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Commercial Law Aspects of Residential Mortgage Securitisation in Australia
This book evaluates key commercial law aspects of the relevant law and legislation governing residential mortgage-backed securities (RMBSs) in Australia from a legal perspective. Within the context of a “public benefit test” framework, the book seeks to critically evaluate the impact and effectiveness of current law and regulation governing RMBSs. There is a dearth of both academic and practical literature on the legal and regulatory issues surrounding RMBSs in Australia. The book aims to make a contribution to the formulation of law and public policy by suggesting a number of reforms to the current law and practice surrounding RMBSs in Australia. In part, these suggested reforms will be based on the lessons learned from the experiences of overseas jurisdictions such as Canada, the U.K, and the United States.
Proceedings of MAC-MME 2016
The conference proceedings - Multidisciplinary Academic Conference on Management, Marketing and Economics, Czech Republic, Prague (MAC-MME 2016)
Financial Crises
This book on financial crises is written at a time when the whole world is facing another crisis, a different one this time; one that is related to our health, as well as the economy in a painful manner. The first chapter of this book focuses on the economic effects of this crisis with particular emphasis on the financial sector. The remainder of the book presents a selection of readings related to the GFC. These touch upon issues such as corporate governance; the effect of the collapse of the Lehman Brothers on the net-worth of financial and non-financial firms; securitization and why the alchemy “did not work”; and finally, a case-study on Turkey and in particular the Turkish short-term interest rates and exchange rates and their relationship to political developments.
Law and Practice of Crowdfunding and Peer-to-Peer Lending in Australia, China and Japan
The revolution in financial technology (FinTech) has created many advancements in the lending and investment space across the world. Law and Practice of Crowdfunding and Peer-to-Peer Lending in Australia, China, and Japan is a timely publication as FinTech grows up and moved into the mainstream of finance in the last decade. Financial services is a highly regulated industry as it is the lifeblood of a modern economy. Pelma Rajapakse, Hatsuru Morita, and Yinxu Huang have done very solid work blazing a new trail in what is a new industry and how to regulate it properly instead of stifling innovation. They have carried out a deep exploration and a thorough compilation of research that will brin...
Securitization and Credit Default Swaps (CDSs)
Most of the blame for the present Global Financial Crisis (GFC) has been attributed to securitization and CDSs in the years preceding growth of the crisis. On reflection, most of the blame must be “sheeted home” to the former U.S government's mandate to banks and other financial institutions to mitigate their normal lending criteria on U.S home loans, in case, the voters could be granted home loans when they could otherwise be unable to do so. The fundamental problem with these securitization contracts was not the securitization of good loans, but the securitization of “lemons”. The loans should have never been entered into in the first place. The “failure” of securitization cont...
Political and Institutional Dynamics of the Global Financial Crisis
Asset securitization has been identified as an alchemy that ,Äòreally,Äô works. Asset securitization yields a number of benefits to a financial system inter alia by reducing overall interest rates, enhancing liquidity in the banking sector and reducing intermediary costs. Yet, the recent global financial crisis (GFC) questioned the very existence of asset securitization. However, post-GFC literature is not hesitant to identify a list of causes that may have facilitated the GFC including subprime lending, executive compensation, de-regulation, etc. Adopting a lexonomic approach, this discussion deviates from the traditional approach by focusing on identifying political and institutional factors behind the GFC. This chapter will investigate U.S political economic decision and then U.S institutional setup that may have facilitated the stage for a GFC.
Central Bank Policy Instruments and Exchange Market Pressure
Emerging economies have been facing increasingly volatile exchange rates due to recent developments in financial markets. Such volatility is concerning for policy makers as exchange market pressure could potentially destabilize an otherwise stable economy. This paper models the determinants of the exchange market pressure in Sri Lanka using monthly data from January 2003 to March 2019 and seeks to identify whether policy instruments of the Central Bank have a significant effect on reducing the pressure on the exchange rate. The study uses an Unrestricted Vector Auto Regression Model to identify the short term influence of the interest rate differential and foreign exchange market interventio...
Securitization and the Global Financial Crisis
Prima facie securitization played a prominent role in the recent global financial crisis. Moral hazard associated with securitization is the key element behind the failure of securitization. Risk retention is the U.S legislator's response to address the moral hazard issue associated with originate-to-distribute model. This paper adopting a lexieconomic frame work analyses the risk retention provisions of the Dodd-Frank Act and proves that said provisions are not capable of illuminating moral hazard associated with securitization. In order to ensure proper screening of the borrower, this paper argues that the cost for the lender for not engaging in proper screening and monitoring should be higher than the benefits she gains by not screening. Inter alia this paper further argues that inclusion of non-recourse mortgages would make securitization schemes susceptible to changes in home prices.
Reframing Credit Default Swaps (CDSs) as Quasi-Insurance
Credit default swaps (CDSs) played a major role in the Global Financial Crisis (GFC). CDSs coupled with Collateralised Debt Obligations (CDOs) and other asset-backed financial products were heavily traded in the years preceding the GFC. Intended for sophisticated investors, CDSs are in the nature of insurance contracts, although they operate outside the scope of the legislation and regulation governing insurance. Thus, for example, the insurance law concepts of insurable interest and indemnity do not apply to CDSs under current CDS regulation, insofar as it exists. In the absence of these concepts, CDSs become rather a bet about the prospects of a third party borrower's default where the pro...
全球金融治理困境及其破解
本书共分八章。第一章主要探讨当前全球金融治理存在的诸多困境。第二章主要分析新兴经济体的崛起对全球金融治理的影响。第三章主要研究国际金融治理理念，指出现行国际金融治理机制代表性和有效性不足的困境。第四章主要探析现行国际货币体制的弊端。第五章在剖析现行全球金融治理体制存在的不公平性、缺乏合法性与透明度等缺陷的基础上，提出构建“多元一体”的全球金融治理新体制的思路。第六章主要探讨全球金融治理视角下的系统重要性金融机构监管。第七章借鉴全球金融市场顺周期性理论，考察了全球各主要国家实施逆周期监管的实践。第八章集中讨论国际金融治理体制中的硬法与软法及其实施问题，提出构建国际金融硬法与软法协同的治理体系，强调巴塞尔银行监管协议等软法性国际规则在全球金融治理中的重要作用。
