A4J 美元泥沼 次贷危机 资产证券化 OTD 与 三重道德风险 Moral Hazard
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Manage episode 222714399 series 2467225
OTD优点总结以及FDIC,OTD,Ownership Structure的三重道德风险叠加
Review:
First, loan sales allow banks to free up capital that could then be deployed in more profitable activities. It also allows them to increase their fee-based loan origination activity, in which they have a comparative advantage over nonbank financial institutions. This has a positive impact on the return on assets and return on equity of banks.
Second, the loan sales market provides an effective mechanism for risk diversification for banks, especially in light of the classic “credit paradox”.
Third, from a macro perspective, loan sales improve the liquidity of the balance sheets of banks, thereby reducing financing frictions and lowering their cost of capital. This makes asset liability management easier, and increases the banks’ ability to successfully respond to negative economic environments. This has led to a point of view that the originate-to-distribute model of bank credit may be “socially desirable”.
Summary: In Audio
284集单集