The risks of securitization in Ukraine

V. Kornivska

Economy and Forecasting, 2015, issue 4, 43-58

Abstract: The article presents the results of a research on the activities aimed at streamlining the securitization in the European financial and institutional coordinates and orienting it to the post-crisis recovery by creating effective and prudent incentives for operating activities of the operators on the securitization market. The author defines the main purpose of active rehabilitation of securitization in the EU, which is reviving market crediting on the part of the "sleeping" European banking system, which even with the low interests and high refinancing rates fail to meet the needs of the real economy. Our study demonstrates that active recovery of the securitization market is considered today as one of the ways to create the Capital Markets Union, and should serve the purpose of greater integration in the European financial and institutional space, and extend the funding of the real economy through the creation of alternatives to bank lending. At the same time, it demonstrates certain contradictions of the current securitization both in the context of its actual influence on the operating activities of the banking institutions, and in the aspect of fundamental transformation of the system of financial intermediation caused by the mechanisms of securitization. The article presents conclusions concerning, on the one hand, the unavailability of Ukraine's financial and institutional environment to actively use the securitization mechanisms, and, on the other hand, their obvious inappropriateness in the context of the consolidation of the post-crisis development as for formal reasons, and for the reasons of underlying fundamental nature.

Date: 2015
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