文摘
“Securitization itself is not the evil that should be disposed off; the opaqueness associated with securitization is” (Wu and Guo, 2013, p.2). The evidence on costs and benefits from engaging in off-balance sheet activities is not conclusive. BHCs that provided credit and liquidity enhancement to ABCP conduits were more opaque compared to the BHCs which had no exposure to ABCP programmes. Larger opacity significantly increases systemic risk. To enhance the efficiency of the financial system, better standardisation of securitisation transactions' and transparency is required.