The Choice of MBS Operation Mode in China

HAO, JING (2008) The Choice of MBS Operation Mode in China. [Dissertation (University of Nottingham only)] (Unpublished)

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Abstract

Abstract

Mortgage-Backed Securitization is one of the most significant financial innovations in the international capital market. It originated in the US in 1970 and was developed quickly in the 1980s. Nowadays, mortgage-backed securitization is a major part of real estate finance in many western countries such as the US, UK, Australia and so on. Although mortgage-backed securities (MBS) have been very popular in those countries, it is still a relatively new financial instrument to the Chinese capital market. The concept of securitization was introduced to China in the 1980s. Currently the mortgage-backed securitization in China is still in pilot phase and the first pilot program “Jianyuan-2005 MBSâ€ÂÂ� was launched in 2005. The purpose of this dissertation is to study the relevant theories about MBS and use the practical experience of western countries for reference to try to provide some suggestions to perfect the current mortgage-backed securitization mode in China. In order to achieve this purpose, definition and the transaction structure of mortgage-backed securitization are examined. And then, the benefits and risks associated with MBS are analyzed. After that, the MBS development in the US, Australia, Germany and Hongkong market is reviewed. After summarizing and comparing the different modes in those countries, the inspiration to the securitization in China is concluded. Finally, the current status in China is discussed and the “Jiyuan-2005 MBSâ€ÂÂ� program is studied. At the end, some suggestions are presented to improve the current operation mode of mortgage-backed securitization in China.

Item Type: Dissertation (University of Nottingham only)
Depositing User: EP, Services
Date Deposited: 07 Jan 2009
Last Modified: 23 Oct 2016 08:29
URI: http://eprints.nottingham.ac.uk/id/eprint/21904

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