Conférence Banque de France - Toulouse School of Economics “Securitisation: the way forward?”

The 2007 U.S. subprime crisis and the global financial meltdown that followed exposed mportant shortcomings in the functioning of significant segments of the securitisation market and in the regulatory treatment of banks’ exposures to asset-backed securities. To address these shortcomings, minimum risk retention requirements by originators have been introduced both in the U.S. and in Europe, and revisions to the international Basel securitisation framework have been proposed. Other policy initiatives, supported by prominent central banks, are currently underway to promote simple and transparent forms of securitisation, with the view that well-functioning securitisation still has an important role to play—especially in Europe—a source of stable long-term funding for the economy. The conference aims to discuss incentive problems arising in different forms of securitisation, its consequence for banks and other economic actors and the public interventions to address these issues.

Conference program

Organising committee:
Régis Breton (Banque de France), Laurent Clerc (Banque de France), Augustin Landier (TSE)

To attend this conference, please fill in and return the following registration form to 1537-BDF-TSEOCT2015-UT@banque-france.fr by October, 16th.

Registration form

Conference papers and presentations

Keynote lecture: Mobile Collateral versus Immobile Collateral  Gary Gorton (Yale and NBER) with Tyler Muir
Presentation by Gorton

“Arbitraging the Basel Securitization Framework: Evidence from German ABS” Matthias Efing (SFI and University of Geneva)
Presentation by Efing 

“Enhancing Loan Quality through Transparency: Evidence from the European Central Bank Loan Level Reporting”  Maria Loumioti (University of Southern California) with Aytekin Ertan and Regina Wittenberg-Moerman
Presentation by Loumioti 
Discussion by Colliard  (HEC Paris)

“Who Neglects Risk? Investor Experience and the Credit Boom” Sergey Chernenko (Ohio State University) with Samuel Hanson and Adi Sunderam
Presentation by Chernenko 
Discussion by Vickery (Federal Reserve Bank of New York)

“Servicing Securitisation through Inefficient Foreclosure”  John Kuong (INSEAD) with Jing Zeng
Presentation by Kuong 
Discussion by Plantin  (Sciences Po Paris)

“Adverse Selection in Resale Markets for Securitized Assets”  Martin Kuncl (Bank of Canada)
Presentation by Kuncl 
Discussion by Pfeil (University of Bonn)

Policy panel: “Shall we revitalize the securitisation market and, if so, how?” with Anna Bak (AFME, replacing Richard Hopkin), Gary Gorton (Yale and NBER), Almoro Rubin de Cervin (European Commission), Robert Ophèle (moderator — Deputy Governor, Banque de France), Natacha Parée (Bank of England, replacing David Rule).
Presentation by Parée