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Author
Jackowicz Krzysztof (Akademia Leona Koźmińskiego w Warszawie)
Title
O motywach i skutkach sekurytyzacji w świetle wyników badań empirycznych
About Motives behind Securitization and its Implications: an Overview of Empirical Findings
Source
Współczesna Ekonomia, 2010, vol. 4, nr 1, s. 59-78, rys., bibliogr. 21 poz.
Contemporary Economics
Keyword
Sekurytyzacja aktywów, Wynik finansowy, Źródła finansowania, Ryzyko kredytowe, Analiza empiryczna
Asset securitisation, Financial performance, Source of financing, Credit risk, Empirical analysis
Note
streszcz., summ.
Abstract
Artykuł dokonuje przeglądu ustaleń empirycznych w odniesieniu do motywów i skutków sekurytyzacji. Okazuje się, że najlepiej udokumentowanymi przyczynami podjęcia decyzji o sekurytyzacji aktywów są: zarządzanie wynikiem finansowym, arbitraż kapitałowy oraz zarządzanie płynnością i źródłami finansowania. Sekurytyzacja sprzyja wzrostowi ryzyka działania podmiotów gospodarczych w złej kondycji i prawdopodobnie osłabia w pewnych okolicznościach zachęty do starannej analizy ryzyka kredytowego. W ujęciu makroekonomicznym sekurytyzacja obniża długookresowo koszty pozyskania kredytu. (abstrakt oryginalny)

This article reviews empirical findings concerning motives behind securitization and its implications. It turns out that the main reasons for securitization are: earnings management, regulatory capital arbitrage, liquidity management and funding problems. Securitization favours risk taking by entities in bad financial conditions and weakens, in some cases, incentives for careful screening of potential borrowers. On the macroeconomic level securitization lowers credit interest rates in the long term. (original abstract)
Accessibility
The Main Library of Poznań University of Economics and Business
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Bibliography
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ISSN
1897-9254
Language
pol
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