Mortgage securitization and its credit risk control

Wang, Lebing (2012) Mortgage securitization and its credit risk control, [Dissertation thesis], Alma Mater Studiorum Università di Bologna. Dottorato di ricerca in Diritto dell'economia e delle relazioni industriali: indirizzo Diritto ed economia - law and economics, 24 Ciclo. DOI 10.6092/unibo/amsdottorato/4709.
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This dissertation concentrate on the mortgage securitization and its credit risk, which are criticized as the main causes of the financial crisis. From the point of the veiw of mortgage's evolution, the nature, structure and function of mortgage has been radically changed, yet the mortgage law did not give appropriate response to this market change. Meanwhile, the U.S legilslations facilitating the mortgage securitization also have rotten the legal foundations for mortgage market self-regulation and sustained development. In contrast, the EU covered bond system has kept financial stability for 200 years' time, and their statutory approach has been proved to be able to control the credit risk and incentive problems very well, in combination of market self-regulation and public regulation. So the future reform should be directed to strengthen the market's capacity of self-regulation and improve the public regulation. For the development of mortgage securitization in China, it is suggested to introduce the EU covered bond system for the reason of the equilibrium between funding efficiency and financial stability.

Tipologia del documento
Tesi di dottorato
Wang, Lebing
Dottorato di ricerca
Scuola di dottorato
Scienze giuridiche
Settore disciplinare
Settore concorsuale
Parole chiave
Mortgage securitization covered bond commoditization market self-regulation China
Data di discussione
14 Giugno 2012

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