Financial Institutions and Services
Abstract
This paper investigates the relationship between credit risk and securitisation in the South
African banking sector. Panel data analysis was used to analyse the annual observations from four
major South African banks for a sample period from 2005 to 2014. Results indicate that the basis for
securitisation variation in South African banks stems from capital, bank size and the economic growth
of the country. A positive impact of securitisation on credit risk was discovered. The paper revealed
that, contrary to previous findings, the global financial crisis of 2007–2009 had no effect on the
securitisation in the South African banking sector. This paper also found that size has a significant
influence on capitalisation. Compared to small banks, large banks tend to securitise more and take on
further credit risk. Therefore, banks should increase or maintain an acceptable capital amount to
hedge against any unexpected risks. Proper systems should be established and adopted to encourage
repayment of loans by borrowers.
References
Aggarwal, R. & Jacques, K.T. (2001). The impact of FDICIA and prompt corrective action on bank
capital and risk: Estimates using simultaneous equations model. Journal of Banking and Finance, 25,
pp. 1139–1160.
Albertazzi, U. & Gambacorta, L. (2009). Bank profitability and the business cycle. Journal of
Financial Stability, 5(4), pp. 393–409.
Alexiou, C. & Sofoklis, V. (2009). Determinants of bank profitability: Evidence from the Greek
banking sector. Economic annals, 54(182), pp. 93–118.
Altman, E.I. & Hotchkiss, E. (2006). Corporate Credit Scoring – Insolvency Risk Models. Hoboken,
NJ, USA: John Wiley & Sons, Inc., Corporate Financial Distress and Bankruptcy: Predict and Avoid
Bankruptcy, Analyze and Invest in Distressed Debt, 3rd Edition, pp. 231–264.
Altman, E.; Hartzell, J. & Peck, M. (1995). Emerging Markets Corporate Bonds: A Scoring System.
New York: Salomon Brothers Inc., and in Levich, R. & Mei, J.P., The Future of Emerging Market
Flaws. Kluwer Publishing and revisited. In Altman, EI & Hotchkiss, E. (2006). Corporate Financial.
Distress & Bankruptcy, J. Wiley & Sons.
Angbazo, L. (1997). Commercial bank net interest margins, default risk, interest-rate risk, and offbalance
sheet banking. Journal of Banking & Finance, 21(1), pp. 55–87.
Athanasoglou, P.P.; Brissimis, S.N. & Delis, M.D. (2008). Bank-specific, industry-specific and
macroeconomic determinants of bank profitability. Journal of international financial Markets,
Institutions and Money, 18(2), pp. 121–136.
Awdeh, A.; El-Moussawi, C. & Machrouh, F. (2011). The effect of capital requirements on banking
risk. International Research Journal of Finance and Economics, 66, pp. 133–146.
Barth, J.R.; Caprio, G. & Levine, R. (2004). Bank regulation and supervision: what works best?
Journal of Financial Intermediation, 13(65), pp. 205–248.
Baur, D. & Joossens, E. (2006). The effect of credit risk transfer on financial stability. EUR. Working
Study, series no. 21521 EN. Online Available: http://dx.doi.org/10.2139/ssrn.881774. Accessed 13
July 2015.
Berger, A.N. (1995). The relationship between capital and earnings in banking. Journal of Money,
Credit and Banking, 27(2), pp. 432–456.
Bikker, J.A. & Hu, H. (2002). Cyclical patterns in profits, provisioning and lending of banks and
procyclicality of the new Basel capital requirements. Banca Nazionale del Lavoro Quarterly
Review, 55(221), pp. 143–175.
Bourke, P. (1989). Concentration and other determinants of bank profitability in Europe. North
America and Australia, Journal of Banking & Finance, 13(1), pp. 65–79.
Boyd, J.H.; De Nicolo, G. & Jalal, A.M. (2006). Bank risk-taking and competition revisited: New
theory and new evidence. IMF Working Study, No 06/297. Online Available:
http://www.imf.org/external/pubs/ft/wp/2006/wp06297.pdf. Accessed 25 July 2015.
