Securitization Economics
Deconstructing the Economic Foundations of Asset Securitization
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Beschreibung
Securitization is widely used around the world, and structured products are one of the largest fixed-income asset classes. This textbook guides readers through the complexity of this financial technique and first introduces them to the mechanics of securitization and makes the key concepts, techniques and logic of this field accessible for teachers and students alike. Further, the textbook presents a systematic economic analysis of securitization, asking and answering why it exists, how it works, why it has failed, how complex structures operate, why they are so complex, and many other related questions. The author offers a unique approach, and combines detailed discussions of theoretical economics models with advanced empirical research in order to confront them to the perspective of an experienced practitioner in this market.
Securitization is widely used around the world, and structured products are one of the largest fixed-income asset classes. This textbook guides readers through the complexity of this financial technique and first introduces them to the mechanics of securitization and makes the key concepts, techniques and logic of this field accessible for teachers and students alike. Further, the textbook presents a systematic economic analysis of securitization, asking and answering why it exists, how it works, why it has failed, how complex structures operate, why they are so complex, and many other related questions. The author offers a unique approach, and combines detailed discussions of theoretical economics models with advanced empirical research in order to confront them to the perspective of an experienced practitioner in this market.
Introduces securitization, explains the analysis of loan portfolios and presents a detailed overview of structuring Offers a useful guide to the economics of securitization and drills into its fundamental economic drivers and the problems it raises Combines theoretical concepts and proofs with recent and impactful research from the field and confronts them with a practitioner's perspective
Autor*in
Laurent Gauthier
Themen in »Securitization Economics«
Structured finance Securitized bond markets Asset-backed securities Textbook on structured finance Applications of mathematical economics Security design Loan portfolio analysis Over-collateralization and excess spread investments and securities