Titlebook: Securitization: Past, Present and Future; Solomon Y Deku,Alper Kara Book 2017 The Editor(s) (if applicable) and The Author(s) 2017 Bank Le

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Concluding Remarks,ular, it provided insights on factors responsible for the growth of securtisation, the role of this mechanism in the 2007–2009 financial crisis, how it has changed bank lending behaviour and whether investors – as buyers of securitised assets – understood the risks. The book also looked at the near

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Mechanics of Securitization,g financial assets are then channelled to support payments to ABS investors. This mechanism can be used by both financial and non-financial institutions as a funding and a risk management tool. Securitization is essentially a bridge between balance sheets and capital markets.

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Concluding Remarks,future and how regulatory changes may affect this market. Having a better understanding of what happened in the securitization markets during the pre-crisis period can help to develop a robust securitization market. We hope to the book will provide insights in this direction.

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2523-336X growing post-crisis empirical evidence to the attention of a wider audience by critically appraising it against pre-crisis arguments. With its thought-provoking insights, this book is of particular interest for students, practitioners and academics..978-3-319-86786-1978-3-319-60128-1Series ISSN 2523-336X Series E-ISSN 2523-3378

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Introduction,ence and stability of the financial system. In contrast, the sceptical view was that securitization reduces banks screening and monitoring incentives, leads to retention of riskier loans, enhances risk appetite, leads to lax lending standards and, overall, destabilizes the financial system.

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Effects of Securitization on Banks and the Financial System,on, on the other hand, allows banks to sell otherwise illiquid loans and off-load part of credit exposure to third parties, and enables them to raise new funds to increase further lending. This model is termed “originate to distribute”.

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Valuation of ABS Under Asymmetric Information,roblems between the originator of the ABS and investors. Here, the originators have more private information about securitised loans and are less motivated to perform their monitoring function efficiently as the risk and ownership have been transferred to investors.

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Securitization: Key Trends Since the Crisis,issuance to the market and therefore material transfer of credit risk away from banks. As a result, the euro area securitization market has been transformed from an active sector of the fixed income market towards the status of a relatively small niche market.

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