资源描述：
《意大利的资产证券化活动【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、本科毕业论文（设计）外文翻译原文：TheAssetSecuritizationActivityinItalyThemainobjectofthischapteristoanalyzethebasiccharacteristicsandthemarketstructureofthesecuritizationactivity,especiallywithreferencetotheItaliansecuritizationmarket,whichhasrapidlydevelopedinrecentyears.Inparticu
2、lar,thischapterintendstoanswerthefollowingquestions:1.Whatismeantbysecuritization?2.Howisthetransactionstructured?3.Whatistheroleoffinancialintermediarieswithinthesecuritizationprocess,especiallyinItaly?4.WhatarethemaincharacteristicsoftheItaliansecuritizationactivi
3、ty?Atthispurpose,wewillfirstexplainthebasiccomponentsofasecuritizationtransaction,describingthetypicalstructureandthemainplayersinvolved.Secondly,wewillanalyzetheItaliansecuritizationmarket,emphasizingitspeculiaritiesthroughaninternationalcomparativeanalysis.General
4、lyspeaking,theaimofsecuritizationistotransformilliquidassetsintosecurities.Forthepurposeofthischapter,thetermsecuritizationisusedtorepresenttheprocesswherebyassetsarepooledtogether,withtheircashflows,andconvertedintonegotiablesecuritiestobeplacedintothemarket.Theses
5、ecuritiesarebackedorsecuredbytheoriginalunderlyingassetsandaregenerallydefinedasAssetBakedSecurities(ABS).Theoretically,anyfinancialassetsproducingcashflows(receivables,residentialandcommercialmortgages,creditcardreceivables,andotherconsumerandcommercialloans)canbes
6、ecuritized.TheconceptofassetsecuritizationwasintroducedintheUSfinancialsysteminthe1970s,whentheGovernmentNationalMortgageAssociationissuedsecuritiesbackedbyapoolofloans,representedbyresidentialmortgages.Duringthelastdecade,ithasrapidlydevelopedwithinEurope,especiall
7、yintheUK.Recently,theItaliansecuritizationmarkethasrapidlyexpandedthankstotheintroductionofaspecificregulation(Law130/99).Twomaintypesofsecuritizationtransactionsexist:1.Cashflowbased(CFB)securitization.Thetransactionisstructuredasasaleofassetsbyacompany(Originator)
8、toaspecialentity(SpecialPurposeVehicle,SPV),whichthenissuessecuritiesbackedbytheunderlyingassets.TheCFBsecuritizationisalsodefinedasFunded
