Securitization: Lessons Learned and the Road Ahead
IMF Working Papers, December 19, 2013
Source details
- Canonical URL
- Securitization: Lessons Learned and the Road Ahead
Other formats
Bibliographic details
- Authors: Miguel A. Segoviano, Bradley Jones, Peter Lindner, Johannes Blankenheim
- Published: December 19, 2013
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781475541946.001
Summary and scope
- Examines the financial stability implications arising from securitization markets, with one eye on the past and another on the future.
- Begins by deriving a number of “lessons learned” based on an examination of key industry developments in the years before the crisis.
- Emphasizes the various ways in which securitization markets dramatically changed shape in the years preceding the crisis, vis-à-vis their earlier (simpler) incarnation.
- Discusses current impediments to securitization markets, including:
- various regulatory initiatives,
- the operational infrastructure of securitization markets,
- related official sector intervention.
- Presents a broad suite of policy recommendations to address factors that either contributed to the crisis or may currently be posing obstacles to growth-supportive, sustainable securitization markets.
- Proposals are guided by the objective of preserving the beneficial features of securitization, while mitigating those that pose a potential risk to financial stability.
Lessons learned (topic focus)
- Derives a number of “lessons learned” from key industry developments in the years before the crisis.
- Emphasis on how securitization markets changed shape relative to their earlier, simpler incarnation.
- Links structural and product innovations in securitization to financial stability implications.
Current impediments and analysis
- Identifies current impediments to securitization markets, including regulatory initiatives, operational infrastructure weaknesses, and official sector interventions.
- Treats regulatory initiatives and operational market infrastructure as central to understanding frictions that limit growth-supportive securitization.
Policy recommendations
- Presents a broad suite of policy recommendations aimed at:
- addressing factors that contributed to the crisis,
- removing obstacles to growth-supportive, sustainable securitization markets.
- Recommendations are designed to preserve beneficial features of securitization while mitigating those that pose potential risks to financial stability.
Subjects and keywords
- Subject: Banking, Credit, Credit ratings, Financial institutions, Financial services, Loans, Money, Mortgages, Securitization
- Keywords: a number of securitization product, and Foreclosures, Bank, capital charge, Credit, Credit ratings, discount window, Europe, Finance, Financial Crisis, Financial Instruments, Global, Institutional Investors, Investment Banking, loan origination, Loans, mortgage market, Mortgages, ntermediation, plain vanilla, private equity, Rating, Rating Agencies, Regulation, risk weight, Securitization, securitization market, securitized assets, subprime mortgage, WP
Administrative notes
- Format available: Download PDF; More Formats on IMF eLibrary; Order a Print Copy; Create Citation; Share
- Citation example (Chicago): Miguel A. Segoviano, Bradley Jones, Peter Lindner, and Johannes Blankenheim. "Securitization: Lessons Learned and the Road Ahead", IMF Working Papers 2013, 255 (2013), accessed 9/18/2026, https://doi.org/10.5089/9781475541946.001
Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
Source: IMF Working Paper "Securitization: Lessons Learned and the Road Ahead", Working Paper No. 2013/255.