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Assets Securitization in European Financial Scope

Author

Listed:
  • Ihor Kravchuk

    (Ternopil National Economic University, Ternopil, Ukraine)

Abstract
The article identifies failures on the securitization market and obstacles for its intensification as relying on the analysis of development trends of this market section of negotiable financial instruments in Europe, evaluating proposals for generating a model of simple, transparent and standard securitization. It is found that the available structure of the European securitization market is deformed (by asset types, across regions due to a high rate of support by issuer and originator banks), which may jeopardize the financial stability. In view of such market conditions and mindful of a considerable potential of its development (according to volumes of probable basic assets) it appears expedient that a number of measures should be taken to foster the development, simultaneously using the regulation instruments designed to maintain the stability of the securitization market. The proposed draft of simple, transparent and standard securitization in the EU along with the implementation of a great number of advanced principles of law has a lot of drawbacks in ensuring financial stability (it fails to solve the problem if synthetic securitization, fraudulent arrangements as to STS qualification being possible) and it needs upgrading.

Suggested Citation

  • Ihor Kravchuk, 2017. "Assets Securitization in European Financial Scope," Oblik i finansi, Institute of Accounting and Finance, issue 2, pages 91-98, June.
    • Handle: RePEc:iaf:journl:y:2017:i:2:p:91-98
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    File URL: http://www.afj.org.ua/pdf/477-sek-yuritizaciya-aktiviv-u-evropeyskomu-finansovomu-prostori.pdf
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    File URL: http://www.afj.org.ua/en/article/477/
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    References listed on IDEAS

    as
    1. repec:zbw:bofrdp:2016_031 is not listed on IDEAS
    2. Mr. Shekhar Aiyar & Mr. Ali J Al-Eyd & Ms. Bergljot B Barkbu & Andreas Jobst, 2015. "Revitalizing Securitization for Small and Medium-Sized Enterprises in Europe," IMF Staff Discussion Notes 2015/007, International Monetary Fund.
    3. Ugo Albertazzi & Margherita Bottero & Leonardo Gambacorta & Steven Ongena, 2016. "Asymmetric information and the securitization of SME loans," Temi di discussione (Economic working papers) 1091, Bank of Italy, Economic Research and International Relations Area.
    4. Alper Kara & David Marques-Ibanez & Steven Ongena, 2015. "Securitization and Credit Quality," International Finance Discussion Papers 1148, Board of Governors of the Federal Reserve System (U.S.).
    5. Buchanan, Bonnie G., 2017. "The way we live now: Financialization and securitization," Research in International Business and Finance, Elsevier, vol. 39(PB), pages 663-677.
    6. Fabrizio Cerbioni & Michele Fabrizi & Antonio Parbonetti, 2015. "Securitizations and the financial crisis: Is accounting the missing link?," Accounting Forum, Taylor & Francis Journals, vol. 39(3), pages 155-175, September.
    7. Bonnie G. Buchanan, 2016. "Securitization: A Financing Vehicle for All Seasons?," Journal of Business Ethics, Springer, vol. 138(3), pages 559-577, October.
    8. Shekhar Aiyar & Ali J Al-Eyd & Bergljot B Barkbu & Andreas Jobst, 2015. "Revitalizing Securitization for Small and Medium-Sized Enterprises in Europe," IMF Staff Discussion Notes 15/7, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    simple; transparent and standard securitization; mortgage securities; negotiable financial instruments; bank; financial stability;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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