Structured Finance in Latin America: Channeling Pension Funds to Housing, Infrastructure, and Small Businesses

Hela Cheikhrouhou, W. Britt Gwinner, John Pollner, Emanuel Salinas, Sophie Sirtaine and Dimitri Vittas

No 6782 in World Bank Publications - Books from The World Bank Group

Abstract: The report covers several types of structured finance with such capital market instruments as mortgage-backed securities, structured bond issues for infrastructure financing, securitization of small and medium enterprises (SME)-related assets, and securitization of loans to SMEs. The report also covers factoring and leasing, which can be important sources of finance for SMEs and can be pooled and packaged into marketable securities and sold to pension funds. The report does not cover other types of structured finance, such as exchange trade funds, structured notes with capital protection, or structured financing outside capital markets, such as bank syndications. Chapter 1 focuses on private pension fund investment management and the role of structured bonds. Chapter 2 focuses on the increasing use of structured finance for housing in Latin American countries. Chapter 3 deals with the less developed yet promising area of structured bonds for infrastructure financing. Chapter 4 focuses on the use of structured bonds for SME finance, still in the experimental stage. The report discusses the role of the government in supporting small and medium loan securitizations through partial guarantees (as in Spain) to share the risk of borrower default and through the development of an SME securitization conduit (as in Germany).

Keywords: Macroeconomics; and; Economic; Growth-Investment; and; Investment; Climate; Finance; and; Financial; Sector; Development-Debt; Markets; Private; Sector; Development-Emerging; Markets; Finance; and; Financial; Sector; Development-Non; Bank; Financial; Institutions (search for similar items in EconPapers)
Date: 2007
ISBN: 978-0-8213-7139-8
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://openknowledge.worldbank.org/bitstreams/b72 ... 92a7567af15/download (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wbk:wbpubs:6782

Access Statistics for this book

More books in World Bank Publications - Books from The World Bank Group 1818 H Street, N.W., Washington, DC 20433. Contact information at EDIRC.
Bibliographic data for series maintained by Tal Ayalon ().