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The future of securitisation: how to align incentives

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  • Ingo Fender
  • Janet Mitchell

Abstract

This article reviews the recent collapse of global securitisation markets and the loss of investor confidence in them. It then sets out measures that could be taken to revive and strengthen the securitisation process, including mechanisms based on retention requirements for originators. It ends with a number of simple implications for policymakers and market practitioners.

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Bibliographic Info

Article provided by Bank for International Settlements in its journal BIS Quarterly Review.

Volume (Year): (2009)
Issue (Month): (September)
Pages:

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Handle: RePEc:bis:bisqtr:0909e

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  1. Ingo Fender & Janet Mitchell, 2005. "Structured finance : complexity, risk and the use of ratings," Financial Stability Review, National Bank of Belgium, vol. 3(1), pages 127-135, June.
  2. Ingo Fender & Nikola Tarashev & Haibin Zhu, 2008. "Credit fundamentals, ratings and value-at-risk: CDOs versus corporate exposures," BIS Quarterly Review, Bank for International Settlements, March.
  3. Innes, Robert D., 1990. "Limited liability and incentive contracting with ex-ante action choices," Journal of Economic Theory, Elsevier, vol. 52(1), pages 45-67, October.
  4. Paul S. Mills & John Kiff, 2007. "Money for Nothing and Checks for Free," IMF Working Papers 07/188, International Monetary Fund.
  5. Peter M. DeMarzo, 2005. "The Pooling and Tranching of Securities: A Model of Informed Intermediation," Review of Financial Studies, Society for Financial Studies, vol. 18(1), pages 1-35.
  6. Franke, G√ľnter & Krahnen, Jan Pieter, 2008. "The future of securitization," CFS Working Paper Series 2008/31, Center for Financial Studies (CFS).
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Cited by:
  1. Sara Malekan & Georges Dionne, 2012. "Securitization and Optimal Retention under Moral Hazard," Cahiers de recherche 1221, CIRPEE.
  2. Roman Inderst & Sebastian Pfeil, 2013. "Securitization and Compensation in Financial Institutions," Review of Finance, European Finance Association, vol. 17(4), pages 1323-1364.
  3. Blaise Gadanecz & Alper Kara & Philip Molyneux, 2011. "The value of repeat lending," BIS Working Papers 350, Bank for International Settlements.
  4. Malamud, Semyon & Rui, Huaxia & Whinston, Andrew, 2013. "Optimal incentives and securitization of defaultable assets," Journal of Financial Economics, Elsevier, vol. 107(1), pages 111-135.
  5. Ugo Albertazzi & Ginette Eramo & Leonardo Gambacorta & Carmelo Salleo, 2011. "Securitization is not that evil after all," Temi di discussione (Economic working papers) 796, Bank of Italy, Economic Research and International Relations Area.
  6. IANCU, Aurel, 2013. "Extending Financialisation and Increasing Fragility of the Financial System," Working Papers of National Institute of Economic Research 130307, National Institute of Economic Research.
  7. Jaime Caruana, 2010. "Financial Stability: Ten Questions and about Seven Answers," RBA Annual Conference Volume, in: Christopher Kent & Michael Robson (ed.), Reserve Bank of Australia 50th Anniversary Symposium Reserve Bank of Australia.
  8. David Zalewski, 2010. "Securitization, Social Distance, and Financial Crises," Forum for Social Economics, Springer, vol. 39(3), pages 287-294, October.
  9. Frank A.G. den Butter, 2010. "The Macroeconomics of the Credit Crisis: In Search of Externalities for Macro-Prudential Supervision," Tinbergen Institute Discussion Papers 10-052/3, Tinbergen Institute.
  10. Frank A.G. den Butter, 2010. "The Macroeconomics of the Credit Crisis: In Search of Externalities for Macro-Prudential Supervision," Tinbergen Institute Discussion Papers 10-052/3, Tinbergen Institute.

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