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view of incentives that change as a consequence of securitization and contagion processes. It provides a critical analysis … of banking and the role of securitization in it. The former focuses on its impact on the traditional model of commercial … banking, whereas the latter sees the role of securitization in the emergence of a parallel banking system (shadow banking …
Persistent link: https://www.econbiz.de/10010933422
Die weltweite Finanzmarktkrise beruht zu einem wesentlichen Teil auf dem Handel mit Verbriefungen, deren Risiken aufgrund manipulierter Ratings erheblich unterschätzt wurden. Die Ursachen der Krise sind demnach weitgehend unstrittig; das Ausmaß der Krise lässt sich aber gegenwärtig kaum...
Persistent link: https://www.econbiz.de/10005070859
England’s liquidity management, regulatory failure of the FSA, an inadequate deposit insurance arrangement and deficient …
Persistent link: https://www.econbiz.de/10005791213
by looking at the specific dynamics of financial innovation through securitization of illiquid assets. Particularly, a …
Persistent link: https://www.econbiz.de/10008498520
Lack of transparency in securitization transactions significantly contributed to the severe financial crisis of 2007 … participants at each stage of the securitization process to obtain easily full information about the underlying original risks and … considerably enhance transparency in securitization transactions at the expense of some transaction costs, while reducing the need …
Persistent link: https://www.econbiz.de/10005207947
The aim of this paper is to put forward a relevant indicator that could help supervisors to regulate the excessive use of leverage which gives rise to systemic risk. We suggest the aggregated leverage ratio named “Global Aggregated Leverage Ratio” (GALR), which encompasses the activity of...
Persistent link: https://www.econbiz.de/10009646113
We consider an economy in which a lender finances his loans to borrowers by issuing a securitized product to investors, and where the credit quality of the product may depend on whether the lender screens the borrowers. In the presence of asymmetric information between the lender and the...
Persistent link: https://www.econbiz.de/10009194511
We study optimal securitization in the presence of an initial moral hazard. A financial intermediary creates and then … punishment for defaults, under which investors stop paying the intermediary after the first default. With securitization … contracts optimally designed, we find securitization improves the intermediary's screening incentives. Furthermore, the …
Persistent link: https://www.econbiz.de/10010593827
Nachdem 2008 die Finanzmärkte weltweit einbrachen, wurde in Verbriefungen eine der Hauptursachen für den Flächenbrand gesehen. Der Verbriefungsmarkt trocknete aus, weil das Vertrauen in dieses Finanzinstrument verloren gegangen war. Damals attestierte man der Finanzinnovation Verbriefung...
Persistent link: https://www.econbiz.de/10009283555
credit risk transfer instrument and to increase performance, while European originators focus on regulatory capital arbitrage … and performance improvement. For German banks securitization seems to be an appropriate funding tool. The proposed … understanding for the motivation to originate securitization products is less discovered. Therefor this paper tries to identify main …
Persistent link: https://www.econbiz.de/10010614506