| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10664 |
| DP10664 Securitization and Economic Activity: The Credit Composition Channel | |
| Wolf Wagner; Ata Bertay; Di Gong | |
| 发表日期 | 2015-06-21 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Using an international panel, we analyze the relationship between country-level securitization and economic activity. Our findings suggest that securitization is negatively related to various proxies of economic activity ? even prior to the crisis of 2007-2009. We explain this finding by securitization spurring consumption at the expense of investment and capital formation. Consistent with this, we find that securitization of household loans is negatively associated with economic activity, whereas business securitization displays a weak positive association with it, and that household securitization increases an economy?s consumption-investment ratio. Our results inform recent initiatives aiming at reviving securitization markets, as they indicate that the impact of securitization crucially depends on the underlying collateral. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Business securitization Economic growth Household securitization Securitization |
| URL | https://cepr.org/publications/dp10664 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539496 |
| 推荐引用方式 GB/T 7714 | Wolf Wagner,Ata Bertay,Di Gong. DP10664 Securitization and Economic Activity: The Credit Composition Channel. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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