منابع مشابه
Leverage, Securitization and Shadow Banking: Theory and Policy
Leverage and securitization are at the core of the shadow banking system. We provide a non-technical review of the theory of leverage developed in collateral general equilibrium models with incomplete markets. We explain how leverage can be endogenously determined in equilibrium, and its relation with tail risk, volatility and asset prices. We provide a description of the Leverage Cycle and how...
متن کاملReputation and Securitization∗
We analyze a dynamic market with a seller who can make a one-time investment that affects the returns of tradable assets. The potential buyers of the assets cannot observe the seller’s investment prior to trade, nor verify it in anyway after trade. The market faces two types of inefficiency: the ex-ante inefficiency, i.e., the seller’s moral hazard problem; and the ex-post inefficiency, i.e., i...
متن کاملMarket Discipline and Securitization∗
In this paper, I ask whether securitization really contributes to better risksharing. To do this, I first propose an outcome-based formalization of the concept of market discipline. Then, I compare securitization, which consist of the transfer of risk from existing loans, with other mechanisms that differ in the timing of risk-transfer. I find that, for securitization to be an efficient risk-sh...
متن کاملSecuritization and Asset Prices∗
During the 15 years prior to the global financial crisis the volume of securitized assets transacted in the US has grown substantially, reflecting a change in the nature of the financial intermediation process. Together with increased securitization, financial entities, who participate more heavily in the asset-backed security (ABS) market and hold a diversified portfolio of assets, have also b...
متن کاملSecuritization and Lending Competition
We study the e¤ects of securitization on interbank lending competition when banks see private signals of local applicants repayment chances. If banks cannot securitize, the outcome is e¢ cient: they lend to their most creditworthy local applicants. With securitization, banks lend also to remote applicants with strong observables in order to lessen the lemons problem they face in selling their ...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: European Journal of International Relations
سال: 2012
ISSN: 1354-0661,1460-3713
DOI: 10.1177/1354066111425258