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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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Securitization is supposed to perform a desirable function of financial intermediation, enabling originators to raise more funds on better terms by efficiently transferring risks to investors of various risk appetites through pooling and tranching. Subprime mortgage-backed securities (MBSs) and collateralized debt obligations (CDOs) of asset-backed securities, however, are now being blamed for provoking the current global financial crisis. This article reviews how originators, credit rating agencies (CRAs) and investors involved in MBS and CDO transactions have contributed to this crisis and what regulatory responses thereto are being proposed. In this regard, such factors as easing of the underwriting standards for subprime mortgages, originate-to- distribute business model, CRAs’ conflicts of interest, errors in the models used for evaluating risks of structured products, misperception of the meaning of credit ratings, flaws in the compensation schemes, use of excessive leverage and failures in liquidity management are specifically examined.
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참고문헌 (20)
참고문헌 신청
Ashcraft, Adam B / 2008 / Understanding the Securitization of Subprime Mortgage Credit :318
Basel Committee on Banking Supervision / 2008 / Proposed Revisions to the Basel II Market Risk Framework / Consultative Document
Committee on the Global Financial System / 2008 / Ratings in Structured Finance: What Went Wrong and What Can Be Done to Address Shortcomings? :32
Financial Times / Bullish Citigroup is ‘still dancing’ to the beat of the buy-out boom
Financial Times / Ratings reform
Basel Committee on Banking Supervision / 2008 / Proposed Revisions to the Basel II Market Risk Framework / Consultative Document
Committee on the Global Financial System / 2008 / Ratings in Structured Finance: What Went Wrong and What Can Be Done to Address Shortcomings? :32
Financial Times / Bullish Citigroup is ‘still dancing’ to the beat of the buy-out boom
Financial Times / Ratings reform
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