LEADER 09479oam 22014774 450 001 9910973786703321 005 20250426110435.0 010 $a9786612842481 010 $a9781462323494 010 $a1462323499 010 $a9781452783376 010 $a1452783373 010 $a9781451871739 010 $a1451871732 010 $a9781282842489 010 $a128284248X 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(IMF)WPIEE2009026 035 $a(MiAaPQ)EBC1608153 035 $a(IMF)WPIEA2009026 035 $aWPIEA2009026 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 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a46 p 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 08$a9781451916096 311 08$a1451916094 320 $aIncludes bibliographical references. 327 $aIntro -- Contents -- I. Introduction -- II. Empirical Analysis -- A. Macro-Financial Linkages in Mature Economies-Evidence from U.S. Secondary Mortgage Market -- B. Macro-financial Linkages in Emerging Economies-Evidence from South African Mortgage Market -- III. Conclusion -- References -- Box 1. Mortgage Securitization in South Africa -- Tables -- 1. United States-OLS Estimation Results: IS Dynamic Equation of Output Gap with Instrumental Variable Controls for Securitization and Financial Depth (1970-2006) -- 2. United States-Estimation Results: VAR(2,2) Simultaneous Equation Model with Model with Instrumental Variable Controls for Securitization and Financial Depth (1970-2006) -- 3. United States-OLS Estimation Results of the Mortgage Interest Rate Pass-through, with Instrumental Variable Controls for Securitization (1970-2006) -- 4. United States-Summary Table of OLS Estimation Results for Interest Rate Pass-through (Different Time Periods) -- 5. South Africa-OLS Estimation Results: IS Dynamic Equation of Output Gap with Instrumental Variable Controls for Securitization (1965-2006) -- 6. South Africa-Estimation Results: VECM(3,2) Simultaneous Equation Model of Balance Sheet Effects (Bank Lending) with Instrumental Variable Control for Securitization (1987-2006 and 2002-2006) -- 7. South Africa-Estimation Results: VECM (3,2) Simultaneous Equation Model of Balance Sheet Effects (Bank Securities Investment) with Instrumental Variable Control for Securitization (1987-2006 and 2002-2006) -- 8. South Africa-Estimation Results: VECM (3, 2) Simultaneous Equation Model of Balance Sheet Effects (Bank Deposits) with Instrumental Variable Control for Securitization (1987-2006 and 2002-2006). 327 $a9. South Africa-Estimation Results (Summary Table): VECM (3,2) Model Simultaneous Equation Model of Balance Sheet Effects (Bank Lending, Bank Deposits, Bank Securities Investments) with Instrumental Variable Control for Securitization (1987-2006 and 2002-2006) -- Figures -- 1. Transmission Channels of Monetary Policy in the United States -- 2. Mortgage-Related Securitization (Outstanding and Issuance) in the United States, Emerging Markets, and South Africa -- 3. Stock of U.S. Mortgage-Backed Securities (In billions of U.S. dollars, 1966-2006) -- 4. United States--Impulse-Response Graphs of Interest Rate Elasticity: VAR (5,2) Simultaneous Equation Model with Instrumental Variable Controls for Securitization and Financial Depth (1970-2006) -- 5. United States-Impulse-Response Graphs of Interest Rate Elasticity: VAR (5,2) Simultaneous Equation Model with Instrumental Variable Controls for Securitization and Financial Depth (1970-1990) -- 6. United States-Impulse-Response Graphs of Interest Rate Elasticity: VAR (5,2) Simultaneous Equation Model with Instrumental Variable Controls for Securitization and Financial Depth (1991-2006) -- 7. South Africa-Impulse-Response Graphs of Interest Rate Elasticity: VECM (3,2) Simultaneous Equation Mode of Balance Sheet Effects (with Bank Lending as Bank Balance Sheet Variable)with and without Control for Securitization (1987-2006 and 2002-2006) -- 8. South Africa-Impuls-Response Graphs of Interest Rate Elasticity: VECM (3,2) Simultaneous Equation Model of Balance Sheet Effects (with Bank Securities I nvestment as Bank Balance Sheet Variable wit and without Control for Securitization (1987-2006 and 2002-2006). 