05546oam 22013334 450 991078834860332120230721045627.01-4623-2349-91-4527-8337-397866128424811-4518-7173-21-282-84248-X(CKB)3170000000055187(SSID)ssj0000940048(PQKBManifestationID)11523032(PQKBTitleCode)TC0000940048(PQKBWorkID)10947098(PQKB)11139768(OCoLC)680613573(MiAaPQ)EBC1608153(IMF)WPIEE2009026(EXLCZ)99317000000005518720020129d2009 uf 0engurcn|||||||||txtccrAn Investigation of Some Macro-Financial Linkages of Securitization /Xin Long, Mangal Goswami, Andreas JobstWashington, D.C. :International Monetary Fund,2009.46 pIMF Working PapersBibliographic Level Mode of Issuance: Monograph1-4519-1609-4 Includes bibliographical references.Policy-makers have attributed the scale of the credit crisis and its profound impact on money markets (as well as financial sector stability) to the fast rise of securitization and the way it has arguably complicated both the conduct of monetary policy and the effect of interest rate transmission to the real economy. In our study, we examine whether financial innovation, specifically through securitization, has altered the nature of some macro-financial linkages, often with considerable policy implications. We find that securitization activity in the United States (mature market) and South Africa (emerging market) has indeed dampened the interest rate elasticity of real output via the balance sheet channel (while decreasing the interest rate pass-through from policy rates to market rates). That being said, current reservations about securitization do not invalidate the fact that securitization activity helps cushion the immediate impact of interest rate shocks to loan origination, which might be particularly effective in EM countries where poorly developed capital markets provide few alternatives to bank lending.IMF Working Papers; Working Paper ;No. 2009/026Financial crisesAsset-backed financingAccountingimfBanks and BankingimfInvestments: GeneralimfIndustries: Financial ServicesimfMonetary SystemsimfStandardsimfRegimesimfGovernment and the Monetary SystemimfPayment SystemsimfInternational Economic Order and IntegrationimfInternational Monetary Arrangements and InstitutionsimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfInterest Rates: Determination, Term Structure, and EffectsimfPublic AdministrationimfPublic Sector Accounting and AuditsimfInvestment & securitiesimfFinanceimfFinancial reporting, financial statementsimfBankingimfSecuritizationimfReal interest ratesimfFinancial statementsimfCentral bank policy rateimfFinancial servicesimfFinancial institutionsimfPublic financial management (PFM)imfAsset-backed financingimfInterest ratesimfFinance, PublicimfUnited StatesimfFinancial crises.Asset-backed financing.AccountingBanks and BankingInvestments: GeneralIndustries: Financial ServicesMonetary SystemsStandardsRegimesGovernment and the Monetary SystemPayment SystemsInternational Economic Order and IntegrationInternational Monetary Arrangements and InstitutionsBanksDepository InstitutionsMicro Finance InstitutionsMortgagesInterest Rates: Determination, Term Structure, and EffectsPublic AdministrationPublic Sector Accounting and AuditsInvestment & securitiesFinanceFinancial reporting, financial statementsBankingSecuritizationReal interest ratesFinancial statementsCentral bank policy rateFinancial servicesFinancial institutionsPublic financial management (PFM)Asset-backed financingInterest ratesFinance, PublicLong Xin1493526Goswami Mangal1462144Jobst Andreas1493527DcWaIMFBOOK9910788348603321An Investigation of Some Macro-Financial Linkages of Securitization3716537UNINA