자산유동화

Asset Securitization in Korea

This paper studies the various ways of asset securitization, which depends on the diverse characteristics of underlying assets. We begin by investigating the structure and different roles of the participants in asset securitization by employing the general framework of structured finance. Next, a description of the introduction process and the present situation of Korea's asset securitization is presented, as well as suggestions regarding the direction of its institutional development. Finally, we probe into the different characteristics of underlying assets and show the various ways of asset securitization based upon their characteristics. The underlying assets covered in this study are mortgages, credit card loans, home equity loans, commercial mortgages, auto loans, collateralized loans and bond obligations, and non-performing loans.