engleski

Securitization process integration in modern financial systems: Evidence from the EU securitization market during recent financial crisis

Securitization is the process of taking an illiquid asset or group of assets, and through financial engineering, transforming them into a security. Even if it has been a key bank funding, risk management and performance improvement tool over the last two decades, in the wake of the largest financial crisis in recent times, many causes have been proposed for the 2007-2009 financial crisis. Financial crisis reflections to countries GDP, associated with securitization issuance is a financial niche with influential impact to chosen European Union countries. For the purpose of this paper, research was made to see the impact of securitization issuance on GDP rate of PIGS countries and several other European countries. The aim was to show to show that securitization does not have a great impact on GDP rate change when it is used in a transparent manner. There are significant differences between investigated countries. From Spain on one side, to other European Union countries such as Germany reduced issuance of securitized papers after the peak of the financial crisis. Among biggest issuers in Europe are the United Kingdom and Netherlands, they are characterized by the quality of collateral selection and underwriting standards.

Securitization; special purpose vehicle; mortgage backed securities; asset backed securities; European Union; GDP; financial crisis

nije evidentirano