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
