Cheikhrouhou, HelaGwinner, W. BrittPollner, JohnSalinas, EmanuelSirtaine, SophieVittas, Dimitri2012-05-312012-05-312007978-0-8213-7139-8https://hdl.handle.net/10986/6782The report covers several types of structured finance with such capital market instruments as mortgage-backed securities, structured bond issues for infrastructure financing, securitization of small and medium enterprises (SME)-related assets, and securitization of loans to SMEs. The report also covers factoring and leasing, which can be important sources of finance for SMEs and can be pooled and packaged into marketable securities and sold to pension funds. The report does not cover other types of structured finance, such as exchange trade funds, structured notes with capital protection, or structured financing outside capital markets, such as bank syndications. Chapter 1 focuses on private pension fund investment management and the role of structured bonds. Chapter 2 focuses on the increasing use of structured finance for housing in Latin American countries. Chapter 3 deals with the less developed yet promising area of structured bonds for infrastructure financing. Chapter 4 focuses on the use of structured bonds for SME finance, still in the experimental stage. The report discusses the role of the government in supporting small and medium loan securitizations through partial guarantees (as in Spain) to share the risk of borrower default and through the development of an SME securitization conduit (as in Germany).en-USCC BY 3.0 IGOACCESS TO CAPITALACCOUNTINGACCOUNTS RECEIVABLEASSET CLASSASSET MANAGERSASSET-BACKED SECURITIESBACKED SECURITIESBANK CREDITBANK DEBTBANKING SYSTEMBANKRUPTCYBONDBOND INSURANCEBOND INVESTORSBOND ISSUANCEBOND ISSUANCESBOND ISSUEBOND ISSUESBOND MARKETBOND MARKETSBONDHOLDERSBONDSBORROWERCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCASH FLOWCASH FLOWSCOLLATERALCOLLECTION PROCEDURESCOMMERCIAL LOANSCONTRACTUAL SAVINGSCORPORATE BONDSCREDIT DERIVATIVESCREDIT ENHANCEMENTCREDIT ENHANCEMENTSCREDIT GUARANTEESCREDIT INFORMATIONCREDIT LINESCREDIT LOSSESCREDIT MARKETSCREDIT QUALITYCREDIT RATINGSCREDIT RISKCREDIT SCORINGCREDITORCREDITOR RIGHTSCREDITWORTHINESSCREDITWORTHY SECURITIESCURRENCY MISMATCHESDEBT FINANCINGDEBT ISSUANCEDEBT MARKETSDEPOSITDEPOSIT MONEY BANKDEPOSITSDERIVATIVESDEVALUATIONDEVELOPMENT BANKDEVELOPMENT FINANCEDISCLOSURE STANDARDSDOMESTIC BANKSDOMESTIC CAPITALDOMESTIC CAPITAL MARKETSDOMESTIC CREDITDOMESTIC CREDIT RATINGDOMESTIC FINANCIAL MARKETSECONOMIC DEVELOPMENTEMERGING ECONOMIESEMERGING MARKETEMERGING MARKET ECONOMIESEMERGING MARKETSENABLING ENVIRONMENTENFORCEABILITYEQUITY INSTRUMENTSESCROWEXCHANGE RATEEXCHANGE RATE MOVEMENTSFINANCIAL DEVELOPMENTFINANCIAL INSTITUTIONSFINANCIAL MARKETSFINANCIAL PERFORMANCEFINANCIAL STABILITYFINANCIAL SYSTEMSFLOATING INTEREST RATESFORECLOSUREFOREIGN INVESTMENTFREE ASSETSFUTURE CASH FLOWFUTURESGOVERNMENT DEBTGOVERNMENT DEBT SECURITIESGOVERNMENT SECURITIESGOVERNMENT SUPPORTGROSS DOMESTIC PRODUCTHEDGE FUNDSHOUSING FINANCEILLIQUIDITYINDEXED BONDINDEXED BONDSINDIVIDUAL LOANSINFLATIONINFORMATION SYSTEMSINFRASTRUCTURE BONDSINFRASTRUCTURE FINANCEINFRASTRUCTURE FINANCINGINFRASTRUCTURE INVESTMENTINFRASTRUCTURE INVESTMENTSINSTITUTIONAL CAPACITYINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINTEREST RATESINTERNATIONAL BANKINTERNATIONAL MARKETSINTERNATIONAL SECURITIESINTERNATIONAL STANDARDSINVESTINGINVESTMENT DECISIONSINVESTMENT FUNDINVESTMENT INSTRUMENTSINVESTMENT OPPORTUNITIESINVESTMENT PORTFOLIOSINVESTMENT REGULATIONSISSUANCEJUNK BONDLEGAL PROVISIONSLENDERSLIQUIDATIONLIQUIDITYLOANLOAN OBLIGATIONSLOAN PORTFOLIOLOCAL BANKSLOCAL CORPORATIONSLOCAL CURRENCYLOCAL MARKETSLOCAL STOCK MARKETSLONG-TERM INVESTMENTSMACROECONOMIC INSTABILITYMACROECONOMIC STABILITYMARKET CAPITALIZATIONMARKET INSTRUMENTSMARKET PRACTICESMARKET RISKMARKET RISKSMARKETABLE SECURITIESMATURITIESMATURITYMICROCREDITMODERN FINANCIAL SYSTEMMODERN FINANCIAL SYSTEMSMORTGAGEMORTGAGE BONDSMORTGAGE LOANSMORTGAGE MARKETSMORTGAGE-BACKED SECURITIESMORTGAGESMUTUAL FUNDMUTUAL FUND ASSETSMUTUAL FUNDSOLD-AGE INCOMEPARTIAL CREDITPARTIAL GUARANTEESPENSIONPENSION FUNDPENSION FUND ASSETPENSION FUND ASSETSPENSION FUND INVESTMENTPENSION FUNDSPENSION REFORMPENSION REFORMSPENSION SYSTEMSPENSIONSPLEDGESPORTFOLIOPORTFOLIO ALLOCATIONPORTFOLIO ALLOCATIONSPOTENTIAL INVESTORSPRIMARY MARKETPRIMARY MARKETSPRIVATE BONDPRIVATE CAPITALPRIVATE EQUITYPRIVATE INVESTMENTPRIVATE INVESTORSPROTECTION OF INVESTORSPRUDENTIAL REGULATIONPUBLIC DEBTREGISTRY SYSTEMSREGULATORY AUTHORITIESREGULATORY FRAMEWORKREPAYMENTREPAYMENT CAPACITYRESIDENTIAL MORTGAGESRETURNRETURNSRISK MANAGEMENTRISK SHARINGSECONDARY MARKETSECONDARY MARKET LIQUIDITYSECURITIESSECURITIES MARKETSSETTLEMENTSMALL BUSINESSSMALL BUSINESSESSTOCK ISSUANCESTOCK MARKETTAXTAX TREATMENTTRADE CREDITTRANCHETRANCHESTRANSACTIONTRANSACTION COSTSTURNOVERUNDERLYING ASSETSWORKING CAPITALYIELD CURVEWorld Bank10.1596/978-0-8213-7139-8