Brooks, C. (2014). Introductory econometrics for finance. 2nd Ed. Cambridge University Press.
Cabiles, N.A.S. (2011). Hedging illiquidity risk through securitisation: evidence from loan
commitments. Proceedings of the Annual Meeting of the Midwest Finance Association. Mimeo.
Online Available: http://www.wbiaus.org/5.%20Neil.pdf (Accessed 20 August 2015).
Casu, B.; Girardone, C. & Molyneux, P. (2010). Introduction to Banking. England: Prentice
Hall/Financial Times, Harlow Education Ltd.
Charles, O. & Kenneth, U.O. (2013). Impact of credit risk management and capital adequacy on the
financial performance of commercial banks in Nigeria Journal of emerging issues Econ, Finance
Bank. Online Available: http://www.globalbizreseaech.com. Accessed 30 June 2015.
Chijoriga, M. (1997). Application of Credit Scoring and Financial Distress Prediction Models to
Commercial Banks Lending: The Case of Tanzania. PhD Dissertation. Vienna: Wirts
Chaftsnnversitat Wien.
Davis, N. (2000). Securitisation: a public policy tool? New Zealand Treasury, Working study series
no. 00/08. Online Available: https://ideas.repec.org/p/nzt/nztwps/00-08.html (Accessed 25 August
2015).
Demirgüç-Kunt, A. & Huizinga, H. (1999). Determinants of commercial bank interest margins and
profitability: some international evidence. The World Bank Economic Review, 13(2), pp. 379–408.
Demsetz, R.S. (2000). Bank loan sales: A new look at the motivations for secondary market activity.
Journal of Financial Research, 23, pp. 197–222.
Dietrich, A. & Wanzenried, G. (2011). Determinants of bank profitability before and during the crisis:
Evidence from Switzerland. Journal of International Financial Markets, Institutions and
Money, 21(3), pp. 307–327.
Dionne, G. & Harchaoui, T.M. (2003). Banks’ capital, securitisation and credit risk: An empirical
evidence for Canada. HEC, Working Study, series no. 03-01. Online Available:
http://dx.doi.org/10.2139/ssrn.36950. Accessed 28 August 2015.
Fourie, F.C. v. N. & Burger, P. (2010). How to think and reason in macroeconomics. 3rd Ed. Republic
of South Africa: Juta and Co. Ltd., pp. 10-20.
García-Herrero, A.; Gavilá, S. & Santabárbara, D. (2009). What explains the low profitability of
Chinese banks? Journal of Banking & Finance, 33(11), pp. 2080–2092.
Gorton, G.B. & Pennacchi, G.G. (1995). Banks and loan sales: Marketing nonmarketable assets.
Journal of Monetary Economics, 35, pp. 389–411.
Griffin, M. (1997). Securitisation. Reserve Bank of New Zealand Bulletin, 60.
Gujarati, D.N. (2009). Basic econometrics. India: Tata McGraw-Hill Education.
Gumata, N. & Mokoena, J. (2005). Note on the impact of securitisation transactions on credit
extension by banks. Quarterly Bulletin. South African Reserve Bank. South Africa. Online Available:
http://www2.resbank.co.za/internet/Publication.nsf/LADV/8BBEB37FE8233F1D42257134002EA2A
6/$File/NOTEb122005.pdf. Accessed 15 July 2015.
Hortlund, P. (2005). Does Inflation and High Taxes Increase Bank Leverage? The Ratio Institute.
Working study, no. 62.
Iannotta, G.; Nocera, G. & Sironi, A. (2007). Ownership structure, risk and performance in the
European banking industry. Journal of Banking & Finance, 31(7), pp. 2127–2149.
Instefjord, N. (2005). Risk and hedging: Do credit derivatives increase bank risk?. Journal of Banking
& Finance, 29(2), pp. 333–345.
