Efficient Risk Management in Financial Systems: Universal Bank or Securitisation?

Elisabetta Montanaro

Chapter Chapter 6 in The Recent Evolution of Financial Systems, 1997, pp 123-130 from Palgrave Macmillan

Abstract: Abstract From the early eighties onwards, two seemingly opposite tendencies have developed in financial systems. On the one hand there has been the great success of the securitisation process that resulted in the disintermediation of banks; this originated in the conversion of bilateral credit relations into marketable financial instruments. The main cause of securitisation has been the growing advantage for firms, investors and even banks in dividing complex credit functions into a series of elementary functions, each assigned to a different part of the market. Evidence of this can be seen in off-balance sheet securitisation, which is the most innovatory outcome of functional specialisation in financial markets (Bryan 1994).

Keywords: Cash Flow; Financial Market; Financial System; Commercial Bank; Bank Specialisation (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-14192-0_6

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DOI: 10.1007/978-1-349-14192-0_6

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