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What is Securitization? And for What Purpose?

17 Pages Posted: 3 Feb 2012 Last revised: 28 Dec 2014

Steven L. Schwarcz

Duke University School of Law

Date Written: January 7, 2013

Abstract

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.

Suggested Citation

Schwarcz, Steven L., What is Securitization? And for What Purpose? (January 7, 2013). Southern California Law Review, Vol. 85, No. 5, 2012. Available at SSRN: https://ssrn.com/abstract=1996670

Steven L. Schwarcz (Contact Author)

Duke University School of Law ( email )

210 Science Drive
Box 90362
Durham, NC 27708
United States
919-613-7060 (Phone)
919-613-7231 (Fax)

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