한국개발연구. Vol. 32, No. 1, March 2010, pp. 1-26
Securitization was meant to disperse credit risk to those who were better able to bear it. In practice, securitization appears to have concentrated the risks in the financial intermediary sector itself. This paper outlines an accounting framework for the financial system for assessing the impact of securitization on financial stability. If securitization leads to the lengthening of intermediation chains, then risks become concentrated in the intermediary sector with damaging consequences for financial stability. Covered bonds are one form of securitization that do not fall foul of this principle. I discuss the role of countercyclial capital requirements and the Spanish-style statistical provisioning in mitigating the harmful effects of lengthening intermediation chains. For Korea, the stability of funding emerges as a key consideration. Covered bonds may play a role in stabilizing the funding arrangement for banks.
Financial Intermediation(금융중개), Securitization(증권화), Intermediation Chain(중개사슬), Bank Lending(은행대출)