EconPapers    
Economics at your fingertips  
 

Securitisation and the bank lending channel

Yener Altunbas (), Leonardo Gambacorta () and David Marques-Ibanez ()

European Economic Review, 2009, vol. 53, issue 8, 996-1009

Abstract: The dramatic increase in securitisation activity experienced in Europe in the years following the introduction of the euro has altered the liquidity, credit and maturity transformation role traditionally performed by banks. We claim that the changing role of credit intermediaries due to securitisation has also modified the effectiveness of the bank lending channel and banks' ability to grant loans. We use a novel database of securitisation activity and a large sample of European banks and find that the use of securitisation shelters banks' loan supply from the effects of monetary policy. Securitisation activity has also strengthened banks' capacity to supply new loans. This capacity, however, depends on business cycle conditions and, notably, on banks' risks positions. The recent credit crisis is instructive in this respect.

Keywords: Asset; securitisation; Bank; lending; channel; Monetary; policy (search for similar items in EconPapers)
Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (117) Track citations by RSS feed

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0014-2921(09)00036-1
Full text for ScienceDirect subscribers only

Related works:
Working Paper: Securitization and the bank lending channel (2008)
Working Paper: Securitisation and the bank lending channel (2007) Downloads
Working Paper: Securitisation and the bank lending channel (2007) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:eecrev:v:53:y:2009:i:8:p:996-1009

Access Statistics for this article

European Economic Review is currently edited by T.S. Eicher, A. Imrohoroglu, E. Leeper, J. Oechssler and M. Pesendorfer

More articles in European Economic Review from Elsevier
Bibliographic data for series maintained by Haili He ().

 
Page updated 2020-08-02
Handle: RePEc:eee:eecrev:v:53:y:2009:i:8:p:996-1009