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The Global Credit Crisis and Securitization in East Asia

This article questions whether the effectiveness and stability of East Asian financial systems can benefit from improved access to securitization as a form of market-based financial intermediation. The practical implication would be a greater reliance on public and private securities markets in capital funding and portfolio investment, to complement traditional bank lending on which both newly industrialized and developing East Asian economies now largely depend. Given the general loss of confidence and liquidity10 in global credit markets and structured finance that began in mid-2007, this article also examines how credit risk transfer and regulatory incentives to securitization will be re-assessed beyond the changes contemplated by the implementation of recent revisions to the Basel capital accord.