Jiangli, W. & Pritsker, M. (2008). The impacts of securitisation on US bank holding companies. Ohio
USA: Thomson South Western. Online Available: http://ssrn.com/abstract=1102284 or
http://dx.doi.org/10.2139/ssrn.1102284, Accessed 29 July 2015.
Jurczyk, T. (2012). Outlier detection under multicollinearity. Journal of Statistical Computation and
Simulation, 82, pp. 261–278.
Kahane, M.C. (1977). Capital adequacy and the Regulation of Financial Intermediaries. Journal of
Banking and Finance, 1, pp. 207–218.
Karoly, L.A.; Kilburn, M.R. & Cannon, J.S. (2006). Early childhood interventions: Proven results,
future promise. Rand Corporation. South Africa. Online Available:
https://books.google.co.za/books?hl=en&lr=&id=20uMru2UbTgC&oi=fnd&pg=PR3&dq=Karoly,+2
006&ots=WnNaxR5MKj&sig=y13vMD_yArEe48lNPlY0SwJ50s#
v=onepage&q=Karoly%2C%202006&f=false. Accessed 20 July 2015.
Kasman, A.; Tunc, G.; Vardar, G. & Okan, B. (2010). Consolidation and commercial bank net
interest margins: Evidence from the old and new European Union members and candidate
countries. Economic Modelling, 27(3), pp. 648–655.
Kervin, J.B. (1992). Methods for business research. HarperCollins College Div.
Koehn, M. & Santomero, A.M. (1980). Regulation of bank capitaland portfolio risk. Journal of
Finance, 35, pp. 1235–1244.
Krahnen, J.P. & Wilde, C. (2006). Risk Transfer with CDOs and Systemic Risk in Banking. CFS
Working Study series, no. 2006/04. Online Available: http://dx.doi.org/10.2139/ssrn.88954. Accessed
28 August 2015.
Levy, H.K.; Kanat, Y.; Kunin, A.; Tooshknov, D. & Tzruya, P. (2014). Predicting defaults of highlylevered
firms with an adapted Altman model. Investment Analysts Journal, 43(80), pp. 37–43.
Liaw, A. & Eastwood, G. (2000). The Australian securitisation market. Australian Prudential
Regulation Authority. Working study series, no. 6. Online Available:
http://www.apra.gov.au/AboutAPRA/Research/Documents/The Australian Securitisation MarketOct
2000.pdf (Accessed: 15 August. 2015).
Lloyd-Williams, D.M.; Molyneux, P. & Thornton, J. (1994). Market structure and performance in
Spanish banking. Journal of Banking & Finance, 18(3), pp. 433–443.
Loutskina, E. (2011). The Role of Securitisation in Bank Liquidity Funding and Management.
Journal of Financial Economics, 100, pp. 663–684.
Moyo, Z. & Firrer, C. (2008). Securitisation in South Africa: 2000 2007. South African journal of
business management, 39(1), pp. 27–34.
Pasiouras, F. & Kosmidou, K. (2007). Factors influencing the profitability of domestic and foreign
commercial banks in the European Union. Research in International Business and Finance, 21(2), pp.
222–237.
Pavel, C.A. & Phillis, D. (1987). Why commercial banks sell loans: An empirical analysis. Economic
Perspectives Federal Reserve Bank of Chicago: 3–14. Online Available:
http://www.chicagofed.org/digital_assets/publications/economic_perspectives/1987/ep_may_jun1987
_part1_pavel.pdf. Accessed 28 July 2015.
Pennacchi, G.G. (1988). Loan sales and the cost of bank capital. Journal of Finance, 43, pp. 75–396.
Perry, P. (1992). Do banks gain or lose from inflation? Journal of Retail Banking, 14(2), pp. 25–31.
Revell, J. (1979). Inflation & Financial Institutions. Financial Times Limited. London.
Roy, A.D. (1952). Safety first and the holding of assets. Econometrica: Journal of the Econometric
Society, pp. 431–449.
