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Capital Markets Law Journal Advance Access originally published online on June 7, 2008
Capital Markets Law Journal 2008 3(3):291-319; doi:10.1093/cmlj/kmn010
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© The Author (2008). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

The global credit crisis and securitization in East Asia

Douglas W. Arner, Paul Lejot and Lotte Schou-Zibell*
* Douglas Arner is Director, Asian Institute of International Financial Law & Associate Professor, Faculty of Law, University of Hong Kong, Paul Lejot is Visiting Fellow, Asian Institute of International Financial Law, Faculty of Law, University of Hong Kong; and Visiting Fellow, ICMA Centre, University of Reading and Lotte Schou-Zibell is Economist, Office of Regional Economic Integration, Asian Development Bank.

The first 150 words of the full text of this article appear below.


Key points

  • Securitization offers a range of benefits for Asia's financial systems and economies as a mechanism to assist funding and investment. As a form of structured finance, reliable and efficient securitization can assist development by enabling financial systems to deepen and strengthen, and thus contribute to overall economic growth and stability.
  • At the same time, there are both overt and more subtle risks in certain uses of securitization. The credit and liquidity crisis that began in the United States and spread to other developed financial systems in mid-2007 exposed the dangers associated with securitization in excessive risk-taking or regulatory capital arbitrage, rather than as a tool to assist a more conventional or conservative approach to funding, risk management or investment.
  • Securitization has also been criticized for helping increase the opacity of markets for credit, while contributing to a growing emphasis in the global economy of intermediation conducted in capital . . . [Full Text of this Article]

 

   1. Introduction
 

   2. Development in East Asia
 
Developing securitization in East Asia
Impact of the Asian financial crisis
Legal and regulatory issues

   3. International standards, disintermediation and regulatory arbitrage
 
Basel II implementation
Variations in regulation and practice

   4. The 2007–2008 global credit crisis
 
Credit risk transfer
Transaction appraisal and management
Credit rating agency functions
Re-assessing securitization

   5. Securitization's future in Asia
 
Rethinking securitization
Incentives to securitization in Asia
New initiatives

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