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Securitization and Liquidity in Italian Banks. Evidence from the Recent Financial Crisis

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  • Francesca Battaglia
  • Maria Mazzuca

Abstract

This paper investigates the impact of securitization on the liquidity of the originators.Using an ordered probit model, the empirical analysis focuses on a sample of Italianbanks over the period 2000-2009. The study considers bank's liquidity (dependentvariable) being influenced by several (independent) variables, including two of themaimed at capturing the securitization activity, and a set of control variables. In general,results show that securitization has a positive impact on the liquidity of the originatorbanks. When the analysis focuses on the pre-crisis period, the effects of securitizationare more relevant.

Suggested Citation

  • Francesca Battaglia & Maria Mazzuca, 2012. "Securitization and Liquidity in Italian Banks. Evidence from the Recent Financial Crisis," Banca Impresa Società, Società editrice il Mulino, issue 3, pages 419-450.
    • Handle: RePEc:mul:jqmthn:doi:10.1435/73084:y:2012:i:3:p:419-450
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