Archive for October 14th, 2004

Securitization and Desecuritization

Observing the development of the U.S. capital market over the last twenty-five years, we note the trend towards securitization of debt and contractual financial obligations. Thirty years ago, Americans were likely to put their savings in a savings institution, accepting what was essentially a non-securitized obligation of a bank in return (a deposit slip or savings […]

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