Securitization and Lending Competition

被引：8

作者：

Frankel, David M. ^{[1
]}

Jin, Yu ^{[2
]}

机构：

[1] Iowa State Univ, Ames, IA 50011 USA

[2] Shanghai Univ Finance & Econ, Shanghai, Peoples R China

来源：

REVIEW OF ECONOMIC STUDIES | 2015年 / 82卷 / 04期

关键词：

Banks; Securitization; Mortgage backed securities; Remote lending; Internet lending; Distance lending; Lending competition; Asymmetric information; Signalling; Screening; Adverse selection; Lemons problem; Residential mortgages; Default Risk; INFORMATION; DISTANCE; INVESTMENT; SELECTION; DESIGN; MODELS;

D O I：

10.1093/restud/rdv013

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study the effects of securitization on interbank lending competition. An applicant's observable features are seen by a remote bank, while her true credit quality is known only to a local bank. Without securitization, the remote bank does not compete because of a winner's curse. With securitization, in contrast, ignorance is bliss: the less a bank knows about its loans, the less of a lemons problem it faces in selling them. This enables the remote bank to compete successfully in the lending market. Consistent with the empirical evidence, remote and securitized loans default more than observationally equivalent local and unsecuritized loans, respectively.

引用

页码：1383 / 1408

页数：26

共 50 条

[41] Information sharing and lending market competition with switching costs and poaching
Gehrig, Thomas
Stenbacka, Rune
[J]. EUROPEAN ECONOMIC REVIEW, 2007, 51 (01) : 77 - 99
[42] A Simulation Model for Risk and Pricing Competition in the Retail Lending Market
Kochanski, Blazej
[J]. FINANCE A UVER-CZECH JOURNAL OF ECONOMICS AND FINANCE, 2021, 71 (02): : 96 - 118
[43] Banking Competition and MSME Lending in Indonesia Using Provinces Data
Aruan, Danielle C. D.
Chalid, Dony A.
[J]. EDUCATION EXCELLENCE AND INNOVATION MANAGEMENT: A 2025 VISION TO SUSTAIN ECONOMIC DEVELOPMENT DURING GLOBAL CHALLENGES, 2020, : 5875 - 5880
[44] Incentive-based lending capacity, competition, and regulation in banking
Chiesa, G
[J]. JOURNAL OF FINANCIAL INTERMEDIATION, 2001, 10 (01) : 28 - 53
[45] Does competition influence the bank lending channel in the euro area?
Fungacova, Zuzana
Solanko, Laura
Weill, Laurent
[J]. JOURNAL OF BANKING & FINANCE, 2014, 49 : 356 - 366
[46] Is competition good or bad for the price, quantity, and quality of bank lending?
Huynh, Japan
[J]. PLOS ONE, 2023, 18 (08):
[47] "VACCINE NATIONALISM" AS A GREAT POWER COMPETITION: ANALYSIS FROM THE STANDPOINT OF THE SECURITIZATION THEORY
Kharkevich, Maksim, V
Zinovieva, Elena S.
[J]. VOLGOGRADSKII GOSUDARSTVENNYI UNIVERSITET-VESTNIK-SERIYA 4-ISTORIYA REGIONOVEDENIE MEZHDUNARODNYE OTNOSHENIYA, 2022, 27 (02): : 137 - 150
[48] Did the securitization market freeze affect bank lending during the financial crisis? Evidence from a credit register
di Patti, Emilia Bonaccorsi
Sette, Enrico
[J]. JOURNAL OF FINANCIAL INTERMEDIATION, 2016, 25 : 54 - 76
[49] Securitization theory and securitization studies
Taureck R.
[J]. Journal of International Relations and Development, 2006, 9 (1) : 53 - 61
[50] New Actors in Microfinance Lending: The Role of Regulation and Competition in Latin America
Olsen, Tricia D.
[J]. PERSPECTIVES ON GLOBAL DEVELOPMENT AND TECHNOLOGY, 2010, 9 (3-4) : 500 - 519

← 1 2 3 4 5 →