Small and medium-sized enterprises (SMEs) account for a disproportionate share of output and employment in Europe but are still highly dependent on bank finance, which dried up or became prohibitively expensive during the crisis. Broader access to alternative, long-term finance through securitization would limit their exposure to banking sector difficulties and thus help revive credit. The SDN examines the various impediments to the development of a well-functioning and liquid securitizati...

Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distress...

Recent years have witnessed a surge in the issuance of Islamic capital market securities (sukuk) by corporates and public sector entities amid growing demand for alternative investments. As the sukuk market continues to develop, new challenges and opportunities for sovereign debt managers and capital market development arise. This paper reviews the key developments in the sukuk market and informs the debate about challenges and opportunities going forward.

Das Werk zur Zwangsversteigerung und Zwangsverwaltung von Löhnig möchte den Praktiker, der selten im ZVG-Bereich zu tun hat und deshalb Basisinformationen sucht genauso ansprechen wie den ZVG-erfahrenen Fachmann. Es vereinigt einen klassischen Kommentar, Handbuchabschnitte zu Schwerpunktthemen sowie die erforderlichen Formulare in einem Band und bietet damit eine Komplettausstattung zur schwierigen Materie der Zwangsversteigerung und Zwangsverwaltung.