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Article
Publication date: 1 September 2006

Andreas A. Jobst

The paper surveys the risks and rewards of asset securitisation and illustrates how this structured finance technique can lift credit constraints to small‐ and…

9414

Abstract

Purpose

The paper surveys the risks and rewards of asset securitisation and illustrates how this structured finance technique can lift credit constraints to small‐ and medium‐sized enterprises (SMEs) as banks to turn more conservative in their lending in response to more risk‐sensitive capital requirements for credit risk.

Design/methodology/approach

The mechanics of securitisation provide an analytical framework and perspective for our analysis of conditions for sustainable SME securitisation and its potential contribution to greater risk diversification of both issuers and investors. The paper also elicits lessons to be learned for essential regulatory and policy measures to guide a sound development of securitisation markets from an empirical review of SME securitisation in Germany.

Findings

The paper finds that the structural versatility of securitisation offers economic benefits irrespective of the configuration of the financial system. The development of a viable securitisation market for SME‐related claims in a bank‐based financial system is likely to require financial sector initiatives, whose scope and intensity might be enhanced by development agencies. Orchestrated policy efforts make for a benign strategy to incubate SME securitisation in a timely fashion, while keeping legal uncertainty and economic attrition to a minimum.

Originality/value

As opposed to previous papers, the paper defines and discusses SME securitisation from both the perspective of bank‐ and firm‐sponsored securitisation and issue hands‐on recommendations for its efficient implementation.

Details

Managerial Finance, vol. 32 no. 9
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 11 April 2008

Andreas A. Jobst

Amid benign monetary policy in mature market countries and high liquidity‐induced demand, lower risk premia have encouraged risk diversification into alternative asset…

3124

Abstract

Purpose

Amid benign monetary policy in mature market countries and high liquidity‐induced demand, lower risk premia have encouraged risk diversification into alternative asset classes outside the scope of conventional investment. The development of derivative markets in emerging economies plays a special role in this context as more institutional money is managed on a global mandate, with more and more capital being dedicated to emerging market equity. This paper aims to focus on these issues.

Design/methodology/approach

This paper reviews the recent development of equity derivative markets in emerging Asia and informs a critical debate about market practices and prudential supervision. Goal of the paper is also to outline essential elements and key policy considerations in developing derivative markets.

Findings

The supervision of emerging derivative markets depends on the expedient and tractable resolution of challenges arising from consistent risk management, risk mutualization, and prudential standards that guarantee market stability in crisis situations. In particular, further efforts are needed in areas of cash market liquidity, trading infrastructure as well as legal and regulatory frameworks based on a set of coherent principles for capital market development.

Originality/value

The paper offers a comprehensive set of principles for the development of equity derivative markets based on the current state of equity derivative trading in emerging Asia. Given current efforts by national regulators in the region to implement comprehensive guidelines on derivatives and revise short selling restrictions, the scope of this paper has topical appeal from the perspective of market participants and regulators.

Details

International Journal of Emerging Markets, vol. 3 no. 2
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 21 November 2008

Andreas Jobst, Peter Kunzel, Paul Mills and Amadou Sy

The most popular form of Islamic finance is commonly referred to as sukuk – wholesale, asset‐based capital market securities. The purpose of this paper is to enhance the…

4795

Abstract

Purpose

The most popular form of Islamic finance is commonly referred to as sukuk – wholesale, asset‐based capital market securities. The purpose of this paper is to enhance the general understanding of essential policy considerations in the creation and development of sukuk markets.

Design/methodology/approach

This policy paper reviews the key developments in the sukuk market and informs a debate about challenges and opportunities going forward. The paper presents a qualitative analysis of economic, regulatory and legal issues that warrant consideration.

Findings

The paper finds that while the sukuk market continues to generate strong interest by new issuers in Muslim and non‐Muslim countries alike, some critical constraints arising from continued legal uncertainty and regulatory divergences still need to be overcome. As issuers weigh the costs and benefits of sukuk issuance in a broad policy context, continued efforts will be required to overcome a series of economic, legal and regulatory issues.

Originality/value

The paper presents, for the first time, a structured analysis of sukuk markets aimed at identifying key considerations for sovereign debt managers, especially in non‐Muslim countries.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 1 no. 4
Type: Research Article
ISSN: 1753-8394

Keywords

Article
Publication date: 20 November 2007

Andreas A. Jobst

Amid increased size and complexity of the banking industry, operational risk has a greater potential to occur in more harmful ways than many other sources of risk. This…

2194

Abstract

Purpose

Amid increased size and complexity of the banking industry, operational risk has a greater potential to occur in more harmful ways than many other sources of risk. This paper seeks to provide a succinct overview of the current regulatory framework of operational risk under the New Basel Accord with a view to inform a critical debate about the influence of data collection, loss reporting, and model specification on the consistency of risk‐sensitive capital rules.

Design/methodology/approach

The paper's approach is to investigate the regulatory implications of varying characteristics of operational risk and different methods to identify operational risk exposure.

