that securitization improves financial stability if the securitized assets are held by capital market participants, rather …-backed securities (MBS) to evaluate this claim for subprime securitization during the Great Recession. I find that output in the U … subsequent deleveraging amplifies business cycles. My findings suggest that the existence of the securitization market stabilizes …

might be of lower credit quality than -- otherwise similar -- non-securitized loans. We assess the effect of securitization …, at issuance, banks do not select and securitize loans of lower credit quality. Following securitization, however, the …

The application, or to be more precise, the misapplication of securitization in the mortgage market had fatal … consequences for the financial sector worldwide. More over securitization techniques enabled single banks to reduce their … financial system. In particular, securitization and related credit risk transfer products were adequately treated neither in …