Saayman, A. & Styger, P. (2003). Securitisation in South Africa: Historic deficiencies and future
outlook. South African Journal of Economic and Management Sciences, 6(4), pp. 744–764.
Salah, N.B. & Fedhila, H. (2012). Effects of securitisation on credit risk and banking stability:
Empirical evidence from American commercial banks. International Journal of Economics and
Finance, 4(5), pp.194–207.
Shenker, J.C. & Colletta, A.J. (1991). Asset securitisation: evolution, current issues and new frontiers.
Texas law review, 69(1), pp. 1373–1374.
Shrieves, R.E. & Dahl, D. (1992). The relationship between risk and capital in commercial banks.
Journal of Banking and Finance, 16, pp. 439–457.
Smit, Y. (2012). A structured approach to risk management for South African SMEs. Cape Peninsula
University of Technology. South Africa. Online Available:
http://digitalknowledge.cput.ac.za/xmlui/handle/11189/651 (Accessed 20 August 2015.
Studenmund, A.H. (2011). Using econometrics: a practical guide. 6th Ed. Boston, Mass: Pearson.
Tensfeldt, G.; Firer, C. & Bendixen, M.T. (1993). Bankers view on securitisation in South Africa.
Investment Analyst Journal, 37. pp. 9–24.
Terblanché, J.R. (2006). The legal risks associated with trading in derivatives in a merchant bank.
Master’s Thesis. Stellenbosch: University of Stellenbosch. Online Available:
https://scholar.sun.ac.za/handle/10019.1/2693. Accessed 20 August 2015.
Uhde, A. & Heimeshoff, U. (2009). Consolidation in banking and financial stability in Europe:
Empirical evidence. Journal of Banking & Finance, 33, pp. 1299–1311.
Uhde, A. & Michalak, T.C. (2010). Securitisation and systematic risk in European banking: Empirical
evidence. Journal of Banking and Finance, 34, pp. 3061–3077.
Wagner, W. (2007). The liquidity of bank assets and banking stability. Journal of Banking &
Finance, 31(1), pp. 121–139.
White, J.P.L. (2011). The role of securitisation and credit default swaps in the credit crisis: a South
African perspective. Mast1`ers dissertation. Potchefstroom: North West University. [Online]
Available: http://dspace.nwu.ac.za/handle/10394/7581 (Accessed 28 July 2015).
capital and risk: Estimates using simultaneous equations model. Journal of Banking and Finance, 25,
pp. 1139–1160.
Albertazzi, U. & Gambacorta, L. (2009). Bank profitability and the business cycle. Journal of
Financial Stability, 5(4), pp. 393–409.
Alexiou, C. & Sofoklis, V. (2009). Determinants of bank profitability: Evidence from the Greek
banking sector. Economic annals, 54(182), pp. 93–118.
Altman, E.I. & Hotchkiss, E. (2006). Corporate Credit Scoring – Insolvency Risk Models. Hoboken,
NJ, USA: John Wiley & Sons, Inc., Corporate Financial Distress and Bankruptcy: Predict and Avoid
Bankruptcy, Analyze and Invest in Distressed Debt, 3rd Edition, pp. 231–264.
Altman, E.; Hartzell, J. & Peck, M. (1995). Emerging Markets Corporate Bonds: A Scoring System.
New York: Salomon Brothers Inc., and in Levich, R. & Mei, J.P., The Future of Emerging Market
Flaws. Kluwer Publishing and revisited. In Altman, EI & Hotchkiss, E. (2006). Corporate Financial.
Distress & Bankruptcy, J. Wiley & Sons.
Angbazo, L. (1997). Commercial bank net interest margins, default risk, interest-rate risk, and offbalance
sheet banking. Journal of Banking & Finance, 21(1), pp. 55–87.
Athanasoglou, P.P.; Brissimis, S.N. & Delis, M.D. (2008). Bank-specific, industry-specific and
macroeconomic determinants of bank profitability. Journal of international financial Markets,
Institutions and Money, 18(2), pp. 121–136.
