The role of the equity tranche in the private-label RMBS markets

Taylor Begley, Amiyatosh Purnanandam, 1 April 2014

a

A

Following the financial crisis, there has been a lot of discussion about what went wrong in securitisation markets. Much of this work has focused on the conflicts of interests and moral hazard problems that occur at the various links in the securitisation chain (see Keys et al. 2012, Gorton and Metrick 2012).

Topics: Financial markets
Tags: equity tranche, mortgage-backed securities markets, securitisation

Shadow banking: Economics and policy priorities

Stijn Claessens, Zoltan Pozsar, Lev Ratnovski, Manmohan Singh, 12 January 2013

a

A


This column is a lead commentary in the VoxEU Debate "Banking reform: Do we know what has to be done?"

Topics: International finance
Tags: collateral intermediation, financial deregulation, securitisation, shadow banking

Lending relationships and credit rationing: the impact of securitisation

Hans Degryse, Santiago Carbó-Valverde, Francisco Rodríguez Fernández, 23 September 2012

Vox readers can download CEPR Discussion Paper 9138 for free here.

Journalists are entitled to free DP downloads on request; please contact pressoffice@cepr.org. To learn more about subscribing to CEPR's Discussion Paper Series, please visit the CEPR website.

URL: www.cepr.org/pubs/dps/DP9138.asp
Topics: International finance
Tags: financial crisis, lending relationships, securitisation

Securitisation: Let’s not throw the baby out with the bathwater

Ugo Albertazzi, Leonardo Gambacorta, Carmelo Salleo, 25 May 2011

a

A

Before the crisis, securitisation was hailed as a major improvement to the functioning of financial markets. By allowing risk to be held more widely and banks’ balance sheets to be more liquid, securitisation had increased the supply of credit and was thought to have improved financial stability (Duffie 2007).

Topics: International finance
Tags: financial regulation, securitisation

Understanding the global turmoil: It’s the general equilibrium, stupid

Ricardo Caballero, 21 May 2010

a

A

Here we go again. Financial volatility is re-emerging, this time from the other side of the ocean. But in the current globalised environment the ocean isn’t wide enough to contain the contagion and fear.

Topics: Global crisis
Tags: global crisis, safe assets, securitisation

Lessons from the financial crisis

Hyun Song Shin interviewed by Romesh Vaitilingam, 4 Sep 2009

Hyun Song Shin of Princeton University talks to Romesh Vaitilingam about the role of securitisation, mark-to-market accounting and banks’ incentives in the current financial crisis, making an analogy between the feedback mechanisms that made London’s Millennium Bridge wobble dramatically when it was first opened and those that operate within the modern financial system. The interview was recorded in Princeton in August 2009.

Listen

Unfortunately the file could not be found.

Open in a pop-up window Open in a pop-up window

Download

Download MP3 File (9.8MB)

a

A

See Also

Background on the Millennium Bridge here.

Transcript

View Transcript

Topics: Financial markets, Macroeconomic policy
Tags: mark-to-market, securitisation

Financial globalisation and securitisation in mortgage markets

Mathias Hoffmann, Thomas Nitschka, 20 June 2009

a

A

The securitisation of mortgage-related debt has played a major role in the emergence and proliferation of the current financial crisis (Brunnermeier 2009). Understandably, this has led to widespread about the usefulness of such instruments for allocating macroeconomic risk.

Topics: Financial markets, International finance
Tags: financial globalisation, mortgage backed securities, securitisation

Hubris, nemesis, and catharsis

Con Keating, 2 June 2009

a

A

During his recent Inflation Report presentation, in response to journalists’ questions on the crisis, the Governor of the Bank of England, Mervyn King asserted that now is the time to think. It clearly is.

Topics: Financial markets
Tags: financial crisis, financial regulation, securitisation

Securitisation and financial stability

Hyun Song Shin, 18 March 2009

a

A

Financial booms and busts are as old as finance itself, but the current global financial crisis has the distinction of being the first post-securitisation crisis. Securitisation refers to banks’ practice of parcelling and selling loans to other investors.

Topics: Global crisis
Tags: financial stability, global crisis debate, risk, securitisation

Esther Duflo, 6 March 2009

a

A

The Obama administration is reluctant to nationalise banks (or at least some of them). But an increasing number of economists are calling for nationalisation, and even prominent Republicans have now expressed their support for temporary nationalisation.

Topics: Financial markets
Tags: banks, global financial crisis, nationalisation, securitisation

Vox eBooks