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Why would you expect securitization to take place only in highly developed capital markets? What would you expect to be the relationship between securitization and

Why would you expect securitization to take place only in highly developed capital markets?

What would you expect to be the relationship between securitization and the role of financial intermediaries in the economy? For example, what happens to the role of local banks in providing capital for mortgage loans when national markets in mortgage-backed securities become highly developed?

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