Abstract Bridging arguments between securitization theory and populist communication, this article shifts attention to the strategy of ‘populist securitization’. It argues that parties may seek ‘securitize’ international political issues for purpose domestic mobilization. Empirically, it demonstrates relevance case Austria’s foreign policy on Global Compact Migration during coalition government...

Using credit register data for loans to Italian firms we test the presence of asymmetric information in securitization market by looking at correlation between (risk-transfer) and default (accident) probability. We can disentangle adverse selection from moral hazard component many with multiple bank relationships. find that is widespread but confined weak relationships, indicating a strong rela...

OF THE U.S., various years; and manufacturing data are calculated frorm THE ECON. REP. OF THE PRESIDENT 391 (1991). 8. See ROBERT E. LrrAN, THE REVOLUTION IN U.S. FINANCE 11 (1991). The Yale Journal on Regulation readily traded on the open market). A much broader range of banks, however, have felt the sting of the second form of securitization: Wall Street's transformation of formerly illiquid ...

Using micro-level data from the mortgage market, we examine yield spreads as a funnction of both credit risk and prepayment risk using a two-stage instrumental variable approach. Our results are consistent with findings in the finance literature that leverageinduced financial risk reflected in capital structure results in higher yield spreads on debt. In particular, borrowers with loan-to-value...

Do securitized loans differ from loans held on lenders’ balance sheets? If so, why? We assemble a unique dataset of commercial mortgages with information on loan characteristics at origination and subsequent performance. The most significant difference between securitized (CMBS) and balance sheet loans is the loan size. The largest loans are 42 percentage points more likely to be securitized th...