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首页> 外文期刊>Journal of Monetary Economics >Comment on Securitization markets and central banking:An evaluation of the term asset-backed securities loan facility (TALF)
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Comment on Securitization markets and central banking:An evaluation of the term asset-backed securities loan facility (TALF)

机译：对证券化市场和中央银行的评论：对资产支持证券贷款工具（TALF）期限的评估

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摘要

In the months prior to the onset of the credit crisis close to 60% of the credit creation in the United States was distributed by banks onwards through asset-backed security (ABS) markets into the shadow banking system.1 Table 1 gives a perspective on ABS issuance before and after the crisis: it is clear that the ABS issuances started to stumble as early as in 2006 registering a zero growth rate from 2005 to 2006. The crisis saw the ABS market shrivel from a high in 2006 of $754 billion to a low in 2008 of $140 billion. Clearly, an important credit channel such as the ABS market was imploding and the Fed intervened. The TALF was an important initiative by the regulators in the U.S. to directly intervene in the ABS markets. The post-2008 issuance picture summarized in Table 2 suggests a more complicated picture as regards to the potential future steady state of ABS markets. The second and third quarters of 2009 saw a marked improvement in ABS issuance. This was followed by a fall in the last quarter of 2008, a modest increase in the first quarter of 2010, only to be followed by declines in the last two quarters of 2010. Annualizing these issuances for 2010 would suggest that the ABS market is still in a dire shape relative to what it was in 2006. But then it can be argued that the levels in 2006 were probably unsustainable to begin with as it was characterized by a period of lax underwriting standards, aggressive marketing and distribution of ABS-based CDOs, and poor monitoring by credit rating agencies. With the new regulatory structure that is currently being implemented, one might harbor a hope that the ABS markets will not return to the heady pre-crisis levels.
机译：在信贷危机爆发之前的几个月中，美国近60％的信贷创造是由银行通过资产支持证券（ABS）市场分配到影子银行系统中的。1表1给出了对危机前后的ABS发行：很明显，ABS发行早在2006年就开始下滑，2005年至2006年的增长率为零。这场危机使ABS市场从2006年的7,540亿美元的高位萎缩至在2008年低至1400亿美元。显然，诸如ABS市场之类的重要信贷渠道正在破裂，美联储介入了。 TALF是美国监管机构直接干预ABS市场的一项重要举措。表2总结了2008年后的发行情况，表明了潜在的ABS市场未来稳定状态的复杂情况。 2009年第二和第三季度，资产支持证券的发行量显着改善。接下来是2008年最后一个季度的下跌，2010年第一季度有所上升，随后是2010年最后两个季度的下跌。按2010年的发行量进行年化分析表明，ABS市场仍在相对于2006年，它处于可怕的状态。但是，可以认为2006年的水平可能是不可持续的，因为其特征在于一段时间的承保标准宽松，积极的市场营销和基于ABS的CDO的发行，以及信用评级机构的监控不力。随着当前正在实施的新监管结构，人们可能希望ABS市场不会回到危机前的高位。

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  • 来源
    《Journal of Monetary Economics》 |2011年第5期|p.532-535|共4页
  • 作者

    Suresh Sundaresan;

  • 作者单位

    Columbia University, 401 Uris Hall, 3022 Broadway, NY 10027, USA;

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  • 正文语种 eng
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