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Securitization, Social Distance, and Financial Crises

机译：证券化，社会距离和金融危机

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摘要

Because the process of securitizing home mortgages played a critical role in precipitating the recent financial crisis, it is widely agreed that this market must be reformed to prevent future collapses. Most proposals focus on improving the dissemination of information among securitization participants, and on strengthening incentives to discourage excessive risk-taking. This paper argues that because securitization involves the commodification of the lending relationship, it reinforces the type of self-interested behavior that often undermines regulatory efforts. What are needed are structural reforms that encourage moral behavior by narrowing the social distance between lenders and borrowers. This can be accomplished by a return to traditional banking lending, supplemented by the use of covered bonds to loosen credit constraints and to help financial intermediaries manage market risk.
机译：由于住房抵押贷款证券化的过程在加剧最近的金融危机中起着关键作用，因此，人们普遍同意必须改革这个市场以防止未来的崩溃。大多数建议的重点是改善证券化参与者之间的信息传播，并加强激励措施以阻止过度冒险。本文认为，由于证券化牵涉到贷款关系的商品化，因此它加剧了通常会损害监管工作的自利行为类型。所需要的是通过缩小贷方与借贷方之间的社会距离来鼓励道德行为的结构性改革。这可以通过回归传统的银行贷款来实现，辅之以使用担保债券来放松信贷约束并帮助金融中介机构管理市场风险。

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  • 来源
    《Forum for Social Economics》 |2010年第3期|p.287-294|共8页
  • 作者

    David Zalewskia;

  • 作者单位

    a School of Business, Providence College, Providence, USA;

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