Securitization and Bank Intermediation Function
نویسندگان
چکیده
منابع مشابه
Bank and Non-Bank Financial Intermediation
Conglomerates, trade credit arrangements and banks are all instances of financial intermediation. However, in spite of this fundamental similarity, important differences exist between these institutions. In particular, they differ in the extent to which the projects financed absorb aggregate intermediary risk, in whether or not intermediation is carried out by a financial specialist, in the typ...
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In an incomplete market economy, all claims cannot be priced uniquely based only on arbitrage. The prices of attainable claims (those that are spanned by traded claims) can be determined uniquely, whereas the prices of unattainable claims can only be bounded. The issue we consider is whether the values of the latter claims can be enhanced by undertaking appropriate transactions in the financial...
متن کاملThe Role of Bank Credit Enhancements in Securitization
oes the advance of securitization—a key element in the evolution from banking to “shadow banking” (Pozsar et al. 2010)1—signal the decline of traditional banking? Not necessarily, for banks play a vital role in the securitization process at a number of stages, including the provision of credit enhancements.2 Credit enhancements are protection, in the form of financial support, to cover losses o...
متن کاملIntermediation and Value Creation in an Incomplete Market: Implications for Securitization∗ Preliminary Draft
This paper studies the impact of financial innovations on real investment decisions. We model an incomplete market economy comprised of firms, investors and an intermediary. The firms face unique investment opportunities that are not spanned by the securities traded in the financial market, and thus, cannot be priced uniquely using the no-arbitrage principle. The specific innovation we consider...
متن کاملcompactifications and function spaces on weighted semigruops
chapter one is devoted to a moderate discussion on preliminaries, according to our requirements. chapter two which is based on our work in (24) is devoted introducting weighted semigroups (s, w), and studying some famous function spaces on them, especially the relations between go (s, w) and other function speces are invesigated. in fact this chapter is a complement to (32). one of the main fea...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2010
ISSN: 1556-5068
DOI: 10.2139/ssrn.1663061