Inovativne sekuritizacijske strukture u financijskim sustavima u svijetu

master's thesis

• Title (english): Innovative securitization structures in world's financial system
• Author: Ana Keserović
• Mentor: Anita Pavković (mentor)
• Committee member: Anita Pavković (predsjednik povjerenstva)
• Committee member: Antonija Buljan (član povjerenstva)
• Committee member: Jakša Krišto (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2022-09-07, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Rad ima za cilj pružiti uvid u konkretne primjere inovativnih sekuritizacijskih struktura u zemljama Europe i Azije kao i njihove rezultate nakon prve faze prilagodbe i upotrebe u suvremenim financijskim sustavima. Korišteni su sekundarni podatci. U radu je najprije dan teorijski pregled sekuritizacije te su objašnjeni njezini glavni modeli provedbe. Nakon toga objašnjen je njezin razvoj u SAD-u i Europi. U okviru drugog poglavlja analizirala se važnost ovih transakcija i njihov obujam na tržištu. Treći dio podrazumijeva pregled regulatornog okvira dok se u četvrtom poglavlju analiziraju glavni sekuritizacijski proizvodi kao i sekuritizacija problematičnih kredita koja je sve izraženija nakon globalne recesije. Sekuritizacija je inovativna financijska tehnika koja omogućuje bankama eliminiranje kredita iz bilance i izdavanje vrijednosnica na temelju tih kredita. Uredbom o standardiziranoj, transparentnoj i jednostavnoj sekuritizaciji teži se stjecanju jednostavnih, transparentnih i standardiziranih transakcija koje sve više dobivaju na značaju u ukupnim transakcijama. Središnji element sekuritizacije je skup vrijednosnica osiguranih hipotekarnim kreditom koji je imao vodeću ulogu u vremenu prije krize, a neki ga smatraju izvorištem iste. Uz njih važnu ulogu imaju i vrijednosnice osigurane imovinom te vrijednosnice podržane skupom dugova koje bankama omogućuju prodaju zajmova izdavanjem vrijednosnih papira. Europske banke su nakon krize u nasljeđe dobile značajne količine problematičnih kredita u čije se rješavanje uključila i država kako bi ih svela na minimalnu razinu. Država intervenira jamstvom na nadređene tranše vrijednosnica te je taj model najprepoznatljiviji u Italiji, Grčkoj i Sloveniji. Azijsko tržište sekuritizacije zaostaje za europskim, a također je najviše usmjereno na rješavanje problematičnih kredita uz pomoć centraliziranih javnih institucija dok se u Hrvatsko sekuritizacija nije značajno razvila usprkos svim prednostima koje bi mogla ostvariti njezinom implementacijom u nacionalni financijski sustav.

Abstract (english)

The paper aims to provide insight into concrete examples of innovative securitization structures in European and Asian countries, as well as their results after the first stage of adaptation and use in modern financial systems. Secondary data were used. The paper first gives a theoretical overview of securitization and explains its main implementation models. After that, its development in the USA and Europe was explained. The second chapter analyzes the importance of these transactions and their volume on the market. The third part includes an overview of the regulatory framework, while the fourth chapter analyzes the main securitization products as well as the securitization of problem loans, which is increasingly pronounced after the global recession. Securitization is an innovative financial technique that enables banks to eliminate loans from their balance sheets and issue securities based on these loans. The regulation on standardized, transparent and simple securitization aims at acquiring simple, transparent and standardized transactions, which are increasingly gaining importance in total transactions. The central element of securitization is the set of securities of secured mortgage loans, which played a leading role in the time before the crisis, and some consider it to be the source of it. In addition to them, securities of secured assets and securities backed by a set of debts, which enable banks to sell loans and issue warrants, also play an important role. After the crisis, European banks inherited significant amounts of problem loans, in the resolution of which the state also got involved in order to reduce them to a minimum level. The state intervenes by guaranteeing senior tranches of securities, and this model is most recognizable in Italy, Greece and Slovenia. The Asian securitization market lags behind the European one, and it is also mainly focused on solving problem loans with the help of centralized public institutions, while in Croatia securitization has not developed significantly with all the advantages that could be realized by its implementation in the national financial system.

• Keywords: sekuritizacija; nenaplativi krediti; kreditni rizik; hedging; hipoteka; inovacije
• Keywords (english): securitization; non-performing loans; credit risk; hedging; mortgage; innovations
• Language: croatian
• URN:NBN: urn:nbn:hr:148:004579
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2022-09-07 17:16:38