327 $a9. South Africa-Impulse-Response Graphs of Interest Rate Elasticity: VECM (3,2) Simultaneous Equation Model of Balance Sheet Effects (with Bank Deposits as Bank Balance Sheet Variable) with and without Control for Securitization (1987-2006 and 2002-2006). 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 $aAsset-backed financing$2imf 606 $aBanking$2imf 606 $aBanks and Banking$2imf 606 $aBanks$2imf 606 $aCentral bank policy rate$2imf 606 $aDepository Institutions$2imf 606 $aFinance$2imf 606 $aFinance, Public$2imf 606 $aFinancial institutions$2imf 606 $aFinancial reporting, financial statements$2imf 606 $aFinancial services$2imf 606 $aFinancial statements$2imf 606 $aGovernment and the Monetary System$2imf 606 $aIndustries: Financial Services$2imf 606 $aInterest rates$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aInternational Economic Order and Integration$2imf 606 $aInternational Monetary Arrangements and Institutions$2imf 606 $aInvestment & securities$2imf 606 $aInvestments: General$2imf 606 $aMicro Finance Institutions$2imf 606 $aMonetary Systems$2imf 606 $aMortgages$2imf 606 $aPayment Systems$2imf 606 $aPublic Administration$2imf 606 $aPublic financial management (PFM)$2imf 606 $aPublic Sector Accounting and Audits$2imf 606 $aReal interest rates$2imf 606 $aRegimes$2imf 606 $aSecuritization$2imf 606 $aStandards$2imf 607 $aUnited States$2imf 615 0$aFinancial crises. 615 0$aAsset-backed financing. 615 7$aAccounting 615 7$aAsset-backed financing 615 7$aBanking 615 7$aBanks and Banking 615 7$aBanks 615 7$aCentral bank policy rate 615 7$aDepository Institutions 615 7$aFinance 615 7$aFinance, Public 615 7$aFinancial institutions 615 7$aFinancial reporting, financial statements 615 7$aFinancial services 615 7$aFinancial statements 615 7$aGovernment and the Monetary System 615 7$aIndustries: Financial Services 615 7$aInterest rates 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aInternational Economic Order and Integration 615 7$aInternational Monetary Arrangements and Institutions 615 7$aInvestment & securities 615 7$aInvestments: General 615 7$aMicro Finance Institutions 615 7$aMonetary Systems 615 7$aMortgages 615 7$aPayment Systems 615 7$aPublic Administration 615 7$aPublic financial management (PFM) 615 7$aPublic Sector Accounting and Audits 615 7$aReal interest rates 615 7$aRegimes 615 7$aSecuritization 615 7$aStandards 676 $a332.632094 700 $aLong$b Xin$01815730 701 $aGoswami$b Mangal$01815731 701 $aJobst$b Andreas$01815732 801 0$bDcWaIMF 906 $aBOOK 912 $a9910973786703321 996 $aAn Investigation of Some Macro-Financial Linkages of Securitization$94371240 997 $aUNINA LEADER 05736oam 2200757 c 450 001 9910766998503321 005 20251102090541.0 010 $a9783847419495$b(electronic bk.) 010 $z9783847430124 024 3 $a9783847419495 035 $a(MiAaPQ)EBC31016732 035 $a(Au-PeEL)EBL31016732 035 $a(CKB)29374634800041 035 $a(Perlego)4309539 035 $a(Verlag Barbara Budrich)9783847419495 035 $a(EXLCZ)9929374634800041 100 $a20251102h20232024 uy 0 101 0 $ager 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aEigene und gemeinsame Lernarbeit $eErziehung und Bildung in Verantwortung für eine lebenswerte Zukunft /$fJörg Schlömerkemper 205 $a1st ed. 210 $aLeverkusen$cVerlag Barbara Budrich$d2023 210 $d2023, c2024 215 $a1 online resource (186 pages) 311 08$aPrint version: Schlömerkemper, Jörg Eigene und Gemeinsame Lernarbeit Leverkusen-Opladen : Verlag Barbara Budrich,c2023 9783847430124 327 $aVorwort 1. Einführung und Überblick Teil A: Aufgaben und Orientierungen 2. Aktuelle Herausforderungen 2.1 Die Vielfalt der Klagen 2.2 Verfestigte Strukturen 2.3 Bildungs- und Selektionsgerechtigkeit 2.4 Die Zukunft der Generationen 2.5 Aktuelle Aufgaben 3. Offensive Wendungen 3.1 Stärkung der Diskurs-Kultur 3.2 Persönlichkeit und Anerkennung 3.3 ?Tüchtigkeit? 