Awdeh, A.; El-Moussawi, C. & Machrouh, F. (2011). The effect of capital requirements on banking
risk. International Research Journal of Finance and Economics, 66, pp. 133–146.
Barth, J.R.; Caprio, G. & Levine, R. (2004). Bank regulation and supervision: what works best?
Journal of Financial Intermediation, 13(65), pp. 205–248.
Baur, D. & Joossens, E. (2006). The effect of credit risk transfer on financial stability. EUR. Working
Study, series no. 21521 EN. Online Available: http://dx.doi.org/10.2139/ssrn.881774. Accessed 13
July 2015.
Berger, A.N. (1995). The relationship between capital and earnings in banking. Journal of Money,
Credit and Banking, 27(2), pp. 432–456.
Bikker, J.A. & Hu, H. (2002). Cyclical patterns in profits, provisioning and lending of banks and
procyclicality of the new Basel capital requirements. Banca Nazionale del Lavoro Quarterly
Review, 55(221), pp. 143–175.
Bourke, P. (1989). Concentration and other determinants of bank profitability in Europe. North
America and Australia, Journal of Banking & Finance, 13(1), pp. 65–79.
Boyd, J.H.; De Nicolo, G. & Jalal, A.M. (2006). Bank risk-taking and competition revisited: New
theory and new evidence. IMF Working Study, No 06/297. Online Available:
http://www.imf.org/external/pubs/ft/wp/2006/wp06297.pdf. Accessed 25 July 2015.
Brooks, C. (2014). Introductory econometrics for finance. 2nd Ed. Cambridge University Press.
Cabiles, N.A.S. (2011). Hedging illiquidity risk through securitisation: evidence from loan
commitments. Proceedings of the Annual Meeting of the Midwest Finance Association. Mimeo.
Online Available: http://www.wbiaus.org/5.%20Neil.pdf (Accessed 20 August 2015).
Casu, B.; Girardone, C. & Molyneux, P. (2010). Introduction to Banking. England: Prentice
Hall/Financial Times, Harlow Education Ltd.
Charles, O. & Kenneth, U.O. (2013). Impact of credit risk management and capital adequacy on the
financial performance of commercial banks in Nigeria Journal of emerging issues Econ, Finance
Bank. Online Available: http://www.globalbizreseaech.com. Accessed 30 June 2015.
Chijoriga, M. (1997). Application of Credit Scoring and Financial Distress Prediction Models to
Commercial Banks Lending: The Case of Tanzania. PhD Dissertation. Vienna: Wirts
Chaftsnnversitat Wien.
Davis, N. (2000). Securitisation: a public policy tool? New Zealand Treasury, Working study series
no. 00/08. Online Available: https://ideas.repec.org/p/nzt/nztwps/00-08.html (Accessed 25 August
2015).
Demirgüç-Kunt, A. & Huizinga, H. (1999). Determinants of commercial bank interest margins and
profitability: some international evidence. The World Bank Economic Review, 13(2), pp. 379–408.
Demsetz, R.S. (2000). Bank loan sales: A new look at the motivations for secondary market activity.
Journal of Financial Research, 23, pp. 197–222.
Dietrich, A. & Wanzenried, G. (2011). Determinants of bank profitability before and during the crisis:
Evidence from Switzerland. Journal of International Financial Markets, Institutions and
Money, 21(3), pp. 307–327.
Dionne, G. & Harchaoui, T.M. (2003). Banks’ capital, securitisation and credit risk: An empirical
evidence for Canada. HEC, Working Study, series no. 03-01. Online Available:
http://dx.doi.org/10.2139/ssrn.36950. Accessed 28 August 2015.
Fourie, F.C. v. N. & Burger, P. (2010). How to think and reason in macroeconomics. 3rd Ed. Republic
of South Africa: Juta and Co. Ltd., pp. 10-20.
García-Herrero, A.; Gavilá, S. & Santabárbara, D. (2009). What explains the low profitability of
Chinese banks? Journal of Banking & Finance, 33(11), pp. 2080–2092.
