Bank Funding, Securitization, and Loan Terms: Evidence from Foreign Currency Lending
研究了银行融资结构和证券化活动如何影响企业贷款的货币计价，发现银行倾向于匹配资产与负债的货币结构，且贷款货币、金额和期限会为适应证券化而调整。
We examine how bank funding structure and securitization activities affect the currency denomination of business loans. We analyze a unique data set 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.