4 posts on "securitization"
October 13, 2021
Insurance Companies and the Growth of Corporate Loan Securitization
Collateralized loan obligation (CLO) issuances in the United States increased by a factor of thirteen between 2009 and 2019, with the volume of outstanding CLOs more than doubling to approach $647 billion by the end of that period. While researchers and policy makers have been investigating the impact of this growth on the cost and riskiness of corporate loans and the potential implications for financial stability, less attention has been paid to the drivers of this phenomenon. In this post, which is based on our recent paper, we shed light on the role that insurance companies have played in the growth of corporate loans’ securitization and identify the key factors behind that role.
February 4, 2013
Did Securitization Lead to Riskier Corporate Lending?
There’s ample evidence that securitization led mortgage lenders to take more risk, thereby contributing to a large increase in mortgage delinquencies during the financial crisis.
July 19, 2012
The Dominant Role of Banks in Asset Securitization
As the previous posts have discussed, financial intermediation has evolved over the last few decades toward shadow banking.
July 18, 2012
The Role of Bank Credit Enhancements in Securitization
As Nicola Cetorelli observes in his introductory post, securitization is a key element of the evolution from banking to shadow banking.
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