Innovazione finanziaria e instabilità:il trasferimento del rischio di credito

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Abstract

[automatically translated] This paper AIMS to point out the role of risk transfer market credit in the financial system. The advent of a credit risk market has profoundly altered the role of banking firms into one of asset originator and distributor asset rather than the asset holder. The traditional economics of banking has changed in an important way and the new business model has evolved as a result of financial innovation. The main results of the paper are That the lending process disintegration and the development of the credit risk transfer market Represent a key element in the recent financial Risis. Incentive structures faced by various agents in the financial intermediation chain Also Became dysfunctional. Banks Became blackberries focused on shareholder value strategies. It has created incentives to excess risk-taking behavior with adverse selection and moral hazard problems. All of These aspects of financial innovation have negatively Contributed to efficiency and stability in the financial system.
Original languageItalian
Pages (from-to)339-382
Number of pages44
JournalSTUDI E NOTE DI ECONOMIA. QUADERNI
Volume3
Publication statusPublished - 2011

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