There is much confusion about what shadow banking is. Some equate it with securitization, others with non …

This paper examines the financial stability implications arising from securitization markets, with one eye on the past … industry developments in the years before the crisis. Emphasis is placed on the various ways in which securitization markets … securitization markets are then discussed, including a treatment of various regulatory initiatives, the operational infrastructure of …

. We then investigate whether this effect is influenced by two key bank characteristics: securitization and bank capital … competition at the industry level lead to higher realized systemic risk. The results suggest that the use of securitization …