The Global Credit Crisis and Securitization in East Asia

University of Hong Kong Faculty of Law Research Paper No. 10722/65436

Capital markets law journal, 2008, v. 3 n. 3, p. 291-319

3 Pages Posted: 23 May 2011

See all articles by Douglas W. Arner

Douglas W. Arner

The University of Hong Kong - Faculty of Law

Paul Lejot

The University of Hong Kong - Faculty of Law

L Schou-Zibell

Asian Development Bank

Date Written: 2008

Abstract

This article questions whether the effectiveness and stability of East Asian financial systems can benefit from improved access to securitization as a form of market-based financial intermediation. The practical implication would be a greater reliance on public and private securities markets in capital funding and portfolio investment, to complement traditional bank lending on which both newly industrialized and developing East Asian economies now largely depend. Given the general loss of confidence and liquidity10 in global credit markets and structured finance that began in mid-2007, this article also examines how credit risk transfer and regulatory incentives to securitization will be re-assessed beyond the changes contemplated by the implementation of recent revisions to the Basel capital accord.

Keywords: Business and economics, Investments law

Suggested Citation

Arner, Douglas W. and Lejot, Paul and Schou-Zibell, Lotte, The Global Credit Crisis and Securitization in East Asia (2008). Capital markets law journal, 2008, v. 3 n. 3, p. 291-319. Available at SSRN: https://ssrn.com/abstract=1849454

Douglas W. Arner (Contact Author)

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

HOME PAGE: http://hub.hku.hk/rp/rp01237

Paul Lejot

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

Lotte Schou-Zibell

Asian Development Bank ( email )

6 ADB Avenue, Mandaluyong City 1550
Metro Manila
Philippines

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