LEADER 05546oam 22013334 450 001 9910788348603321 005 20230721045627.0 010 $a1-4623-2349-9 010 $a1-4527-8337-3 010 $a9786612842481 010 $a1-4518-7173-2 010 $a1-282-84248-X 035 $a(CKB)3170000000055187 035 $a(SSID)ssj0000940048 035 $a(PQKBManifestationID)11523032 035 $a(PQKBTitleCode)TC0000940048 035 $a(PQKBWorkID)10947098 035 $a(PQKB)11139768 035 $a(OCoLC)680613573 035 $a(MiAaPQ)EBC1608153 035 $a(IMF)WPIEE2009026 035 $a(EXLCZ)993170000000055187 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 13$aAn Investigation of Some Macro-Financial Linkages of Securitization /$fXin Long, Mangal Goswami, Andreas Jobst 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a46 p 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1609-4 320 $aIncludes bibliographical references. 330 3 $aPolicy-makers have attributed the scale of the credit crisis and its profound impact on money markets (as well as financial sector stability) to the fast rise of securitization and the way it has arguably complicated both the conduct of monetary policy and the effect of interest rate transmission to the real economy. In our study, we examine whether financial innovation, specifically through securitization, has altered the nature of some macro-financial linkages, often with considerable policy implications. We find that securitization activity in the United States (mature market) and South Africa (emerging market) has indeed dampened the interest rate elasticity of real output via the balance sheet channel (while decreasing the interest rate pass-through from policy rates to market rates). That being said, current reservations about securitization do not invalidate the fact that securitization activity helps cushion the immediate impact of interest rate shocks to loan origination, which might be particularly effective in EM countries where poorly developed capital markets provide few alternatives to bank lending. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/026 606 $aFinancial crises 606 $aAsset-backed financing 606 $aAccounting$2imf 606 $aBanks and Banking$2imf 606 $aInvestments: General$2imf 606 $aIndustries: Financial Services$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aInternational Economic Order and Integration$2imf 606 $aInternational Monetary Arrangements and Institutions$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aPublic Administration$2imf 606 $aPublic Sector Accounting and Audits$2imf 606 $aInvestment & securities$2imf 606 $aFinance$2imf 606 $aFinancial reporting, financial statements$2imf 606 $aBanking$2imf 606 $aSecuritization$2imf 606 $aReal interest rates$2imf 606 $aFinancial statements$2imf 606 $aCentral bank policy rate$2imf 606 $aFinancial services$2imf 606 $aFinancial institutions$2imf 606 $aPublic financial management (PFM)$2imf 606 $aAsset-backed financing$2imf 606 $aInterest rates$2imf 606 $aFinance, Public$2imf 607 $aUnited States$2imf 615 0$aFinancial crises. 615 0$aAsset-backed financing. 615 7$aAccounting 615 7$aBanks and Banking 615 7$aInvestments: General 615 7$aIndustries: Financial Services 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aInternational Economic Order and Integration 615 7$aInternational Monetary Arrangements and Institutions 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aPublic Administration 615 7$aPublic Sector Accounting and Audits 615 7$aInvestment & securities 615 7$aFinance 615 7$aFinancial reporting, financial statements 615 7$aBanking 615 7$aSecuritization 615 7$aReal interest rates 615 7$aFinancial statements 615 7$aCentral bank policy rate 615 7$aFinancial services 615 7$aFinancial institutions 615 7$aPublic financial management (PFM) 615 7$aAsset-backed financing 615 7$aInterest rates 615 7$aFinance, Public 700 $aLong$b Xin$01493526 701 $aGoswami$b Mangal$01462144 701 $aJobst$b Andreas$01493527 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788348603321 996 $aAn Investigation of Some Macro-Financial Linkages of Securitization$93716537 997 $aUNINA