Gorton, G.B. & Pennacchi, G.G. (1995). Banks and loan sales: Marketing nonmarketable assets.
Journal of Monetary Economics, 35, pp. 389–411.
Griffin, M. (1997). Securitisation. Reserve Bank of New Zealand Bulletin, 60.
Gujarati, D.N. (2009). Basic econometrics. India: Tata McGraw-Hill Education.
Gumata, N. & Mokoena, J. (2005). Note on the impact of securitisation transactions on credit
extension by banks. Quarterly Bulletin. South African Reserve Bank. South Africa. Online Available:
http://www2.resbank.co.za/internet/Publication.nsf/LADV/8BBEB37FE8233F1D42257134002EA2A
6/$File/NOTEb122005.pdf. Accessed 15 July 2015.
Hortlund, P. (2005). Does Inflation and High Taxes Increase Bank Leverage? The Ratio Institute.
Working study, no. 62.
Iannotta, G.; Nocera, G. & Sironi, A. (2007). Ownership structure, risk and performance in the
European banking industry. Journal of Banking & Finance, 31(7), pp. 2127–2149.
Instefjord, N. (2005). Risk and hedging: Do credit derivatives increase bank risk?. Journal of Banking
& Finance, 29(2), pp. 333–345.
Jiangli, W. & Pritsker, M. (2008). The impacts of securitisation on US bank holding companies. Ohio
USA: Thomson South Western. Online Available: http://ssrn.com/abstract=1102284 or
http://dx.doi.org/10.2139/ssrn.1102284, Accessed 29 July 2015.
Jurczyk, T. (2012). Outlier detection under multicollinearity. Journal of Statistical Computation and
Simulation, 82, pp. 261–278.
Kahane, M.C. (1977). Capital adequacy and the Regulation of Financial Intermediaries. Journal of
Banking and Finance, 1, pp. 207–218.
Karoly, L.A.; Kilburn, M.R. & Cannon, J.S. (2006). Early childhood interventions: Proven results,
future promise. Rand Corporation. South Africa. Online Available:
https://books.google.co.za/books?hl=en&lr=&id=20uMru2UbTgC&oi=fnd&pg=PR3&dq=Karoly,+2
006&ots=WnNaxR5MKj&sig=y13vMD_yArEe48lNPlY0SwJ50s#
v=onepage&q=Karoly%2C%202006&f=false. Accessed 20 July 2015.
Kasman, A.; Tunc, G.; Vardar, G. & Okan, B. (2010). Consolidation and commercial bank net
interest margins: Evidence from the old and new European Union members and candidate
countries. Economic Modelling, 27(3), pp. 648–655.
Kervin, J.B. (1992). Methods for business research. HarperCollins College Div.
Koehn, M. & Santomero, A.M. (1980). Regulation of bank capitaland portfolio risk. Journal of
Finance, 35, pp. 1235–1244.
Krahnen, J.P. & Wilde, C. (2006). Risk Transfer with CDOs and Systemic Risk in Banking. CFS
Working Study series, no. 2006/04. Online Available: http://dx.doi.org/10.2139/ssrn.88954. Accessed
28 August 2015.
Levy, H.K.; Kanat, Y.; Kunin, A.; Tooshknov, D. & Tzruya, P. (2014). Predicting defaults of highlylevered
firms with an adapted Altman model. Investment Analysts Journal, 43(80), pp. 37–43.
Liaw, A. & Eastwood, G. (2000). The Australian securitisation market. Australian Prudential
Regulation Authority. Working study series, no. 6. Online Available:
http://www.apra.gov.au/AboutAPRA/Research/Documents/The Australian Securitisation MarketOct
2000.pdf (Accessed: 15 August. 2015).
Lloyd-Williams, D.M.; Molyneux, P. & Thornton, J. (1994). Market structure and performance in
Spanish banking. Journal of Banking & Finance, 18(3), pp. 433–443.
