TY  - UNPD
A1  - Krahnen, Jan Pieter
T1  - Der Handel von Kreditrisiken: eine neue Dimension des Kapitalmarktes
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No.2005,05
N2  - This paper makes an attempt to present the economics of credit securitization in a non-technical way, starting from the description and the analysis of a typical securitization transaction. The paper sketches a theoretical explanation for why tranching, or nonproportional risk sharing, which is at the heart of securitization transactions, may allow commercial banks to maximize their shareholder value. However, the analysis makes also clear that the conditions under which credit securitization enhances welfare, are fairly restrictive, and require not only an active role of the banking supervisiory authorities, but also a price tag on the implicit insurance currently provided by the lender of last resort. Klassifikation: D82, G21, D74. February 16, 2005.
T3  - CFS working paper series - 2005, 05 
KW  - Kreditrisiko
KW  - Kapitalmarkt
KW  - Handel
Y1  - 2005
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4410
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-10829
IS  - Version 16. Februar 2005
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -