Recent damage to the Nord Stream pipelines 1 and 2 has highlighted the vulnerabilities of the critical undersea infrastructure which our modern societies so heavily depend on. As our societies turn more dependent on these undersea systems- the question of the security, protection and resilience of critical undersea infrastructure is put to the forefront. In an European context both the policy of EU and NATO is analyzed to examine how two of the European institutions with the highest decision-making capacity is responding to the situation. Through qualitative content analysis, the research paper aims to delve into the development of European critical underwater infrastructure. With a theory testing perspective both critical junctures theory and securitization theory is applied to the specific event of the Nord Stream-sabotage and its following aftermath. The results of the study implied, through operationalized criteria, that a) the Nord Stream-sabotage could be seen as a critical juncture in relation to the development of the critical undersea infrastructure and b) confirmed the securitization of European critical undersea infrastructure.

當前我國農業金融施政目標將配合農業加值政策，多元化推動政策性專案農貸，農貸對象將由個別農漁民推廣至農企業，是以，資金用途亦將由農業生產擴及農漁業運銷、加工與技術研發；穩健持續的發展農業將需要充分的資金，如何為農業發展自金融市場引入資金，融資是我國金融施政的當務之急。 　　我國農漁會組織結構脆弱，規模小且欠缺增資機制，本論文鑑於美國資產證券化發展至今已半個世紀，其對直接融資環境的建樹及國家經濟的繁榮功不可沒；直接融資的優點有三：降低借款者的融資成本、提高貸款者的營運效率、增加投資者的投資標的，本論文冀望借鏡美國資產證券化發展經驗及運作模式，創新我國融資思維，以「農業貸款證券化」的方式自金融市場直接取得資金，消弭農業金融當前的瓶頸，為農業發展提供有效的融資，全力發展農業貸款證券化尚能促進國內證券化及信託業務的健康發展。 　　本論文參考美國資產支持證券與小型企業署證券化的運作模式，規劃我國農業貸款支持證券的發行程序，包括創始資產、資產群組化、現金流結構、信用增強機制、發行架構、風險分析、信用評等及訂價策略八個構面，並探討發行之可行性，獲得適法性無疑、市場供給面與需求面具有發行正當性之結論。 　　在促進次級市場流動性議題上，本論文建議以「指定集合管理運用金錢信託」平台，透過投資人的多元性參與以及投資商品的多樣性選擇，在金錢信託架構下促進交易市場的活絡，進而帶動流動性的增強；最後，本論文建議信託業運用信託機制發揮投資銀行之功能，於兼顧企業融資與客戶投資之同時，實踐扶持中小企業、促進地方經濟繁榮的責任與願景。 　　國內如能順利推動農業貸款證券化業務，對市場各個參與者之利基臚列於下，此亦為本論文衷心冀盼的： 一、對政府、農委會等中央主管機關而言： 　　（一）得以建立我國農業資本市場、擴大我國債券之發行。 　　（二）得以解決農地閒置休耕問題、增進農企業規模發展。 　　（三）得以樽節政府農業發展支出、普及全民投資農漁業。 二、對全國農業金庫而言： 　　（一）得以差異化的營運方式有別於農漁會之經營。 　　（二）得以超然的立場貫徹執行金融監督管理之責。 三、對農漁會而言： 　　（一）得以縮減資本計提的需求、提升ROA與ROE。 　　（二）得以提升金融資產流動性、增進資金使用效率。 　　（三）得以提高自有資本的比率、改善經營的績效。 　　（四）得以開創資金調度的渠道、降低資金取得成本。 　　（五）得以分散金融資產的區域性風險與集中性風險。 四、對農、林、漁、牧業者而言： 　　（一）得以取得貸款資金。 　　（二）得以降低融資成本。 五、對投資人而言： 　　（一）得以直接參與本土農業投資。 　　（二）得以享有多樣化的投資選擇。 / The current Agriculture-Finance policy of R.O.C. is to cope with Agriculture Value-up policy, so as to promote diversified project loans from individuals to corporates. Consequently, the purpose of finance will be extended to agricultural and fishing logistics, process and technic inventions. Constant and stable development of agriculture needs sufficient capital; however, the main and urgent issue of agricultural development is to direct financing from capital market. The construction of farmers’ and fishermen’s association of R.O.C. is relevantly fragile, in miniature and in lack of the mechanism of capital injection. The securitization of the U.S.A. has been developed through half century, which flourishes economy and direct finance. There are three advantages of direct finance; the first is to lower the cost of borrowers, the second is to level-up the business efficiency of debtors, and the third is to increase the objects of investors. The essay is about to refer to the experiences of US securitization and its models, so as to innovate our financing thinking with direct financing from Agriculture-Loan-Securitization; where the bottleneck of agriculture financing can be breached and provide more sufficient and efficient capital to boost Agriculture-Loan-Securitization with advantageous growth of domestic business of securitization and trust. This essay consults the methods of US ABS and SME construction to plan the issuance of Agriculture-Loan-Securitization, including aspects of original assets, assets sectors, financing construction, credit enhancing mechanism, issuance construction, risk analysis, credit rating and pricing; that leads to the justification of feasibility, legality, supply and demand of issuance. As to the issue of increase liquidity of secondary market, this essay suggests that the building of Semi-discretionary collectively managed money trust platform can provide a varieties of diversified participation and investing products to investors under the construction of money trust to activate vivid market transaction and empower liquidity. This essay also suggests that the business of trust shall use the function of investment banking, with the balance between corporate financing and client investment, to support SME and improve local economy as a liability and vision. In the event of the succession of domestic Agriculture-Loan-Securitization, the niches of each participant are suggested as followed with sincerely: 1. To Council of Agriculture and government at large, (1) Building up agriculture financing market, expanding the issuance of bonds. (2) Sorting out farmland fallow, increasing the scale of agriculture business. (3) Saving the cost of governmental agriculture cost, promoting the investment to agriculture and fishing. 2. To Agricultural Bank of Taiwan, (1) Setting up the differentiation of management from farmers’ and fishermen’s association. (2) Supervising independently. 3. To farmers’ and fishermen’s association, (1) Minimizing the demand of capital adequacy, increasing ROA and ROE. (2) Increasing capital liquidity and efficiency. (3) Level up tier 1 capital, improve return. (4) Developing new capital channel, lowering the risk of financing. (5) Spreading finance area risk and concentric risk. 4. To agriculture, forestry, fishing and animal husbandry business, (1) Acquiring finance (2) Lower the cost of financing 5. To investors, (1) Participating local agriculture investments directly. (2) Have diversified options of investment.

The Swedish foreign minister Margot Wallström expressed in 2014 that Russia is erratic and making swedes fear Russia while claiming this to be a new phenome. The statement is a big difference if compared with the words of foreign minister Leila Freivalds during 2004 whom said that Russia was the most important cornerstone in the Swedish security policy work. The change is interesting. Russia has gone from being perceived as friend to being perceived as an enemy. This study contains an analysis the Swedish discourse on Russia in the security- and defence politics between the years of 2004-2015. The point of this study is to unveil veiled and hidden structures in the discourse in order to better understand the Swedish image of Russia and to reveal ´the other`. The study examines the extreme change in the Swedish perception of Russia from a critical discourse point of view. The critical discourse approach is used to understand how the image of Russia is perceived in the Swedish security- and defence politics. In attempting to understand whyRussia is perceived in a certain way a theoretical connection to Copenhagen´s school of securitazion is made. The study proceeds to take a starting point in Balzacq’s three assumptions to understand the connection to referent object. The material examined is the Swedish Foreign Policy Statements and defence propositions. The result of the study shows that Russia is framed as a threat, even while being mentioned as a friend. Russia is always perceived as ´the other´ and thus a constructed threat to Sweden.  The Swedish foreign minister Margot Wallström expressed in 2014 that Russia is erratic and making swedes fear Russia while claiming this to be a new phenome. The statement is a big difference if compared with the words of foreign minister Leila Freivalds during 2004 whom said that Russia was the most important cornerstone in the Swedish security policy work. The change is interesting. Russia has gone from being perceived as friend to being perceived as an enemy. This study contains an analysis the Swedish discourse on Russia in the security- and defence politics between the years of 2004-2015. The point of this study is to unveil veiled and hidden structures in the discourse in order to better understand the Swedish image of Russia and to reveal ´the other`. The study examines the extreme change in the Swedish perception of Russia from a critical discourse point of view. The critical discourse approach is used to understand how the image of Russia is perceived in the Swedish security- and defence politics. In attempting to understand whyRussia is perceived in a certain way a theoretical connection to Copenhagen´s school of securitazion is made. The study proceeds to take a starting point in Balzacq’s three assumptions to understand the connection to referent object. The material examined is the Swedish Foreign Policy Statements and defence propositions. The result of the study shows that Russia is framed as a threat, even while being mentioned as a friend. Russia is always perceived as ´the other´ and thus a constructed threat to Sweden.  The Swedish foreign minister Margot Wallström expressed in 2014 that Russia is erratic and making swedes fear Russia while claiming this to be a new phenome. The statement is a big difference if compared with the words of foreign minister Leila Freivalds during 2004 whom said that Russia was the most important cornerstone in the Swedish security policy work. The change is interesting. Russia has gone from being perceived as friend to being perceived as an enemy. This study contains an analysis the Swedish discourse on Russia in the security- and defence politics between the years of 2004-2015. The point of this study is to unveil veiled and hidden structures in the discourse in order to better understand the Swedish image of Russia and to reveal ´the other`. The study examines the extreme change in the Swedish perception of Russia from a critical discourse point of view. The critical discourse approach is used to understand how the image of Russia is perceived in the Swedish security- and defence politics. In attempting to understand why Russia is perceived in a certain way a theoretical connection to Copenhagen´s school of securitazion is made. The study proceeds to take a starting point in Balzacq’s three assumptions to understand the connection to referent object. The material examined is the Swedish Foreign Policy Statements and defence propositions. The result of the study shows that Russia is framed as a threat, even while being mentioned as a friend. Russia is always perceived as ´the other´ and thus a constructed threat to Sweden.

Different capital regulatory requirements in the bank and insurer markets lead to finding and using of new more complex financial tools linked with capital release and subsequent optimization of the investment objectives, but they are also linked with promises and risk transfers that could cause a collapse or a systemic risk of the financial markets, as evidence by the recent financial crisis. The aim of my work is to examine the behavior of credit default swap spreads on the securitization and reinsurance markets, followed by analyzing arbitrage conditions between securitization and reinsurance markets by cointegration analysis. The thesis focuses on Italy because it is one of four main European players in the securitization market and it has highly developed bank and insurer markets. Moreover, it still faces to consequences of the recent financial crisis that is indicator of strong possible bases for above mentioned complex financial instruments. On the dataset of Top 8 Italian banks and insurer companies in the period 2006 - 2012 I showed by cointegration analysis a presence of just one cointegration relationship between securitization and reinsurance market, therefore I rejected possibility of arbitrage between these markets. But on the other hand, they converge to long term equilibrium slowly...

Current Legal Issues of Bank Regulation - Resume This thesis paper deals with issues that can be found in relation with bank regulation. At present, globalized world, banks as important financial intermediaries play a major role. Banks are present in our daily lives and whether or not we want to, they facilitate our everyday operations with the money, investment of free monetary resources, and also borrowing of money. We got accustomed to the convenience that the use of various banking services provides. Equally important are the services of banks for businesses enterprises, various investment companies and funds, and also the countries themselves (the governments). Failure of this system, now that so many subjects are dependent on it, could have far-reaching negative consequences. The bank regulation and its instruments serve as a protection against the rise of adverse consequences. With the growing importance of banks in our society, the importance of their regulation grows as well. But even this may not represent perfect protection and bank regulation may conceal other unforeseen problems. This thesis on "Current legal issues of bank regulation" reflects the legal status of May 31 2012 and is trying to highlight the problems that occur in specific instruments of banking regulation. The aim of this work...

O presente trabalho trata de tema extremamente útil, porém ainda pouco trabalhado pela doutrina brasileira. A Lei no 8.668/93, que criou os Fundos de Investimento Imobiliário (FII) no Brasil, foi o primeiro diploma a permitir a securitização e fracionamento da propriedade imobiliária, convertendo-a em valores mobiliários passíveis de negociação no mercado de capitais. Os Fundos de Investimento Imobiliário viabilizaram o acesso de pequenos investidores, incluindo pessoas físicas, ao mercado imobiliário, viabilizando a aplicação em empreendimentos de alto retorno que, entretanto, demandam grandes investimentos. A análise da natureza jurídica do FII se justifica pela importância econômica e social do instituto, mas a esta não se restringe, tendo em vista a riqueza do conteúdo jurídico-normativo que culminou na criação de uma modalidade diferenciada de fundo de investimento, espelhada no modelo norte americano, o Real Estate Investment Trust. O Fundo de Investimento Imobiliário é um exemplo bem sucedido da criatividade legislativa, que através da combinação de institutos alcançou o que consideramos ser a figura no Brasil que mais se assemelha ao trust anglo saxão. A estrutura atribuída ao FII, marcada, em especial, pela propriedade fiduciária e pelo regime de afetação, revestem o Fundo de peculiaridades que reclamam a análise de sua natureza jurídica sob uma perspectiva própria, e diferenciada dos demais fundos de investimento. A investigação acerca da natureza jurídica do FII requer a releitura de conceitos que transitam entre o Direito Civil e o Direito Comercial, tais como de comunhão, condomínio e sociedade, negócio fiduciário, negócio indireto, propriedade, direitos reais e pessoais, patrimônio separado, pessoa jurídica e sujeito de direito, de cujo resultado decorre o reconhecimento do Fundo de Investimento Imobiliário como contrato de sociedade, caracterizado pela perseguição de uma finalidade econômica através de uma organização. O escolha do tema e a metodologia empregada no desenvolvimento deste trabalho tiveram por objetivo não só o aprofundamento da matéria, mas também a inspiração de outros estudos com base na common law, que possam igualmente levar à conclusão a respeito da beleza e eficiência de um sistema legal construído sobre estruturas abertas e mais flexíveis. / The theme of this paperwork is extremely useful, but not so much explored by Brazilian doctrine. The Law 8.668/93, which created in Brazil the Real Estate Investment Funds (Fundos de Investimento Imobiliário FII), was the first statute to allow the securitization and fractionation of real estate, converting it into subject securities traded in the capital market. The Real Estate Investment Funds enabled retail investors, including individuals, to access the real estate market, qualifying them to apply their resources on high-return ventures that, however, require large investments. The analysis of the legal nature of the FII is justified by the economic and social importance of the institute, but is not restricted thereto taken the enriched content of the legal-normative framework that culminated in the creation of a unique model of investment fund, mirrored in the North American Real Estate Investment Trust. The Real Estate Investment Fund is a successful example of legislative creativity that by combining institutes reached what we consider to be the figure in Brazil that most resembles the Anglo Saxon trust. The structure assigned to the FII, marked in particular by the fiduciary property and the rules of affectation, lines the Fund with certain peculiarities that demand the analysis of its legal nature under its own perspective, isolated from the other investment funds. Research on the legal nature of FII requires the reinterpretation of concepts that integrate both the Civil and Commercial Law, such as communion, condominium and company, fiduciary relationship, indirect relationship, property, real rights and personal rights, separated patrimony, legal person and capacity, which result leads to a due recognition of the Real Estate Investment Fund as a corporate agreement, characterized by the pursuit of an economic purpose through an organization. The choice of the theme and the methodology applied for the development of this paperwork aimed not only to deepen the matter, but also to inspire further studies based on the common law that could also lead to the conclusion about the beauty and efficiency of a legal system built on open and more flexible structures.

[pt] Propomos um modelo de equilíbrio geral com securitização de ativos pro- tegidos por colateral físico e discutimos o papel do colateral para evitar, em equilíbrio, expectativas pessimistas em relação as taxas futuras de default. As promessas dos ativos garantidos por colateral são securitizadas em famílias de derivativos Pass-through, que dividem o default de forma prorata, ou de Collateralized Loans Obligations (CLO), que permitem diferentes níveis de prioridade entre os ativos dentro de uma mesma família. No caso de default, os tomadores de empréstimo podem sofrer penalidades extra-econômicas, que são internalizadas nas suas preferências não ordenadas. Nesse contexto, provamos a existência de um equilíbrio no qual os investidores não são muito pessimistas sobre os pagamentos dos derivativos. / [en] We propose a specification of a general equilibrium model with securitization of collateral-backed promises and discuss the role of physical collateral to avoid, in equilibrium, pessimistic beliefs about the future rates of default. Promises are pooled in either pass-through securities or collateralized loans obligations (CLO), allowing the existence of different seniority levels among tranches in the same CLO. In case of default, borrowers may also suffer extra-economic penalties, which are internalized into a structure of nonordered preferences. In this context, we prove the existence of an equilibrium in that investors are not over-pessimistic about the payments of derivatives.

Wetter stellt für die Landwirtschaft einen Hauptunsicherheitsfaktor dar. Angesichts der Kli-maveränderung gilt es als wahrscheinlich, dass Wetterschwankungen und die Häufigkeit extremer Wetterereignisse in Zukunft zunehmen werden. Vor diesem Hintergrund spielt die Entwicklung von Wetterrisikomanagementinstrumenten eine wichtige Rolle zur Einkom-mensstabilisierung in der Landwirtschaft sowohl in entwickelten Volkswirtschaften als auch in Entwicklungsländern. Seit Mitte der neunziger Jahre werden auf Finanzmärkten sogenannte Wetterderivate angebo-ten, die den Austausch von Wetterrisiken zwischen Marktteilnehmern ermöglichen. Zielsetzung der vorliegenden Arbeits ist es, die Einsatzmöglichkeiten von Wetterderivaten in der Landwirtschaft zu untersuchen. Dazu sind verschiedene methodische Vorarbeiten zu leisten. Erstens, wird ein statistisches Modell benötigt, das die Unsicherheit des betrachteten Wetterereignisses (z.B. Temperatur oder Niederschlag) beschreibt. Zweitens, muss der Zusammenhang zwischen Wetter und landwirtschaftlicher Produkti-on abgebildet werden. Drittens, schließlich bedarf es eines theoretischen Modells, um das Wetterderivat zu bepreisen. Liegen die genannten Modellkomponenten vor, kann die Hedgingeffektivität eines Wetterde-rivats aus Sicht eines landwirtschaftlichen Produzenten bestimmt werden. Dies geschieht in der vorliegenden Arbeit beispielhaft für Getreideproduzenten in Deutschland. Es zeigt sich, dass die Hedgigeffektivität und damit die Zahlungsbereitschaft für Wetterderivate produkt- und regionsspezifisch ist. Angesichts eines ausgeprägten Basisrisikos ist es unwahrscheinlich, dass Wetterderivate in Deutschland eine breite Anwendung durch Landwirte erfahren werden. Ihr Anwendungspotenzial bei landwirtschaftlichen Versicherern und Rückversicheren er-scheint dagegen höher, da diese mit Hilfe von Wetterderivaten einen Teil ihres systematischen Risikos aus landwirtschaftlichen Ertragsversicherungen auf den Kapitalmarkt transferieren können. / Weather is a major factor of uncertainty for agriculture. The effects of climate change means that it is likely that in the future there will be increased fluctuations in weather patterns and extreme meteorological events will become more regular. In this context, the development of weather risk management instruments plays an important role in the stabilising of incomes in the agricultural sector, both in developed economies as well as in developing countries. Since the mid-nineties, so-called weather derivatives have been emerged on the market which enables participants in the market to exchange weather risks. This work aims to investigate the implementation possibilities of weather derivatives in agriculture. A range of methodological preliminary investigations will be carried out. First of all it is necessary to find a statistical model which describes the uncertainty of observed weather events (e.g. temperature or precipitation). Secondly, the relationship between weather and agricultural production needs to be mapped. Thirdly, a theoretical model needs to be devised which is capable of pricing the weather derivatives. The hedging effectiveness of a weather derivative can be determined from the point of view of an agricultural producer using the model components described above. This study will use the example of grain producers in Germany. It will demonstrate that hedging effectiveness and with it willingness to pay for weather derivatives depends on the product and region. A pronounced basis risk means that it is unlikely that weather derivatives will be widely used by farmers in Germany. Their application potential for agricultural insurers and reinsurers, however, seems greater, since they can use weather derivatives to transfer a part of their systematic risk from agricultural income insurance onto the capital market.

Made available in DSpace on 2016-04-25T18:39:43Z (GMT). No. of bitstreams: 1 Celso Augusto Gamboa.pdf: 424580 bytes, checksum: 6daeb39531aee718d739fd83eabeefa1 (MD5) Previous issue date: 2011-10-31 / The securitization of receivables is a form of financial engineering that allows a company with receivables, to raise funds in the financial markets using these receivables as guarantee. This type of financial transaction began in Brazil, with a similar structure to the international financial market, which was subsequently amended with the regulation of Investment Funds in Credit Rights IFCR. This type of investment fund in Brazil was the first that allowed funds with different types of share, senior and subordinate quotations, to work together. It is shown in this study a research with the financial amount of receivables securitization transactions in Brazil before and after the regulations of the Investment Funds in Credit Rights IFCR, which brought forth a large increase in this type of financial transaction on the second period, compared to the first. This study investigated the causes of the increase on the amount of financial transactions with receivables securitization in Brazil after the regulation of Investment Funds in Credit Rights IFCR / A securitização de recebíveis é uma forma de estruturação financeira que permite à uma empresa, com recebíveis, levantar recursos no mercado financeiro usando estes recebíveis como lastro. Esta operação financeira teve início no Brasil com a mesma estrutura do mercado financeiro internacional e, posteriormente, foi alterada pela a regulamentação dos Fundos de Investimentos em Direitos Creditórios FIDC. Esta modalidade de fundo de investimento foi a primeira, no Brasil, que permitiu o fucionamento de fundos com classes de cotas distintas, a cota senior e a cota subordinada. Apresenta-se neste trabalho, uma pesquisa com o levantamento do volume financeiro das transações de securitização de recebíveis, no Brasil, antes e depois da regulamentação dos Fundos de Investimentos em Direitos Creditórios FIDC, constatou-se que houve um grande aumento nesta modalidade de operação financeira no segundo período, comparado ao primeiro. Também foi feito um levantamento do saldo das operações de secutirização no Brasil e comparado com o saldodas operações de crédito dos bancos no Brasil. O volume anual de securitização também foi comparadocom PIB Produto Interno Bruto do Brasil. Investigou-se através deste trabalho, as causas do grande aumento no volume financeiro das transações de securitização de recebíveis, no Brasil, após a regulamentação dos Fundos de Investimentos em Direitos Creditórios FIDC

Made available in DSpace on 2016-04-25T18:39:51Z (GMT). No. of bitstreams: 1 Mauricio Godoi Amaral Lima.pdf: 917720 bytes, checksum: 0806aea0afa76bf8a6856581ecf44982 (MD5) Previous issue date: 2012-10-08 / The Brazilian real estate market has been growing at high rates which makes us the question if the tools that have been currently used in SFH will be enough to meet the increasing demand for financings, taking into account that this form has the saving account as its main source of resources. To fulfill the need of alternative sources of housing finance, the SFI was created, that allowed another way of catchment, the real state receivables securitization, making a secondary market of real estate assets. A historical study has been done showing the main inefficiencies in housing financing system, from 1964 to 1997, with the creation of SFI. Going through all the legal scope developed for the implementation of this new system, trying to understand the main reason why securitization is not a tool in Brazil, compared to the high potential we have after macroeconomical stability. A historical data raising is made, applying the method to the bibliography and quantitative research to verify the maintenance of the current financial resources catchment way for real state credit, comparing the saving account resources directing, demand quantity by financing, and the ways that new catchment tools, such as securitization, can contribute for supporting the real estate credit in the future / O mercado imobiliário brasileiro vem crescendo em elevados índices o que faz refletir se as ferramentas que são atualmente praticadas no SFH serão suficientes para atender a crescente demanda por financiamentos, tendo em vista que essa forma, tem a caderneta de poupança como principal fonte de recursos. Para suprir essas necessidades de fontes alternativas para os financiamentos habitacionais, foi criado o SFI, que permitiu a captação sob outra forma, a securitização de recebíveis imobiliária, constituindo o mercado secundário de ativos imobiliários. É realizado um estudo histórico, mostrando as principais ineficiências no Sistema Financeiro da Habitação, com início em 1964 e chegando até 1997, com a criação do SFI. Passando por todo arcabouço jurídico desenvolvido para implantação desse novo sistema, buscando entender o principal motivo que a securitização não é uma ferramenta trabalhada no Brasil, comparada com o grande potencial que temos após a estabilidade macroeconômica. Efetua-se um levantamento de dados históricos, aplicando o método de pesquisa bibliográfica e quantitativa para verificar a manutenção da forma atual de captação de recursos financeiros destinados ao crédito imobiliário, comparando o direcionamento compulsório dos recursos de poupança, quantidade da demanda por financiamentos e as formas que as novas ferramentas de captação, como securitização, contribuirá para a sustentação do crédito imobiliário no futuro