EconStor >
Goethe-Universität Frankfurt am Main >
Center for Financial Studies (CFS), Universität Frankfurt a. M.  >
CFS Working Paper Series, Universität Frankfurt a. M. >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/25416
  
Title:Der Handel von Kreditrisiken: Eine neue Dimension des Kapitalmarktes PDF Logo
Authors:Krahnen, Jan Pieter
Issue Date:2005
Series/Report no.:CFS Working Paper 2005/05
Abstract:This paper makes an attempt to present the economics of credit securitization in a nontechnical way, starting from the description and the analysis of a typical securitization transaction. The paper sketches a theoretical explanation for why tranching, or nonproportional risk sharing, which is at the heart of securitization transactions, may allow commercial banks to maximize their shareholder value. However, the analysis makes also clear that the conditions under which credit securitization enhances welfare, are fairly restrictive, and require not only an active role of the banking supervisiory authorities, but also a price tag on the implicit insurance currently provided by the lender of last resort.
JEL:D82
G21
D74
Persistent Identifier of the first edition:urn:nbn:de:hebis:30-10829
Document Type:Working Paper
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

Files in This Item:
File Description SizeFormat
495636002.PDF996.49 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/25416

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.