Economia
SECURITIZATION
Gary Gorton
Andrew Metrick
ABSTRACT
We survey the literature on securitization and lay out a research program for its open questions. Securitization
is the process by which loans, previously held to maturity on the balance sheets of financial intermediaries,
are sold in capital markets. Securitization has grown from a small amount in 1990 to a pre-crisis issuance
amount that makes it one of the largest capital markets. In 2005 the amount of non-mortgage asset-backed
securities issued in U.S. capital markets exceeded the amount of U.S. corporate debt issued, and these
securitized bonds – even those unrelated to subprime mortgages -- were at center of the recent financial
crisis. Nevertheless, despite the transformative effect of securitization on financial intermediation,
the literature is still relatively small and many fundamental questions remain open.
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Economia
Securitização
SECURITIZATION
Gary Gorton
Andrew Metrick
ABSTRACT
We survey the literature on securitization and lay out a research program for its open questions. Securitization
is the process by which loans, previously held to maturity on the balance sheets of financial intermediaries,
are sold in capital markets. Securitization has grown from a small amount in 1990 to a pre-crisis issuance
amount that makes it one of the largest capital markets. In 2005 the amount of non-mortgage asset-backed
securities issued in U.S. capital markets exceeded the amount of U.S. corporate debt issued, and these
securitized bonds – even those unrelated to subprime mortgages -- were at center of the recent financial
crisis. Nevertheless, despite the transformative effect of securitization on financial intermediation,
the literature is still relatively small and many fundamental questions remain open.
Mais
loading...
- Declaração Da Reserva Federal
Na sua declaração de ontem a Reserva Federal indica que: "the economy has weakened further. Industrial production, housing starts, and employment have continued to decline steeply, as consumers and businesses have cut back spending. Furthermore, global...
- Declaração Do G7 E Do Secretário De Estado Paulson
Para além de carecer de medidas concretas a Declaração do G7 (http://www.treas.gov/press/releases/hp1195.htm): "We agree to: 1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their...
- Entender A Origem Da Crise Financeira
"... Securitization is a shadow banking system that funds most of the world's credit cards, car purchases, leveraged buyouts and, for a while, subprime mortgages. The system, which pools loans and slices up the risk of default, made borrowing cheaper...
- Uma Proposta De Reforma Do Sistema Financeiro
Novo artigo de Alberto Giovanni, que parte de alguns princípios fundamentais, como a importância de informação assimétrica e falta de liquidez na geração de crises financeiras: "In this paper I highlight some fundamental characteristics of the...
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Um Survey bem recente sobre Social Capital. Este é para o Leo!!! E é lógico, para quem interessar. Social Capital Steven N. Durlauf, Marcel Fafchamps NBER Working Paper No. w10485 Issued in May 2004 ---- Abstract ----- This paper surveys...