$1.)$ Financial engineering has been disparaged as nothing more than paper shuffling. Critics argue that resources used for rearranging wealth $($i$.$e$.,$ bundling and unbundling financial assets$)$ might be better spent on creating wealth $($i$.$e$.,$ creating real assets$).$ Evaluate this criticism. Are any benefits realized by creating an array of derivative securities from various primary securities$?$

$2.)$ Why would you expect securitization to take place only in highly developed capital markets?

$3.)$ What is the relationship between securitization and the role of financial intermediaries in the economy? What happens to financial intermediaries as securitization progresses?

$4.)$ Although we stated that real assets constitute the true productive capacity of an economy, it is hard to conceive of a modern economy without well$-$developed financial markets and security types. How would the productive capacity of the U$.$S$.$ economy be affected if there were no markets in which to trade financial assets?$5.)$ Firms raise capital from investors by issuing shares in the primary markets. Does this imply that corporate financial managers can ignore trading of previously issued shares in the secondary market?

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