Type of financial system and securitization development: issues of interaction

Securitisation, as a process of creating a liquid asset, the basis of which is an asset with less liquidity, is actively used by foreign banks as one of the sources of funding and a way to minimise risks. Proceeding from the fact that banks are the key participants of securitisation, the paper aims to determine the relationship between the financial system built on the banking type and the number and volume of transactions. The article presents the market dynamics of the Russian securitisation market and singles out mortgage securitisation, which attracts large volumes of financing; it analyses the structure of the securitisation market in foreign countries depending on the types of collateral and concludes that this financial instrument can increase the loan portfolio and maintain regulatory capital requirements. The author carries out a comparative analysis of securitisation development in countries with banking, market and mixed type of financial systems on the example of Germany, China, Japan, USA, Australia, South Korea and Canada, which allows to reflect the specifics of the modern securitisation market. Noting the selected group of countries with a higher growth rate of asset-backed securities issues, the author formulates the key characteristics of securitisation typical for the selected types of financial systems.