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Bank Funding, Securitization and Loan Terms: Evidence from Foreign Currency LendingMartin BrownUniversity of St. Gallen, Swiss Institute of Banking and Finance Karolin KirschenmannAalto University School of Business Steven OngenaTilburg University - CentER, European Banking Center (EBC); Centre for Economic Policy Research (CEPR) April 17, 2013 European Banking Center Discussion Paper No. 2009-21 CentER Discussion Paper Series No. 2009-78 Abstract: We examine how bank funding structure and securitization activities affect the currency denomination of business loans. We analyze a unique dataset that includes information on the requested and granted loan currency for 99,490 loans granted to 57,464 firms by a Bulgarian bank. Our findings document that foreign currency lending is at least partially driven by bank eagerness to match the currency structure of assets with that of liabilities. Our results also show that loan currency, as well as loan amount and maturity, are adjusted to make loans eligible for securitization.
Number of Pages in PDF File: 55 Keywords: foreign currency debt, banking JEL Classification: G21, G3, F34, F37 working papers seriesDate posted: October 7, 2009 ; Last revised: May 5, 2013Suggested CitationContact Information
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