Securitisation did not increase for most banks before 2008 - BoI paper


Researchers from the Bank of Italy have found that securitisation was mainly used by banks to improve their capital ratios, rather than to dispose of risky loans.

In Why do banks securitise their assets? Bank-level evidence from over one hundred countries in the pre-crisis period, Fabio Panetta and Alberto Franco Pozzolo analyse banks in more than 100 countries from 1991 to 2007.

The authors find that securitisation was pursued to both contain credit risk and reduce exposure to liquidity

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