The Macro Environment and Mortgage-Backed Securities - U.S. Experience and Possible Development in Taiwan

• Main Authors: Yun-Ming Kwang, 鄺允銘
• Other Authors: 廖咸興
• Format: Others
• Language: zh-TW
• Published: 2001
• Online Access: http://ndltd.ncl.edu.tw/handle/55392477089588724204

碩士 === 國立臺灣大學 === 財務金融學研究所 === 89 === ABSTRACT The mortgage bankers in the United States first started to securitize the mortgage loans in their portfolio in the 1970’s. It then became a very important practice in financing the mortgage loans and created a new territory in the financial industry. Securitization of mortgage loans originated from the pressure in refunding the money available for lending. The deep reason was the baby boomers that brought huge demand of housing and in return caused shortage of funding to the loans. Mortgage-backed securities has been growing very fast since its innovation due to the special macro environment of U.S.A. This thesis tries to explain the origination and motivation of securitization activities in the U.S. from a macro point of view and to find out the correlation between the MBS and macro environmental variables. Starting from analyzing U.S. macro environmental variables, comprising of population, housing, national product, savings, investment, international trading, government expenditures, money supply, interest and the capital market, this thesis reviewed huge amount of statistics of the past thirty years. It is very clear from the analysis that the development of MBS has very close relationship with the macro environment variables. The conclusion is that the macro environment has key influence to the development of MBS. This thesis then compares environments of Taiwan and the U.S.A. By comparing variables to variables between these two nations, it shows that the current macro environment of Taiwan differs from that of the U.S. in the 1970-1985. There is no strong motivation supporting a development of the MBS in Taiwan under current environment. Further comparison shows Taiwan lacks a similar macro environment as that of the U.S.A., to nurturing MBS activities in long time basis. This thesis further proposes the difficulties Taiwan might encounter in attempting to securitize mortgage loans in the future. It also presents a different voice to the feasible issue of issuing MBS in Taiwan, That is, from the point of creating new investment vehicles for investors and helping to stabilize the economy, will justify its existence. The conclusion to this thesis is that to begin with issuance of asset-backed securities might be easier for Taiwan at this moment.