| 来源类型 | Discussion paper
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| 规范类型 | 论文
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| 来源ID | DP9138
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| DP9138 Lending relationships and credit rationing: the impact of securitization |
| Hans Degryse
|
| 发表日期 | 2012-09-23
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| 出版年 | 2012
|
| 语种 | 英语
|
| 摘要 | Banks have been heavily involved in securitization. We study whether the involvedness of a firm?s main bank into different types of securitization activity -- asset backed securities (ABS) and covered bonds -- influences credit supply before and during the 2007-8 financial crisis. Both types of securitization allow the bank to generate liquidity. To the extent that ABS activity lowers lending standards in normal times, banks with more ABS activity may reduce their lending more in crisis times as an ex-post effect of a previously higher risk adoption. Employing a disequilibrium model to identify credit rationing, we find that a longer relationship with a firm?s main bank considerable improve credit supply. In general, we find that a relationship with a bank that is more involved in securitization activities relaxes credit constraints in normal periods. In contrast, while a relationship with a firm?s main bank that issues covered bonds reduces credit rationing during crisis periods, the issuance of asset backed securities by a firm?s main bank aggravates these firm?s credit rationing in crisis periods. |
| 主题 | Financial Economics
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| 关键词 | Lending relationships
Financial crisis
Securitization
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| URL | https://cepr.org/publications/dp9138
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537973
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推荐引用方式
GB/T 7714 |
Hans Degryse. DP9138 Lending relationships and credit rationing: the impact of securitization. 2012.
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