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Why do banks securitize? Evidence from Italy

Author

Listed:
  • Mariarosaria Agostino

    (Università della Calabria)

  • Maria Mazzuca

    (Università della Calabria)

Abstract

The paper explores the motivations underlying the securitization activity of Italian banks from 1999 to 2006. By estimating probit and proportional hazard duration models, in which the probability of placing securitizations is linked to a set of balance sheet indicators and a vector of further control variables, it tests the hypotheses of funding, specialization and regulatory capital arbitrage. Consistently with the funding hypothesis, the main conclusion is that Italian banks seem to securitize to diversify the available funding channels. Besides, the status of the bank on the Stock exchange and also its dimension positively affect the decision of securitizing.

Suggested Citation

  • Mariarosaria Agostino & Maria Mazzuca, 2009. "Why do banks securitize? Evidence from Italy," BANCARIA, Bancaria Editrice, vol. 9, pages 18-38, September.
    • Handle: RePEc:ban:bancar:v:9:y:2009:m:september:p:18-38
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    File URL: http://www.bancariaeditrice.it/prodotti/vedi/prodotto/id/1967/bancaria-n-9-2009
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    Citations

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    Cited by:

    1. Jie Li & Zhenyu Sheng & Aaron D. Smallwood, 2021. "Determinants of credit loan securitization in Chinese banking," Pacific Economic Review, Wiley Blackwell, vol. 26(2), pages 241-262, May.
    2. Zhang, Jinqing & Yin, Yiwen & Zhang, Linlin, 2019. "Determinants of loan securitization in Chinese banking: Cost-benefit-based analysis," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
    3. Valipour Pasha , Mohammad & Khansari , Rasool & Ahmadian , Azam, 2021. "Can Securitization Enhance Financial Stability? (Case of the I.R. of Iran)," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 16(3), pages 323-347, September.

    More about this item

    Keywords

    cartolarizzazione; raccolta bancaria; regulatory capital arbitrage; specializzazione bancaria; probit model;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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