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Securitized Risk Instruments as Alternative Pension Fund Investments

Olivia S. Mitchell and Kent Smetters

in The Pension Challenge: Risk Transfers and Retirement Income Security

Published in print:
2003
Published Online:
August 2004
ISBN:
9780199266913
eISBN:
9780191601323
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199266913.003.0013
Subject:
Economics and Finance, Financial Economics

This chapter discusses the design and valuation of non-traditional asset-backed securities (ABS) and derivatives. Non-traditional ABS and derivatives provide a new source of diversification, have ... More


Credit Analysis

Onnig H. Dombalagian

in Chasing the Tape: Information Law and Policy in Capital Markets

Published in print:
2015
Published Online:
September 2015
ISBN:
9780262028622
eISBN:
9780262324298
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028622.003.0005
Subject:
Economics and Finance, Financial Economics

This chapter provides an overview of the regulation of information used in analyzing the creditworthiness of fixed-income securities. It begins with a discussion of credit analysis with respect to ... More


Securitization

Mary Tingerthal

in New Frontiers of Philanthropy: A Guide to the New Tools and New Actors that Are Reshaping Global Philanthropy and Social Investing

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199357543
eISBN:
9780199381425
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199357543.003.0014
Subject:
Political Science, American Politics

This chapter examines the tool of securitization used to pool various forms of loans for sale to private investors, thus refreshing the capital available to primary lenders. Long available in the ... More


New Regulations for Securitizations and Asset-Backed Securities

Sharon Brown-Hruska, Georgi Tsvetkov, and Trevor Wagener

in The Handbook of Mortgage-Backed Securities: 7th Edition

Published in print:
2016
Published Online:
October 2016
ISBN:
9780198785774
eISBN:
9780191827594
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198785774.003.0004
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

This chapter assesses the new regulations that have sought to increase transparency in the market for securitized assets and to better align the incentives facing different classes of market ... More


The Supply of Consumer Credit

Thomas A. Durkin, Gregory Elliehausen, Michael E. Staten, and Todd J. Zywicki

in Consumer Credit and the American Economy

Published in print:
2014
Published Online:
August 2014
ISBN:
9780195169928
eISBN:
9780199384976
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195169928.003.0005
Subject:
Economics and Finance, Microeconomics

Consumer credit supply arises through a production process called financial intermediation. Intermediation involves transfer of funds from consumer savers to consumer borrowers through institutions ... More


Special Purpose Vehicles and Securitization

Gary B. Gorton and Nicholas S. Souleles

in The Risks of Financial Institutions

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226092850
eISBN:
9780226092980
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226092980.003.0013
Subject:
Economics and Finance, Financial Economics

This chapter provides evidence that credit card securitizations do not transfer as much risk as a literal interpretation of such structures might imply. It is argued that the existence of special ... More


Déjà Vu: Reckless Lending and Securitization by Financial Conglomerates Triggered a Global Financial Crisis in 2007

Arthur E. Wilmarth Jr. Jr.

in Taming the Megabanks: Why We Need a New Glass-Steagall Act

Published in print:
2020
Published Online:
September 2020
ISBN:
9780190260705
eISBN:
9780190260736
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190260705.003.0011
Subject:
Economics and Finance, Financial Economics

Like the credit boom of the 1920s, the toxic credit bubble of the 2000s precipitated a devastating global financial crisis. The desire to earn quick profits from originating and securitizing subprime ... More


Asset-Backed Securities

Massimo Guidolin and Manuela Pedio

in Debt Markets and Investments

Published in print:
2019
Published Online:
June 2020
ISBN:
9780190877439
eISBN:
9780190877460
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190877439.003.0022
Subject:
Economics and Finance, Financial Economics

This chapter investigates the mechanics of the origination process and the main characteristics of asset-backed securities (ABSs). In particular, it provides an overview of why and how unencumbered ... More


Resurgence, Part I: Federal Agencies and Courts Opened Loopholes in the Glass-Steagall Act During the 1980s and 1990s

Arthur E. Wilmarth Jr. Jr.

in Taming the Megabanks: Why We Need a New Glass-Steagall Act

Published in print:
2020
Published Online:
September 2020
ISBN:
9780190260705
eISBN:
9780190260736
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190260705.003.0008
Subject:
Economics and Finance, Financial Economics

The Glass-Steagall Act created a decentralized financial system composed of three separate and independent financial sectors—commercial banking, securities markets, and insurance. The Bank Holding ... More


Institutional Failure and the Global Financial Crisis

Timothy J. Sinclair

in The Consequences of the Global Financial Crisis: The Rhetoric of Reform and Regulation

