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The rise of the originate-to-distribute model and the role of banks in financial intermediation

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  • Vitaly M. Bord
  • João A. C. Santos

Abstract

This is the second article in a series which explores the changing role of banks in the financial intermediation process. It accompanies a Liberty Street Blog series. Both discuss the complexity of the credit intermediation chain associated with securitization and note the growing participation of nonbank entities within it. These series also discuss implications for monitoring and rulemaking going forward. In this article, the authors show that, beginning in the early 1990s, lead banks increasingly used the originate-to-distribute model in their corporate lending business and that the increase was largely limited to term loans.

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File URL: http://www.newyorkfed.org/research/epr/12v18n2/1207bord.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of New York in its journal Economic Policy Review.

Volume (Year): (2012)
Issue (Month): Jul ()
Pages: 1-14

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Handle: RePEc:fip:fednep:y:2012:i:jul:p:1-14:n:v.18no.2

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Related research

Keywords: Secondary markets ; Bank loans ; Commercial loans ; Credit ; Nonbank activities ; Intermediation (Finance);

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  1. Galina Hale & Joao A. C. Santos, 2008. "Do banks price their informational monopoly?," Working Paper Series 2008-14, Federal Reserve Bank of San Francisco.
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Cited by:
  1. Tobias Adrian Author-Name: Adam B. Ashcraft, 2012. "shadow banking: a review of the literature," The New Palgrave Dictionary of Economics, Palgrave Macmillan.
  2. Tobias Adrian & Adam B. Ashcraft & Nicola Cetorelli, 2013. "Shadow bank monitoring," Staff Reports 638, Federal Reserve Bank of New York.

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