Are Covered Bonds a Substitute for Mortgage-Backed Securities?

Allbwn ymchwil: Cyfraniad at gyfnodolynErthygl

Fersiynau electronig


Dangosydd eitem ddigidol (DOI)

Given the problems in the mortgage-backed securities (MBS) market during the financial crisis, some suggest that covered bonds (CB) might be a substitute for MBS. This could lead to a number of policy alternatives in countries where regulation and business have been mainly leaning to one of these types of securities. Examining the use of CB and MBS in the U.S. and Europe, we find that the two often seem to be used for different purposes. Banks are more likely to use CB when they have liquidity needs while MBS are associated with risk management and agency problems. Introducing MBS to markets where only CB are common or CB to markets where only MBS are common could have large effects.
Iaith wreiddiolSaesneg
Tudalennau (o-i)238-253
CyfnodolynJournal of Economic Policy Reform
Rhif y cyfnodolyn3
Dyddiad ar-lein cynnar28 Maw 2017
Dynodwyr Gwrthrych Digidol (DOIs)
StatwsCyhoeddwyd - Gorff 2017

Cyfanswm lawlrlwytho

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