This paper investigates whether securitizations placed by banks affect competition among Italian credit institutions. Our hypothesis is that banks may use securitization to gain competitive ad-vantages. After testing for the presence of non-random selection bias, we compare the degree of competition among several groups of banks, identified in relation to their involvement in securitization, in the years 2000-2006. To measure banks’ degree of competition, we employ the methodology developed by Panzar and Rosse (1987). Our main finding is that, after placing securitization, Italian banks have moved toward a perfectly competitive benchmark.
Cartolarizzazioni e competizione nel settore bancario italiano. Un'analisi empirica
Agostino M.;Mazzuca M.;Trivieri F.
2011-01-01
Abstract
This paper investigates whether securitizations placed by banks affect competition among Italian credit institutions. Our hypothesis is that banks may use securitization to gain competitive ad-vantages. After testing for the presence of non-random selection bias, we compare the degree of competition among several groups of banks, identified in relation to their involvement in securitization, in the years 2000-2006. To measure banks’ degree of competition, we employ the methodology developed by Panzar and Rosse (1987). Our main finding is that, after placing securitization, Italian banks have moved toward a perfectly competitive benchmark.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
