Securitisation in BRICS: Issues,challenges and prospects |
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| Institution: | 1. Strategy, Finance and Risk Management, Lagos Business School, Pan–Atlantic University, KM 22, Lekki-Epe Expressway, Ajah, Lagos, Nigeria;2. School of Law, The University of Manchester, Oxford Road, Manchester, United Kingdom;3. Glasgow School for Business and Society, Glasgow Caledonia University, Cowcaddens Road, Glasgow, G4 0BA, United Kingdom;1. University of Sousse, Sousse 4054, Tunisia;2. IPAG Business School, Paris 75006, France;3. University of Manouba, Manouba 2010, Tunisia;1. Department of Economic and Regional Development, Panteion University, 136 Syngrou Av., Athens, 176 71, Greece;2. Postgraduate Department of Business Administration, Hellenic Open University, Aristotelous 18, 26 335, Greece;1. Université de Paris XIII, Sorbonne Paris Cité, CEPN (UMR CNRS 7234), 99 avenue Jean-baptiste Clément, 93430 Villetaneuse, France;2. IPAG Business School (IPAG Lab), 184 boulevard Saint Germain, 75006 Paris, France;3. Université Paris 8 (LED), 2 avenue de la Liberté, 93526 Saint Denis, France;1. Department of Accounting and Finance, Technological Educational Institute of Peloponnese, Kalamata, Greece;2. Department of Banking and Financial Management, University of Piraeus, Greece;1. West Virginia University, USA;2. Loughborough University, UK;3. University of Nebraska-Omaha, USA |
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| Abstract: | While there is no doubt that securitisation contributed to the 2007-9 global financial crisis (GFC), it remains a very viable and flexible financing tool especially for developing and emerging markets. Focusing on the BRICS (Brazil, Russia, India, China and South Africa), this paper examines the issues, challenges and prospects of securitisation in these economies. Although the challenges such as the need for more robust and effective regulation, limited size and development of their financial markets remain, we argue that securitisation should be properly explored and utilised to address the funding gaps in developing and emerging markets. Possibly learning from the experiences of the Developed economies (for instance USA and UK) during the GFC, the BRICS seem to be developing a more prudential and strident regulation of their securitisation markets. If this is properly applied, such as the increased Minimum Risk Requirement (MMR), securitisation might turn to be a tool not only for financing but also a key one for the development and expansion of their financial markets. |
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