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The monetary and regulatory policies to revitalise the securitisation market in the Eurozone and their impact on varieties of capitalism : towards further financialisation?

Millahn, Arne (2016) The monetary and regulatory policies to revitalise the securitisation market in the Eurozone and their impact on varieties of capitalism : towards further financialisation?

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Abstract:As of early 2014, the supranational authorities in the Eurozone, the European Central Bank(ECB) and the European Commission(EC) have increased efforts to revitalise the market for securitisation. As such this practice stands at the core of the financialisation process, which describes the process of an increasing detachment of the financial sector from the real economy. Comprising these efforts, first the ECB has started to purchase Asset-Backed Securities (ABS) under its Asset-Backed Securities Purchase Programme. The EC has started to develop a standard of Simple, Transparent and Standardized Securitisation. Together these efforts aim towards fundamentally changing the financial systems of the Eurozone Member States from a bank-based to a market-based financial system, which begs the question whether such change is taking place. The analysis compares Italy, a MME and Eurozone periphery country, and Germany, a CME and core country on the basis of their financial systems and their respective positions towards the ECB’s and EC’s securitisation efforts. The findings show that the ECB’s and EC’s efforts shape a permissive consensus with the MSs that leads to incremental change towards more securitisation, but without leading to a transformation of the financial systems to market based finance.
Item Type:Essay (Master)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:83 economics, 88 social and public administration, 89 political science
Programme:European Studies MSc (69303)
Link to this item:http://purl.utwente.nl/essays/71067
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