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- No.1998-06 (November 1998)
- On and Off Balance Sheet Securitisation and The Banking Firm
- Atsuyuki FUKAURA (Professor, Faculty of Economics, Nagasaki University)
- Abstract:
- In this paper we have been exploring the theoretical foundations for on/off balance securitisation. We found that the net benefit of on-balance securitisation depends on (1) the effect based on the improved capital/asset ratio and (2) the effect based on the imperfect information. Although the former decreases the profit, the latter wholly cancels it out. This suggests that we should not regard securitisation as financial innovation to improve the capital/asset ratio. Another finding is that there is a substantial difference between on-balance and off-balance securitisation, in the sense of whether or not banks can convert loans into cash without any changes in the liability side, for example, banks can liquidate the asset and get a perfect disposal fund.