cash flows. This paper builds a data set of the entire securitization chain …

We survey the literature on securitization and lay out a research program for its open questions. Securitization is the … markets. Securitization has grown from a small amount in 1990 to a pre-crisis issuance amount that makes it one of the largest … of the recent financial crisis. Nevertheless, despite the transformative effect of securitization on financial …

into a system with significant amounts of wholesale short-term debt that relies on collateral, and in particular Treasuries …, which have a convenience yield. In the new economy the quality of collateral matters: when Treasuries are scarce, the … Treasuries is high, a financial crisis is more likely. The central bank's open market operations affect the quality of collateral …

possibility of trade in spot markets creates externalities, as spot prices and the bindingness of collateral constraints interact … prices used to unwind collateral, over and above contracting on true underlying states of the world, then standard existence …

event of default, the creditors can seize the collateral. We assume that there is a small cost of liquidating the assets …. The debt capacity of the assets (the maximum amount that can be borrowed using the assets as collateral) depends on the …