Vivian van Breemen

14 Ts ehceu ur int idzeart liyoinnsg ba as cs ke tesd obf yt hae ps oe coul roi ft i rz ea at il oens tcaatne bme oorft vg aa rg ieosu as rtey pc ea sl l. eFdo rmeoxrat mg apglee-, bb ya cckoerdp soer ca ut er i ltoi easn (sM, aBnSd) . aCsos lel ta-tbear ca kl iez de ds el oc aunr i ot ibe lsi g(aAt Bi oSn) s a(rCeLcOo)ma pr er i tsheods eo fbaascskeetds sa us sceht apsosot ul di ne na tsleocaunrsi ,t ci zraetdi oi tnc ac radn rveacreyi ,vba ub ltetshaensde cc aurr iltoi az antsi.oHnednecsei, gt nh er eumn daei nr lsy ti nh ge ss ae mc uer .i tIinz at thi iosnddi sessei rg tna, t iroant h, eI ra mt h amn a si no ll ye l iyn tset ur edsyt iendg i tnh teh pe oi sosl uoef s l os ua rnrso uu nn dd ienr gl y ti nh ge tinhteesrecchuarnigtye.aTbhleertehfroorueg, Ihuosuet soeucrusrittuidzaytions with different underlying asset pools 3. The added benefit is that it allows us to study a larger and more diversified sample of the securitization market. Securitization is a financial innovation that was first introduced by US government ao gf etnh cei erse scirdeeant et ida lb ryetahl ee Us tSa tCeo mn gorretsgsa gi ne tmh ea r1k9e7t 0(sJ ot ob sfta, c2i l0i t0a8t e) . t hOen ldye ivne l tohpemleant et 1990s, European markets followed. The issuance volumes of securitization were 3 Only in some cases we include specific asset-related variables, such as the average house price for analyses on residential mortgage-backed securities (RMBS). Figure 1.1: Stylized example of securitization design.

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