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Germany [electronic resource] : Technical Note on the Future of German Mortgage-Backed Covered Bond (PF and Brief) and Securitization Markets.

Author/Creator:
International Monetary Fund
Publication:
Washington, D.C. : International Monetary Fund, 2011.
Series:
IMF eLibrary
IMF Staff Country Reports; Country Report No. 11/369.
IMF Staff Country Reports; Country Report No. 11/369
Format/Description:
Government document
Book
1 online resource (37 p.)
Local subjects:
Access to capital market.
Asset recovery.
Asset securitization.
Bank bonds.
Banking sector.
Benefit of bondholders.
Bond.
Bond credit rating.
Bond credit ratings.
Bond holders.
Bond investors.
Bond issuance.
Bond issuer.
Bond issuers.
Bond market.
Bond markets.
Bond obligations.
Bond purchase.
Bond rating.
Bond ratings.
Bond transactions.
Bondholder.
Bondholders.
Bonds.
Capital adequacy.
Capital market.
Capital market access.
Capital market finance.
Capital market funding.
Capital markets.
Capital requirement.
Capital standards.
Cash flow.
Cash flow models.
Cash flows.
Cost of capital.
Credit derivatives.
Credit expansion.
Credit rating.
Credit rating agencies.
Debt securities.
Deposit insurance.
Derivative.
Equity participation.
Financial assets.
Financial institutions.
Financial instruments.
Financial intermediaries.
Financial sector.
Financial Sector Assessment Program.
Financial stability.
Financial statements.
Financial structure.
Financial system.
Financial systems.
Hedge.
Hedge funds.
Hedges.
International standards.
Investor confidence.
Liquidity support.
Moral hazard.
Mortgage bonds.
Operating cash flows.
Present value.
Reserve requirements.
Sale of securities.
Securities legislation.
Securities regulations.
Securitization.
Securitization initiative.
Underwriting standards.
Unsecured bonds.
Germany.
United States.
Summary:
As part of the 2011 Financial Sector Assessment Program (FSAP) update for Germany, this Technical Note reviews recent developments of mortgage-covered bond (Pfandbrief) and mortgage securitization markets in Germany, and explores future prospects for each against the background of ongoing regulatory changes. It examines the characteristics of the two markets and their performance through the crisis, and analyzes some of the policy reactions that are currently tending to favor covered bonds over securitization. Some of the systemic vulnerabilities associated with covered bonds are also discussed.
Notes:
Description based on print version record.
Contributor:
International Monetary Fund
Other format:
Print Version:
ISBN:
1463928548:
9781463928544
ISSN:
1934-7685
Publisher Number:
10.5089/9781463928544.002
Access Restriction:
Restricted for use by site license.
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