Securitização

SECURITIZATION
Gary Gorton
Andrew Metrick
ABSTRACT
We survey the literature on securitization and lay out a research program for its open questions. Securitization
is the process by which loans, previously held to maturity on the balance sheets of financial intermediaries,
are sold in capital markets. Securitization has grown from a small amount in 1990 to a pre-crisis issuance
amount that makes it one of the largest capital markets. In 2005 the amount of non-mortgage asset-backed
securities issued in U.S. capital markets exceeded the amount of U.S. corporate debt issued, and these
securitized bonds – even those unrelated to subprime mortgages -- were at center of the recent financial
crisis. Nevertheless, despite the transformative effect of securitization on financial intermediation,
the literature is still relatively small and many fundamental questions remain open.
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