Findings

The findings reveal that effective operational risk measurement hinges on how the reporting of operational risk losses and the model sensitivity of quantitative methods affect the generation of consistent risk estimates.

Originality/value

The presented findings offer tractable recommendations for a more coherent and consistent regulation of operational risk.

Details

Journal of Financial Regulation and Compliance, vol. 15 no. 4
Type: Research Article
ISSN: 1358-1988

Keywords

Article
Publication date: 1 March 2005

Andreas Jobst

This paper provides a comprehensive overview of the gradual evolution of the supervisory policy adopted by the Basel Committee for the regulatory treatment of asset…

1295

Abstract

This paper provides a comprehensive overview of the gradual evolution of the supervisory policy adopted by the Basel Committee for the regulatory treatment of asset securitisation. The pathology of the new “securitisation framework” is carefully highlighted to facilitate a general understanding of what constitutes the current state of computing adequate capital requirements for securitised credit exposures. Although a simplified sensitivity analysis of the varying levels of capital charges depending on the security design of asset securitisation transactions is incorporated, the author does not engage in a profound analysis of the benefits and drawbacks implicated in the new securitisation framework.

Details

Journal of Financial Regulation and Compliance, vol. 13 no. 1
Type: Research Article
ISSN: 1358-1988

Keywords

Book part
Publication date: 30 September 2019

Katalin R. Forray and Andrea Óhidy

This introduction from Katalin R. Forray and Andrea Óhidy provides a brief overview of the social and education situation of European Roma and also about the structure of…

Abstract

This introduction from Katalin R. Forray and Andrea Óhidy provides a brief overview of the social and education situation of European Roma and also about the structure of this book.

Roma are here described as a ‘hidden minority’ (see the country study about Italy from Valeria Cavioni in the book Lifelong Learning and the Roma Minority in Western and Southern Europe (2019)), because – although they are the largest minority group living in Europe for more than a hundred years – we still know very little about them. Although most of the Roma people have been living for centuries in European countries, their situation is still different from the non-Roma population; they often suffered from poverty and exclusion. There is a host of Roma, especially in Southern and in Eastern Europe, who is considered to be the most disadvantaged group in European societies; that is, regarding their (1) health situation, (2) on the labour, (3) on the housing market and (4) also in education. Questions of education are the central elements of politics making the situation of Roma better. To fulfil these requirements, some European countries have taken determined steps. As Natascha Hofmann in the country study about Germany wrote in the book Lifelong Learning and the Roma Minority in Western and Southern Europe (2019), we are in the phase of the ‘dawn of learning’ because there are more and more policies and programmes to develop attainment and success of Roma in European education and lifelong learning. This book wants to change this and gives an overview about retrospective and prospective tendencies in the situation of European Roma in education and lifelong learning.

Details

Lifelong Learning and the Roma Minority in Central and Eastern Europe
Type: Book
ISBN: 978-1-83867-260-7

Keywords

Content available
Article
Publication date: 1 September 2006

Andreas Krause

255

Abstract

Details

Managerial Finance, vol. 32 no. 9
Type: Research Article
ISSN: 0307-4358

Book part
Publication date: 22 November 2019

Katalin R. Forray and Andrea Óhidy

This introduction from Andrea Óhidy and Katalin R. Forray provides a brief overview of the social and education situation of European Roma and also about the structure of…

Abstract

This introduction from Andrea Óhidy and Katalin R. Forray provides a brief overview of the social and education situation of European Roma and also about the structure of this book. Roma are here described as a ‘hidden minority’ (see the country study about Italy from Valeria Cavioni), because – although they are the largest minority group living in Europe for more than a hundred years – we still know very little about them. Although most of the Roma people have been living for centuries in European countries, their situation is still different from the non-Roma population; they often suffered from poverty and exclusion. There is a host of Roma, especially in Southern and in Eastern Europe, who is considered to be the most disadvantaged group in European societies, for example, regarding their (1) health situation, (2) on the labour and (3) on the housing market and (4) also in education. Questions of education are the central elements of politics making the situation of Roma better. To fulfil these requirements some European countries have taken determined steps. As Natascha Hofmann in the country study about Germany wrote, we are in the phase of the ‘dawn of learning’ because there are more and more policies and programs to develop attainment and success of Roma in European education and lifelong learning. This book gives an overview about retrospective and prospective tendencies in the situation of European Roma in education and lifelong learning.

Details

Lifelong Learning and the Roma Minority in Western and Southern Europe
Type: Book
ISBN: 978-1-83867-263-8

Keywords

Content available
Book part
Publication date: 22 November 2019

Abstract

Details

Lifelong Learning and the Roma Minority in Western and Southern Europe
Type: Book
ISBN: 978-1-83867-263-8

Content available
Book part
Publication date: 30 September 2019

Abstract

Details

Lifelong Learning and the Roma Minority in Central and Eastern Europe
Type: Book
ISBN: 978-1-83867-260-7

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