3.4 Lernen als ?Arbeit? 3.5 Verantwortlichkeiten 3.6 Anspruchsvolle Ziele 4. Theoretische Orientierungen 4.1 Sensibilität für ?Antinomien? 4.2 Mögliche ?Wirksamkeiten? 4.3 Pädagogische Grundbegriffe 4.4 Erziehung und Gesellschaft 4.5 Felder der Persönlichkeits-Entwicklung 4.6 ?Dispositionalität? und ?Lernen? 4.7 Formen der Erziehung 4.8 Schule in antinomie-sensibler Deutung Teil B: Eine diskursive Lernkultur 5. Offene Fragen und Prioritäten 5.1 Persönlichkeits-Entwicklung und Schule 5.2 Individualität und Sozialität 5.3 Gleichheit und Differenz 5.4 Homogenität und/oder Heterogenität 5.5 Inhalte zwischen Pflicht und Kür 5.6 Erzieherisch-pädagogische Leitbilder 5.7 Gemeinsame und individuelle Lernzeiten 5.8 Ausblick 6. Gemeinsame Lernzeit 6.1 Ziele 6.2 Arbeitsformen und ?Vorhaben? 6.3 Themen der gemeinsamen Lernarbeit 6.4 Entwicklung fachlicher Kompetenzen 6.5 Anleitung der eigenen Lernarbeit 6.6 Begleitende Beratung 6.7 Diskussion 7. Eigene Lernzeit 7.1 Ziele 7.2 Arbeitsformen und ?Lern-Pläne? 7.3 Themen der eigenen Lernarbeit 7.4 Entwicklung fachlicher Kompetenzen 7.5 Beiträge zu Vorhaben der Gruppe 7.6 Begleitende Beratung 7.7 Diskussion 8. Perspektiven der Umsetzung 8.1 Variationen nach dem Alter bzw. der Stufe 8.2 Dokumentation der Kompetenz-Entwicklung 8.3 Eine Schule für alle Kinder? 8.4 Profession(en) 8.5 Die Mitwirkung der Eltern 8.6 Bildungspolitik und öffentlicher Diskurs 8.7 Sozialpolitik Biografisches Nachwort Anhang: Anregungen und Beispiele (1.) Historische Prozesse und Konzepte (2.) Literarische Anregungen (3.) Beeindruckende Reformarbeiten Literatur 330 $aDie traditionellen Formen und Inhalte des Unterrichts werden den Herausforderungen der Zukunft nicht mehr gerecht. Über ?Bildungs?-Wissen hinaus ist ein erweitertes und anspruchsvolles Verständnis von ?Erziehung? erforderlich. In dieser Zielsetzung wird ein alternatives Konzept der Lernorganisation entwickelt: Heranwachsende erarbeiten in eigener Lernarbeit individuelle Kompetenz-Profile und erfahren gleichzeitig in gemeinsamen Projekten, dass alle mit ihren unterschiedlichen Kompetenzen verantwortungsbewusst zum Gelingen beitragen können und müssen. The traditional forms and contents of teaching will no longer meet the challenges of the future. Beyond "educational" knowledge, an expanded and sophisticated understanding of "education" is required. In this objective, an alternative concept of learning organisation is developed: Adolescents develop individual competence profiles in their own learning work and at the same time experience in joint projects that all can and must contribute responsibly to success with their different competences. 330 1 $aInsgesamt werden hier sehr umfangreich und umfassend Ideen zu Schule und Unterricht dargestellt und in ihrem Entstehungshintergrund beleuchtet, aktuelle allgemeine Probleme werden aufgeworfen und Lösungen suggeriert, so auch über Schule und Unterricht hinaus gesellschaftliche und politische Missstände. Lobenswert ist auch der wiederkehrende Hinweis auf Ambivalenzen, die wir alle akzeptieren müssen. Das Buch regt zum Nachdenken an. Dr. Monika Wilkening, socialnet, 11.04.2024 606 $aschool 606 $aSchule 606 $ainstruction 606 $aUnterricht 606 $alearning 606 $aLernen 606 $ateaching 606 $aBildungspolitik 606 $acurricula 606 $abasic pedagogical concepts 606 $aeducational policy 606 $aLehren 606 $aLehrpläne 606 $aPädagogische Grundbegriffe 615 4$aschool 615 4$aSchule 615 4$ainstruction 615 4$aUnterricht 615 4$alearning 615 4$aLernen 615 4$ateaching 615 4$aBildungspolitik 615 4$acurricula 615 4$abasic pedagogical concepts 615 4$aeducational policy 615 4$aLehren 615 4$aLehrpläne 615 4$aPädagogische Grundbegriffe 700 $aSchlömerkemper$b Jörg$cProf. Dr.$4aut$01835953 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 912 $a9910766998503321 996 $aEigene und gemeinsame Lernarbeit$94413531 997 $aUNINA