The Role of Securitization Market in the Post-Crisis European Economic Recovery

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Author(s): Oxana Karnaukhova (Southern Federal University, Russia)and Inna Nekrasova (Southern Federal University, Russia)
Copyright: 2016
Pages: 13
Source title: Handbook of Research on Comparative Economic Development Perspectives on Europe and the MENA Region
Source Author(s)/Editor(s): M. Mustafa Erdoğdu (Marmara University, Turkey)and Bryan Christiansen (PryMarke, LLC, USA)
DOI: 10.4018/978-1-4666-9548-1.ch021

Keywords: Business & Management / Business Science Reference / Economics & Economic Theory / Economics and Economic Theory

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Abstract

European national economies begin to recover, and securitization can play an important role in supporting both monetary and financial stability. In particular, securitization may allow banks to lend without over-committing of the capital and other sources of funding, and thereby to provide indirect market access to borrowers. Otherwise, such borrowers as SME's are not able to tap markets directly. At the same time securitization suffers from stigma, reflecting both its adverse reputation among investors and conservatism among regulators and standard-setters. This is the consequence of misaligned incentives in years prior to the financial crisis, when industry participants became entwined in a self-reinforcing dynamic between demand and supply of securitizations. Using data accessible within the period of 2009-2014, the chapter will input by the analysis of transformation in the securitization market within the post-crisis economic recovery of the EU.

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The Role of Securitization Market in the Post-Crisis European Economic Recovery

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