Development of Structured Financial Products during the Crisis
| Thesis title in Czech: | Vývoj strukturovaných finančních produktů během krize |
|---|---|
| Thesis title in English: | Development of Structured Financial Products during the Crisis |
| Key words: | Structured products, ABS, MBS, CDO, Financial Crisis |
| English key words: | Structured products, ABS, MBS, CDO, Financial Crisis |
| Academic year of topic announcement: | 2011/2012 |
| Thesis type: | Bachelor's thesis |
| Thesis language: | angličtina |
| Department: | Institute of Economic Studies (23-IES) |
| Supervisor: | PhDr. Mgr. Milan Rippel |
| Author: | hidden - assigned by the advisor |
| Date of registration: | 06.06.2012 |
| Date of assignment: | 06.06.2012 |
| Date and time of defence: | 09.09.2013 00:00 |
| Venue of defence: | IES |
| Date of electronic submission: | 16.05.2013 |
| Date of proceeded defence: | 09.09.2013 |
| Opponents: | Mgr. Adrian Lupusor, BA, M.A. |
| URKUND check: | |
| References |
| (1) Bateson, R. D. (2011). Financial Derivative Investment: Introduction to Structured Products. Imperial College Press.
(2) Gatti, S. C. (2010). Structured Finance. Springer-Verlag Berlin and Heidelberg GmbH & Co. KG. (3) Choudry, M. (2010). Structured Credit Products. John Wiley and Sons Ltd. (4) Raines, A. R. (2010). The Elements of Structured Finance. Oxford University Press Inc. |
| Preliminary scope of work |
| Broadly defined, a structured security is a security derived from, or based on a single security or financial derivative, a basket of securities or financial derivatives, an index a commodity or a foreign currency. Structured products play crucial role on financial markets and attract enormous amounts of money. Initially they were conceived as a new method of issuing debt more cheaply. Since the 1980s structured finance has become a major sector in the financial industry.
In this work I would like to analyze development of structured products over the past decade and their role in the recent crisis. First of all I will give the theoretical background and origins of most structured financial products. This section will be followed by use of these products and a discussion of impacts of different conditions over the past decade. After a decription of this development I will focus on the development and the role of these instruments in financial crises 2007 - 2009. I will analyze a new available data of Securities Industry and Financial Markets Association (SIFMA). SIFMA combines data from the third parties, such as Bloomberg, Thomson Reuters, Moodys, S&P and others to get the comprehensive data. I will also analyze a proportion of these instruments on accounts of the world leading banks and their development. Finally I will summarize recent developments and suggest some future implications and different scenarios. At this early stage of my research, there are several questions, which could be potentially answered in the thesis. (1) Did the crisis lead to diminishing of any structured financial product? (2) Has the recent crisis changed the volumes of structured finace issued? (3) Did the structured finance contributed to credit crash and financial crisis of 2007 - 2009? (4) Has the recent crisis changed the structure of banks portfolio and proportion of structured financial products? (5) Has the crisis resulted in creation of a new type of structured financial products? Methodology: Quantitative analysis of a new data available, before/during the crisis focused on structured financial products, examination of present and past research, discussion of the existing evidence. Outline: - Introduction - Theoretical Background - basic concepts and historical development - Quatitative analysis - EU/US - Conclusion Bibliography: 1. Bateson, R. D. (2011): \Financial Derivative Investment: Introduction to Structured Products." Imperial College Press 2. Caselli, S. & S. Gatti (2010): \Structured Finance." Springer-Verlag Berlin and Heidelberg 3. Choudry, M.(2010): \Structured Credit Products." John Wiley and Sons Ltd 4. Rutlenge, A. & S. Raines(2010): \The Elements of Structured Finance." Oxford University Press |
| Preliminary scope of work in English |
| Broadly defined, a structured security is a security derived from, or based on a single security or financial derivative, a basket of securities or financial derivatives, an index a commodity or a foreign currency. Structured products play crucial role on financial markets and attract enormous amounts of money. Initially they were conceived as a new method of issuing debt more cheaply. Since the 1980s structured finance has become a major sector in the financial industry.
In this work I would like to analyze development of structured products over the past decade and their role in the recent crisis. First of all I will give the theoretical background and origins of most structured financial products. This section will be followed by use of these products and a discussion of impacts of different conditions over the past decade. After a decription of this development I will focus on the development and the role of these instruments in financial crises 2007 - 2009. I will analyze a new available data of Securities Industry and Financial Markets Association (SIFMA). SIFMA combines data from the third parties, such as Bloomberg, Thomson Reuters, Moodys, S&P and others to get the comprehensive data. I will also analyze a proportion of these instruments on accounts of the world leading banks and their development. Finally I will summarize recent developments and suggest some future implications and different scenarios. At this early stage of my research, there are several questions, which could be potentially answered in the thesis. (1) Did the crisis lead to diminishing of any structured financial product? (2) Has the recent crisis changed the volumes of structured finace issued? (3) Did the structured finance contributed to credit crash and financial crisis of 2007 - 2009? (4) Has the recent crisis changed the structure of banks portfolio and proportion of structured financial products? (5) Has the crisis resulted in creation of a new type of structured financial products? Methodology: Quantitative analysis of a new data available, before/during the crisis focused on structured financial products, examination of present and past research, discussion of the existing evidence. Outline: - Introduction - Theoretical Background - basic concepts and historical development - Quatitative analysis - EU/US - Conclusion Bibliography: 1. Bateson, R. D. (2011): \Financial Derivative Investment: Introduction to Structured Products." Imperial College Press 2. Caselli, S. & S. Gatti (2010): \Structured Finance." Springer-Verlag Berlin and Heidelberg 3. Choudry, M.(2010): \Structured Credit Products." John Wiley and Sons Ltd 4. Rutlenge, A. & S. Raines(2010): \The Elements of Structured Finance." Oxford University Press |