Loutskina, E. (2011). The Role of Securitisation in Bank Liquidity Funding and Management.
Journal of Financial Economics, 100, pp. 663–684.
Moyo, Z. & Firrer, C. (2008). Securitisation in South Africa: 2000 2007. South African journal of
business management, 39(1), pp. 27–34.
Pasiouras, F. & Kosmidou, K. (2007). Factors influencing the profitability of domestic and foreign
commercial banks in the European Union. Research in International Business and Finance, 21(2), pp.
222–237.
Pavel, C.A. & Phillis, D. (1987). Why commercial banks sell loans: An empirical analysis. Economic
Perspectives Federal Reserve Bank of Chicago: 3–14. Online Available:
http://www.chicagofed.org/digital_assets/publications/economic_perspectives/1987/ep_may_jun1987
_part1_pavel.pdf. Accessed 28 July 2015.
Pennacchi, G.G. (1988). Loan sales and the cost of bank capital. Journal of Finance, 43, pp. 75–396.
Perry, P. (1992). Do banks gain or lose from inflation? Journal of Retail Banking, 14(2), pp. 25–31.
Revell, J. (1979). Inflation & Financial Institutions. Financial Times Limited. London.
Roy, A.D. (1952). Safety first and the holding of assets. Econometrica: Journal of the Econometric
Society, pp. 431–449.
Saayman, A. & Styger, P. (2003). Securitisation in South Africa: Historic deficiencies and future
outlook. South African Journal of Economic and Management Sciences, 6(4), pp. 744–764.
Salah, N.B. & Fedhila, H. (2012). Effects of securitisation on credit risk and banking stability:
Empirical evidence from American commercial banks. International Journal of Economics and
Finance, 4(5), pp.194–207.
Shenker, J.C. & Colletta, A.J. (1991). Asset securitisation: evolution, current issues and new frontiers.
Texas law review, 69(1), pp. 1373–1374.
Shrieves, R.E. & Dahl, D. (1992). The relationship between risk and capital in commercial banks.
Journal of Banking and Finance, 16, pp. 439–457.
Smit, Y. (2012). A structured approach to risk management for South African SMEs. Cape Peninsula
University of Technology. South Africa. Online Available:
http://digitalknowledge.cput.ac.za/xmlui/handle/11189/651 (Accessed 20 August 2015.
Studenmund, A.H. (2011). Using econometrics: a practical guide. 6th Ed. Boston, Mass: Pearson.
Tensfeldt, G.; Firer, C. & Bendixen, M.T. (1993). Bankers view on securitisation in South Africa.
Investment Analyst Journal, 37. pp. 9–24.
Terblanché, J.R. (2006). The legal risks associated with trading in derivatives in a merchant bank.
Master’s Thesis. Stellenbosch: University of Stellenbosch. Online Available:
https://scholar.sun.ac.za/handle/10019.1/2693. Accessed 20 August 2015.
Uhde, A. & Heimeshoff, U. (2009). Consolidation in banking and financial stability in Europe:
Empirical evidence. Journal of Banking & Finance, 33, pp. 1299–1311.
Uhde, A. & Michalak, T.C. (2010). Securitisation and systematic risk in European banking: Empirical
evidence. Journal of Banking and Finance, 34, pp. 3061–3077.
Wagner, W. (2007). The liquidity of bank assets and banking stability. Journal of Banking &
Finance, 31(1), pp. 121–139.
White, J.P.L. (2011). The role of securitisation and credit default swaps in the credit crisis: a South
African perspective. Mast1`ers dissertation. Potchefstroom: North West University. [Online]
Available: http://dspace.nwu.ac.za/handle/10394/7581 (Accessed 28 July 2015).
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2021-06-04
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Collective Authors. (2021). Financial Institutions and Services: Array. Acta Universitatis Danubius. Œconomica, 13(2). Retrieved from https://dj.univ-danubius.ro/index.php/AUDOE/article/view/1128
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