The password of a new concept of finance that has been dominating
since the '90s is widely known as securitisation: a technique
through which loans are packaged together and then transferred to
autonomous special purpose vehicles (SPV) which, in turn, issue
asset-backed securities (ABS). These securities, submitted to the
rating agencies' evaluation, give rise to a variety of classes of
risk and can be issued to a wide audience composed of international
investors. In this book, it has been analyzed that securitisation
deals, theoretically conceived as instruments of risk management,
were used in an aggressive way in order to maximize short-term
profit, but with weak valuation of medium and long-term effects.
Moreover, it has been demonstrated that securitisation deals had a
relevant impact both in provoking and fomenting the recent
financial crisis. Due to the increased risk appetite by financial
institutions in the years preceding the crisis, securitisation
operations contributed to disseminate a situation of uncertainty
with a generalized mistrust in the financial markets and in the
solvency of financial intermediaries, causing the crisis to reach
the global level.
Lap Lambert Academic Publishing
|Country of origin:
||229 x 152 x 7mm (L x W x T)
||Paperback - Trade
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