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199641987
eISBN:
9780191741586
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199641987.003.0008
Subject:
Business and Management, Political Economy, Finance, Accounting, and Banking

Who could have imagined the obscure, arcane business of debt rating would become — in the context of the worst economic and financial crisis since the Great Depression — a matter for serious public ... More


Introduction

Arthur E. Wilmarth Jr. Jr.

in Taming the Megabanks: Why We Need a New Glass-Steagall Act

Published in print:
2020
Published Online:
September 2020
ISBN:
9780190260705
eISBN:
9780190260736
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190260705.003.0001
Subject:
Economics and Finance, Financial Economics

Universal banks arose in the U.S. during two periods in the past century—the 1920s and the late 1990s. On both occasions, universal banks in the U.S. and Europe promoted intense boom-and-bust cycles ... More


Financialization and the Tyranny of Bootstraps

Terri Friedline

in Banking on a Revolution: Why Financial Technology Won't Save a Broken System

Published in print:
2021
Published Online:
December 2020
ISBN:
9780190944131
eISBN:
9780190944148
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190944131.003.0003
Subject:
Social Work, Communities and Organizations, Research and Evaluation

This chapter explores recent trends in student loan debt, particularly the for-profit educational corporation Corinthian Colleges’ scandal, in order to define the key terms financialization and ... More


Valuing and Analyzing Mortgage-Backed and Asset-Backed Securities

Matthew Dyer

in Debt Markets and Investments

Published in print:
2019
Published Online:
June 2020
ISBN:
9780190877439
eISBN:
9780190877460
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190877439.003.0026
Subject:
Economics and Finance, Financial Economics

This chapter discusses how to value and analyze asset-backed securities (ABSs) with an emphasis on mortgage-backed securities (MBSs). Valuation differs fundamentally from traditional fixed-income ... More


The White Knight

Hans-Werner Sinn

in The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs

Published in print:
2014
Published Online:
October 2014
ISBN:
9780198702139
eISBN:
9780191771828
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198702139.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

When the US financial crisis spilled over to Europe after 2007, investors shied away from the southern euro countries, declining to continue financing their current account deficits and even ... More


See No Evil: Policymakers and Regulators Allowed Financial Conglomerates to Inflate a Toxic Credit Bubble on Both Sides of the Atlantic During the “Roaring 2000s”

Arthur E. Wilmarth Jr. Jr.

in Taming the Megabanks: Why We Need a New Glass-Steagall Act

Published in print:
2020
Published Online:
September 2020
ISBN:
9780190260705
eISBN:
9780190260736
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190260705.003.0010
Subject:
Economics and Finance, Financial Economics

During the 2000s, universal banks originated and securitized trillions of dollars of toxic subprime loans and sold the resulting debt securities to investors around the world. Governments on both ... More


Securitization and the Financial System

Hyun Song Shin

in Risk and Liquidity

Published in print:
2019
Published Online:
October 2019
ISBN:
9780198847069
eISBN:
9780191884313
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198847069.003.0009
Subject:
Economics and Finance, Financial Economics

Mortgage securitisations rose rapidly in the early 2000s through the private label securitisation vehicles that packaged subprime mortgages. The size of the asset-backed securities sector in the ... More


Securitization Process

Mark Ferguson, Joseph Mcbride, and Kevin Tripp

in Debt Markets and Investments

Published in print:
2019
Published Online:
June 2020
ISBN:
9780190877439
eISBN:
9780190877460
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190877439.003.0020
Subject:
Economics and Finance, Financial Economics

The securitization process has become an essential tool that provides liquidity to firms and borrowers while opening up the breadth and depth of the capital markets to previously underserved ... More


Liquidity Crunch/Trap: Some Unconventional Output/Employment/Growth Implications1

Guillermo Calvo

in Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials

Published in print:
2016
Published Online:
May 2017
ISBN:
9780262035415
eISBN:
9780262336017
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262035415.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter shows that a sudden and sufficiently large contraction of bonds' liquidity could generate a fall in output, liquidity trap and price deflation, suggesting that there is no contradiction ... More


More on Banks and Banking

Harold L. Cole

in Finance and Financial Intermediation: A Modern Treatment of Money, Credit, and Banking

Published in print:
2019
Published Online:
May 2019
ISBN:
9780190941697
eISBN:
9780190949068
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190941697.003.0013
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

This chapter lays out the development and history of banking in the United States. It lays out the Diamond-Dybvig model of baning and explains how bank runs can arise. It closes by discussing various ... More


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