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| Author: | Agostino, M. Mazzuca, M. |
| Title: | Empirical investigation of securitisation drivers: the case of Italian banks |
| Journal: | European Journal of Finance
2011 : AUG-SEP, VOL. 17:7-8, p. 623-648 |
| Index terms: | banks banking specialization funds capital arbitrage securitization Italy data analysis empirical research |
| Language: | eng |
| Abstract: | This article investigates and explores the determinants of securitisation by Italian banks over the period 1999-2006, exploring the funding, specialization, and regulatory capital arbitrage hypotheses. According to their evidence, when they consider all securitisation types together, Italian banks seem to have securitised out of funding motives, to diversify and optimise their available funding channels. When they separately consider securitisations backed by residential mortgages and those backed by non-performing loans, they find that the main factors affecting the former type of securitisation are the need for funding and capital arbitrage motivation, whereas the latter appear to have been affected to a lesser extent by a need for funding and to have also been slightly conditioned by a desire to specialise. |
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