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Securitization and the subprime mortgage crisis

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  • Cristina Peicuti

Abstract

Since the outbreak of the subprime mortgage crisis, the benefits of securitization have started to be questioned. Originally, securitization was meant to improve the efficiency of capital markets by reducing risks through risk tiering and geographic diversification. It has also been considered to have contributed to a reduction in transaction costs and greater flexibility in financial operations. As it turns out, it seems to have played a major role in fueling the dynamics of the subprime mortgage crisis. This article aims at defining the role of securitization in the subprime mortgage crisis and, more broadly, in the current financial system.

Suggested Citation

  • Cristina Peicuti, 2013. "Securitization and the subprime mortgage crisis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 35(3), pages 443-456.
    • Handle: RePEc:mes:postke:v:35:y:2013:i:3:p:443-456
    DOI: 10.2753/PKE0160-3477350306
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    Cited by:

    1. Shanuka Senarath & Pelma Rajapakse & Jan Job de Vries Robbé & Naveen Wickremeratne & Maduka Subasinghage, 2022. "Being Naked - et Quo hinc ?: Developing a ‘Skin-in-the-Game’ Solution for Credit Default Swaps," IJFS, MDPI, vol. 10(4), pages 1-14, October.
    2. Botta, Alberto & Caverzasi, Eugenio & Russo, Alberto & Gallegati, Mauro & Stiglitz, Joseph E., 2021. "Inequality and finance in a rent economy," Journal of Economic Behavior & Organization, Elsevier, vol. 183(C), pages 998-1029.
    3. Ngwu, Franklin N. & Chen, Zheyang, 2016. "Regulation of securitisation in China: Learning from the US experience," Research in International Business and Finance, Elsevier, vol. 37(C), pages 477-488.
    4. Cristina Peicuti, 2014. "The Great Depression and the Great Recession: A Comparative Analysis of their Analogies," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 11(1), pages 55-78, June.

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