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Securitization and small business


  • James A. Wilcox


Small businesses have relied considerably on securitized markets for credit. The recent financial crisis led to a virtual cessation of securitization of some of the loans used by small businesses, such as commercial real estate mortgages, vehicle, and credit card loans. In addition, values of commercial and residential real estate, which small businesses often use as collateral for loans, dropped dramatically. As a consequence, small businesses may have experienced tighter credit conditions than larger businesses, which rely relatively less on those categories of loans and collateral.

Suggested Citation

  • James A. Wilcox, 2011. "Securitization and small business," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue july18.
  • Handle: RePEc:fip:fedfel:y:2011:i:july18:n:2011-22

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    References listed on IDEAS

    1. repec:fip:fedgsq:y:2002:i:nov21 is not listed on IDEAS
    2. Reuven Glick & Kevin J. Lansing, 2009. "U.S. household deleveraging and future consumption growth," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue may15.
    3. Kevin J. Lansing, 2008. "Monetary policy and asset prices," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue oct31.
    4. Ben S. Bernanke, 2002. "Deflation: making sure "it" doesn't happen here," Speech 530, Board of Governors of the Federal Reserve System (U.S.).
    5. Reuven Glick & Kevin J. Lansing, 2011. "Consumers and the economy, part I: Household credit and personal saving," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jan10.
    6. Kevin J. Lansing, 2005. "Spendthrift nation," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue nov10.
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    Cited by:

    1. John C. Williams, 2011. "The economic outlook and monetary policy," Speech 94, Federal Reserve Bank of San Francisco.

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    Small business - Finance ; Loans;


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