Detail Safety First; Collateral   Oleh:  [s.n] Jenis: Article from Bulletin/Magazine Dalam koleksi: The Economist (http://search.proquest.com/) vol. 402 no. 8773 (Feb. 2012), page S15-S16. Topik: Financial Innovation; Experimentation; Financial Crisis Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.70 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel Put together all these aspects of financial innovation--experimentation, standardisation, infrastructure gaps and the illusion of safety--and one area of the post-crisis financial landscape flashes red as a potential source of problems: collateralisation, or giving a lender an asset as security in case a borrower defaults. Demand for collateral, at least in areas like OTC derivatives, is growing. In Europe in particular, bank creditors are pushing hard towards secured funding to protect themselves in the event of trouble. "A structural shift to collateralised funding is going on, and these forces are very strong," says Imene Rahmouni-Rousseau of the FSB. Moreover, perceptions of what counts as good collateral have changed. Before the crisis residential mortgage-backed securities of all kinds were being widely used in repo transactions (a form of short-term funding); now the emphasis is on finding highly rated government bonds, itself a shrinking universe. A recent IMF paper estimated that a decline in the amount of "pledged collateral", the sort that can be reused in other transactions, has reduced the overall availability of collateral by $4 trillion-5 trillion since pre-Lehman days (see chart 7). Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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