banks in each Europe, Germany and USA between 1994-2009. We identified different main reasons for the banks in each region … credit risk transfer instrument and to increase performance, while European originators focus on regulatory capital arbitrage …. -- regulatory arbitrage ; securitization ; subprime crisis ; ABS ; credit risk transfer ; Basel III ; liquidity …

In the aftermath of the 20078 crisis, senior policymakers and the media have blamed excessive risk-taking undertaken by …