Securitization and economic activity: The credit composition channel

Name: Securitization and economic activity: The credit composition channel
Author: Bertay, Ata Can, Gong, D., Wagner, W.

İsim	Securitization and economic activity: The credit composition channel
Yazar	Bertay, Ata Can, Gong, D., Wagner, W.
Basım Tarihi:	2017-02
Basım Yeri	- Elsevier
Konu	Securitization market, Household securitization, Business securitization, Economic growth
Tür	Süreli Yayın
Dil	İngilizce
Dijital	Evet
Yazma	Hayır
Kütüphane:	Özyeğin Üniversitesi
Demirbaş Numarası	1572-3089
Kayıt Numarası	9677110b-55d2-4f2e-8dd7-ef1bd3e5db3b
Lokasyon	International Finance
Tarih	2017-02
Notlar	Due to copyright restrictions, the access to the full text of this article is only available via subscription.
Örnek Metin	Using an international panel of 104 countries over the period 1995–2012, we analyze the relationship between country-level securitization and economic activity. Our findings suggest that securitization is negatively related to various proxies of economic activity – even prior to the crisis of 2007–2009. We explain this finding as the results of securitization spurring consumption at the expense of investment and capital formation. Consistent with this, we find that securitization of household loans is negatively associated with economic activity, whereas business securitization displays a weak positive association with it, and that household securitization increases an economy's consumption-investment ratio. Our results inform recent initiatives aimed at reviving securitization markets, as they indicate that the impact of securitization crucially depends on the underlying collateral.
DOI	10.1016/j.jfs.2016.01.010

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Securitization and economic activity: The credit composition channel

Yazar Bertay, Ata Can, Gong, D., Wagner, W.

Basım Tarihi 2017-02

Basım Yeri - Elsevier

Konu Securitization market, Household securitization, Business securitization, Economic growth

Tür Süreli Yayın

Dil İngilizce

Dijital Evet

Yazma Hayır

Kütüphane Özyeğin Üniversitesi

Demirbaş Numarası 1572-3089

Kayıt Numarası 9677110b-55d2-4f2e-8dd7-ef1bd3e5db3b

Lokasyon International Finance

Tarih 2017-02

Notlar Due to copyright restrictions, the access to the full text of this article is only available via subscription.

Örnek Metin Using an international panel of 104 countries over the period 1995–2012, we analyze the relationship between country-level securitization and economic activity. Our findings suggest that securitization is negatively related to various proxies of economic activity – even prior to the crisis of 2007–2009. We explain this finding as the results of securitization spurring consumption at the expense of investment and capital formation. Consistent with this, we find that securitization of household loans is negatively associated with economic activity, whereas business securitization displays a weak positive association with it, and that household securitization increases an economy's consumption-investment ratio. Our results inform recent initiatives aimed at reviving securitization markets, as they indicate that the impact of securitization crucially depends on the underlying collateral.

DOI 10.1016/j.jfs.2016.01.010