Securitization: Redefining the Bank

ISBN-13: 9780333586860 / Angielski / Twarda / 1995 / 186 str.

Paul W. Feeney

Opis

This is a carefully researched and valuable study of one of the major strategic issues in banking: the relative role of banks and the capital market in meeting the financing requirements of the corporate sector. Feeney brings to the study both a solid academic framework and the insights of a practitioner.' - Professor David T. Llewellyn, Loughborough University of Technology The increasing trend towards the securitization of retail and wholesale financial assets is examined in depth with various chapters devoted to the characteristics and significance of the different securitized assets and securitization techniques. Against this backdrop, the author offers an insightful scenario for the future of commercial and investment banking over the next 20 years and provides a new mindset within which senior bankers can make their strategic banking decisions for the 21st century. This book thus develops and provides evidence for a completely new theory of financial system development: the 'systemic theory'. It is a theory of how the financial system develops, not on a singular line of evolution towards greater efficiency as generally accepted, but through the parallel development and cooperation of its various subsystems. This type of development can increase both efficiencies and inefficiencies in the financial system.

Spis treści

Preface - Introduction - PART 1: SECURITISATION: A MACRO AND MICRO ECONOMIC PERSPECTIVE - The Development of Securitisation and International Commercial Banking: An Historic Perspective - Securitisation and Financial Innovation - PART 2: THE SECURITISED INNOVATIONS - From Revolving Underwriting Facilities (RUFs) to Eurocommercial Paper (ECP) and Medium-Term Notes (MTNs) - The Securitisation of Wholesale Lending - The US Secondary Mortgage Market - The Securitisation of UK Mortgages - The Securitisation of Non-Mortgage Retail Assets - PART 3: THE ECONOMIC RATIONALE FOR SECURITISATION - Efficiency and Safety: Finding the Balance - Conclusion - Glossary of Terms - Bibliography - Index