What is Securitization? And for What Purpose?
Steven L. Schwarcz
Duke University - School of Law
January 7, 2013
Southern California Law Review, Vol. 85, No. 5, 2012
In Re: Defining Securitization, Professor Jonathan Lipson attempts to define a “true” securitization transaction. My article engages Lipson’s, exploring how securitization should be legally defined. As a starting point, even a normative approach to defining a financial concept should be pragmatic, taking into account how the concept is used in the real world. The definition also should take into account dynamically changing financial markets and, in what I call an audience-adaptive approach, the different perspectives of policymakers and lawmakers, market participants and their lawyers, regulators and judges, and other members of the “audience” affected by the definition.
Number of Pages in PDF File: 17Accepted Paper Series
Date posted: February 3, 2012 ; Last revised: January 10, 2013
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