Aufsätze Ökonomik

Aufsätze Pädagogik

Aufsätze Sozialethik


Prof. Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.

Abhandlungen über Johann Heinrich Jung-Stilling

Nachtodliche Belehrungen zur Ökonomik

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Securitization market

Supply and demand for securitization instruments of all kinds. In principle, anything that promises a continuing stream of payments can be securitized, from credit card receivables to student loans to revenues in a soccer stadium or concert hall. – The catch with any securitization is the moral hazard problem. This is because the incentive for the securitizing bank to monitor the debtor is dwindling, since it is the buyers of the securitized securities who bear the risk of default. – In the financial crisis that followed the subprime crisis, the securitization market dried up almost completely because important buyers of credit risk defaulted in the course of the crisis. These included, above all, off-balance sheet special purpose vehicles and insurance companies in the USA. Stricter regulatory requirements were introduced for both. In addition, buyers lost confidence in the reliability of external ratings, and the quality requirements for such securities increased significantly. In addition, the share of loans that banks themselves must hold in the trading book was also increased by the supervisory authorities. – In the U.S.A., the central bank and the government consolidated the securitization market through extensive purchase programs because this refinancing channel is seen as playing a far-reaching and decisive role there. – See Absence capitalism, Assets, illiquid, Asset-backed securities, Defeasance, Diamond thesis, Nonbank, Submarine effect, Securitization, Securitization securities retention, Consumer complaints, Securitization structure. – Cf. Bundesbank Monthly Report of March 2006, pp. 38 ff. (with overviews of the individual segments), p. 40 (comparison of the main types of securitization traded), BaFin Annual Report 2007, p. 18 (sell-off in the securitization market in the wake of the subprime crisis), BaFin Annual Report 2009, p. 131 (the crisis in securitized securities also affects the Pfandbrief), BaFin Annual Report 2010, pp. 170 f. (here also overview of securitization holdings) as well as the respective BaFin Annual Report, chapter “Supervision of Banks, Financial Service Providers and Payment Institutions,” Financial Stability Report 2012, p. 75 (securitization market in Germany since 2000 in aggregate and subdivided), BaFin Annual Report 2012, p. 54 f. (supervisory measures), Financial Stability Report 2013, p. 64 f. (holdings of securitizations consistently reduced by banks; detailed overview 2009-2013).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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