15 rapidly increasing in the run up to the 2007-2009 Global Financial Crisis (GFC). Following the GFC, the securitization markets experienced a significant decline isni z ies, siuna2n0c 2e 1b, ut ht eh aUvSe ms ianrckee tb roeupnrceesde nbtascrko tuog hu lnyp4r 1e c%e daenndt et hd ehEeUi g hmt as .r kI ne tt er or mu gsh ol yf 7r o%u gohf l yt h€e2g3l 3o .b1abl isl el icounr ai tni zda €t i 3o n. 8 9m1abr ki lel ito(nS, &r ePs, p2e0c2t 1i v)e, lwy, ist ehenFeiwg uirses u1 e. 2 v. o l u m e s o f 4 Isno at hs i tshde isses emr at artki eotnm, Iofdoeclus sa op np etahre t oU Sb ea nqdu i Et eUs isme ci luarri t(iez .agt. i, ocno mmpaarrkeedt st oo nt hl yo. sIe di no tt ha regCe ht ei nd ebs ye mr e ag rukl ae tt i)oann tdh be er ec aa fut seer. tThhe isse cmr eaartkeest sa wu ne ri qe uhei t sbeyt t ti nh ge Gt oF Cc oamn dp ahreea av ni l dy cdoenvetrlaosptmbeonthtsmbaerfokreets, daunrdiningvaensdtigaaftteertthheeimcrpisaisc.t of regulation and other market 4 mTahrek eCt hi inn e2 s0e2 1s e. cTuhrei tri ze amt iaoi nn i mn ga mr kaert kreatps i wd liyt hi nac rr ee laastei vde il ny st hmea ll la spto dr tei coandien, crl eupdree Jsaepnat ni n, gA ur os ut rgahl il ay , 4C 0a %n a doaf , tahnedgLl oabt ianl America (S&P, 2021). Figure 1.2: Total amount of new issue volumes in the US and EU securitization market (in € billions). Source: Association for Financial Markets in Europe (AFME) and Securities Industry and Financial Markets Association (SIFMA). Chapter 1 - General Introduction
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