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Perspectives on the securitization of assets: the spanish case

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  • Pilar Girldez Puig

    (Department of Business Administration, Universidad Pablo de Olavide)

  • Jose Luis Martn

    (Department of Business Administration, Universidad Pablo de Olavide)

Abstract

In this paper, we analyze the current status of securitization in Spain within a global context, and taking in account certain factors that have had or may have impact on its recent development and its future. After explaining the historical and legislative evolution, the paper highlights the substantial change that securitization has undergone since the beginnings of the financial crisis, changing from a model of "originate, securitize and distribute" to another model of "originate, securitize and hold".Finally, some related factors that may affect the future of securitization are analyzed, stressing the perception of an increasing Spanish sovereign risk, and concluding with the need to improve the control that supervisors must exercise on banks and rating agencies in order to transmit credibility to investors.

Suggested Citation

  • Pilar Girldez Puig & Jose Luis Martn, 2010. "Perspectives on the securitization of assets: the spanish case," Working Papers 10.06, Universidad Pablo de Olavide, Department of Business Administration.
    • Handle: RePEc:pab:wpbsad:10.06
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    File URL: http://www.upo.es/serv/bib/wpbsad/bsad1006.pdf
    File Function: First version, 2010
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    1. Adrian van Rixtel & Luna Romo González, 2009. "Los mercados internacionales de deuda tras la crisis financiera," Boletín Económico, Banco de España, issue NOV, pages 95-113, Noviembre.
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