Italian paper looks at securitisation of SME loans
A working paper published by the Bank of Italy looks at the role of asymmetric information in the securitisation of loans for small and medium-sized enterprises (SMEs).
In Asymmetric information and the securitization of SME loans, the authors use data from the credit register for loans to Italian firms.
They look at the correlation between securitisation, which they use as a proxy for risk transfer, and the probability of default. This, they argue, is a useful test for "the presence of
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