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1、JournalofBANKING&ELSEVIERFINANCEJournalofBanking&Finance19(1995)647-658Theeffectofbankcapitalrequirementsonbankoff-balancesheetfinancialinnovationsJulapaJagtiania,*,AnthonySaundersb,GregoryUdellbaBaruchCollege,TheCityUniversityofNewYork,17LexingtonAve.,NewYork,NYIO010,USAbSternSchoolo[Business,N
2、ewYorkUniversity,NewYork,NYIO012,USAAbstractApopularexplanationfortheexplosivegrowthinbanks'off-balancesheet(OBS)activitiesistheavoidanceofcapitaladequacyrequirements.SeveralstudieshaveexaminedthisandothermotivationsbehindbankOBSactivitieswithmixedresults.WeshedfurtherlightontheissueofOBSgrowthb
3、ymodellingOBSproductsasfinancialinnovationssubjecttoalogisticdiffusionadoptionpattern.OurdataalsoallowsustoinvestigatetheimpactofimportantchangesincapitaladequacyregulationsonOBSdiffusionrates.WefindthatchangesincapitalrequirementshavehadnoconsistentimpactonthespeedofdiffusionacrossOBSactivities
4、.Keywords:Banking;Off-balancesheetactivities;Financialinnovation;CapitaladequacyrequirementsJELclassification:G21;G28;C251.IntroductionAnumberofstudieshaveexaminedthekeymotivationsbehindbankOBSactivities;however,theresultshavebeenmixed.PavelandPhillis(1987)andBaerandPavel(1987)suggestthatbanksen
5、gageinloansecudtizationandstandbylettersofcredit(SLCs)inordertoreduceregulatorytaxes,suchascapitaladequacyrequirements.Incontrast,BenvenisteandBerger(1987)andKoppen-"Correspondingauthor.278StamfordAvenue,Stamford,CT06902-8233,USA.Phone:(1)203-325-4620.Fax:(1)203-325-1939.0378-4266/95/$09.50©1995
6、ElsevierScienceB.V.AllfightsreservedSSDI0378-4266(94)00145-6648J.Jagtianietal./JournalofBanking&Finance19(1995)647-658haver(1989)findthatthebindingnessofcapitalconstraintsarenotanimportantfactorinbanks'decisionstoengageinOBSactivities.Moreover,AveryandBerger(1991)andJagtiani(1995)findthatbetterp
7、erformingandmorecreditwor-thybankstendtoissuemoreOBScommitmentsandswaps-afindingthatappearsinconsistentwiththecapitalavoidancehypotheses.ThepurposeofthispaperistorevisittheissueofcapitalrequirementsandOBSactivitiesbymodellin
