Mobilising Capital for Emerging Markets What Can Structured Finance
Is structured finance dead? Many have asked this question after the financial crisis. Or is structured finance “evil” and therefore should it be dead? This book suggests neither nor. Even if structured finance can be misused or applied under inappropriate
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Doris Köhn Editor
Mobilising Capital for Emerging Markets What Can Structured Finance Contribute?
Editor Doris Köhn Senior Vice President Africa and Middle East Palmengartenstr. 5 KfW Entwicklungsbank 60325 Frankfurt am Main Germany [email protected]
ISBN 978-3-540-92224-7 e-ISBN 978-3-540-92225-4 DOI 10.1007/978-3-540-92225-4 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2011932331 © Springer-Verlag Berlin Heidelberg 2011 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: eStudio Calamar S.L. Cover illustration : www.shutterstock.com Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
Is structured finance dead? Many have asked this question after the financial crisis. Or is structured finance “evil” and therefore should it be dead? We at KfW think neither nor. Structured finance is an instrument which can be very useful if well used in an appropriate context. It can also be useful for reaching development objectives. As any instrument, not just in the financial sector, it can also be misused or applied under inappropriate conditions. This was certainly the case in the US subprime housing market and in a few other cases. However financial sectors in emerging markets have proven to be far more resilient in the crisis and we believe there are many examples where structured finance has proven an effective tool to support financial sector development. The development of financial sectors in emerging markets is a key pillar in KfW’s strategy to fight poverty. Over the past two decades we have increased our efforts in this area, especially in microfinance. We consider providing capital and investment opportunities to be an effective tool for developing markets to boost enterprise growth, employment and fight poverty. In our approach we support our development partners in developing enabling sector policies, legislation, and regulation. This is complemented by building institutions at the regulatory as well as the market intermediary levels. Mobilizing domestic capital through savings and the capital markets in order to facilitate productive investment is at the heart of this approach. However, emerging markets oft
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