Latin American Journal of Central Banking最新文献

{"title":"Can Fintech Foster Competition in the Banking System in Latin America and the Caribbean?","authors":"Pablo Bejar ,&nbsp;Kotaro Ishi ,&nbsp;Takuji Komatsuzaki ,&nbsp;Ippei Shibata ,&nbsp;Jasmin Sin ,&nbsp;Suchanan Tambunlertchai","doi":"10.1016/j.latcb.2022.100061","DOIUrl":"https://doi.org/10.1016/j.latcb.2022.100061","url":null,"abstract":"<div><p>This paper revisits the competitive environment of the banking system in Latin America and the Caribbean and investigates the early impact of fintech development in the region thus far. Against the backdrop of high net interest margins (NIMs) and limited financial depth in the region, panel regressions broadly confirm the results of existing literature on the association of NIMs with the changes in financial sector structure, including market concentration, administrative costs, and foreign banks, although differences between domestic and foreign banks narrowed after the 2008-09 global financial crisis. Difference-in-difference regressions and case studies on Brazil and Mexico suggest that fintech is associated with reductions in NIMs and defensive responses by incumbent banks, both of which benefit consumers. The case studies also shed light on regulatory approaches and prudential considerations in fostering financial innovation and banking sector competition.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"3 2","pages":"Article 100061"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143822000163/pdfft?md5=9884db5bc89e205cb6504df0cf7daead&pid=1-s2.0-S2666143822000163-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91773010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Loans and employment: Evidence from bank-specific liquidity shocks","authors":"Román Acosta, Josué Cortés","doi":"10.1016/j.latcb.2022.100059","DOIUrl":"https://doi.org/10.1016/j.latcb.2022.100059","url":null,"abstract":"","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"552 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77226361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Measuring systemic risk for bank credit networks: A multilayer approach","authors":"Eduardo Yanquen,&nbsp;Giacomo Livan,&nbsp;Ricardo Montañez-Enriquez,&nbsp;Serafin Martinez-Jaramillo","doi":"10.1016/j.latcb.2022.100049","DOIUrl":"10.1016/j.latcb.2022.100049","url":null,"abstract":"<div><p>Systemic risk analysis has become a very important undertaking in most central banks after the Global Financial Crisis (GFC). This paper describes the Colombian credit system of banks and firms as a bipartite network of lenders and borrowers. To such network, we apply a spectral method to identify the most central actors, and a variant of the DebtRank algorithm to identify the banks and firms that would be the most vulnerable to shocks in the system, and the most impactful in propagating them. We perform our analysis with a multi-layer approach, analysing networks of loans in the Commercial, Housing, and Microcredit domain. Our analyses reveal a rich and heterogeneous systemic risk profile across the Colombian credit system, and highlight the presence of considerable network effects that would contribute to shape the propagation of shocks from the real economy to the banking system.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"3 2","pages":"Article 100049"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143822000047/pdfft?md5=a667c91f46e45770632dcfea4fb982ef&pid=1-s2.0-S2666143822000047-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77830139","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Employment, wages, and the gender gap in Mexico: Evidence of three decades of the urban labor market","authors":"Cecilia Y. Cuellar, J. Moreno","doi":"10.1016/j.latcb.2022.100055","DOIUrl":"https://doi.org/10.1016/j.latcb.2022.100055","url":null,"abstract":"","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90263741","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The credit channel in chile through the lens of a semi-structural model","authors":"Francisco Arroyo Marioli ,&nbsp;Juan Sebastián Becerra ,&nbsp;Matías Solorza","doi":"10.1016/j.latcb.2022.100056","DOIUrl":"10.1016/j.latcb.2022.100056","url":null,"abstract":"<div><p>In this paper, we estimate a semi-structural model with a banking sector for the Chilean economy. Our innovation consists of incorporating a system of equations that reflects the dynamics of credit, interest rate spreads, and loan-loss provisions to the Central Bank of Chile’s semi-structural model <em>(modelo semi-estructural de proyección)</em>. We estimate the model and analyze the macroeconomic effects of incorporating this sector. We find that the banking sector plays a role in accelerating the business cycle through lower spreads and procyclical credit supply, in contrast to its counter-cyclical role in the COVID-19 crisis. Additionally, we find that credit growth can explain about 0.3 pp of total output gap variation on average. Moreover, we find that in episodes of severe stress, this gap can grow to 1.9 pp, as it did during the COVID-19 pandemic. We also identify a credit multiplier of up to 0.06 pp of GDP for each 1 pp of growth in commercial credit. Our results suggest not only that these nonconventional policies through the credit channel can be useful but also that our model can be used for evaluation purposes.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"3 2","pages":"Article 100056"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143822000102/pdfft?md5=10efb165a375ead318e7e6d506cb774e&pid=1-s2.0-S2666143822000102-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75231295","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Loans and employment: Evidence from bank-specific liquidity shocks","authors":"Román Acosta ,&nbsp;Josué Cortés","doi":"10.1016/j.latcb.2022.100059","DOIUrl":"https://doi.org/10.1016/j.latcb.2022.100059","url":null,"abstract":"<div><p>This paper investigates the relationship between expansionary credit events and firms’ employment decisions. To overcome the endogeneity coming from the supply side of credit we exploited the legal and political framework in Mexico to examine the effects of local governments’ prepayment of loans, a situation that leads banks to channel newfound liquidity in firms. Analysis of a novel data set covering a 10-year period showed that a 1-standard-deviation increase in the issuance of new loans increases firms’ employment by 2.57 percentage points. Timing of the boost in employment varies, with smaller firms reacting immediately and larger firms reacting four months later. The effects are driven by firms in the manufacturing sector. Our results highlight the importance of the bank lending channel to stimulate employment in the short term, especially for smaller firms. Further, our estimates suggest that the effect of credit on employment could be amplified with policies that promote a more competitive corporate loan market.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"3 2","pages":"Article 100059"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S266614382200014X/pdfft?md5=4f6d8bbee3518f2efe777a8540c89bb5&pid=1-s2.0-S266614382200014X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91773009","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Too big to fail? An analysis of the Colombian banking system through compositional data","authors":"Juan David Vega Baquero ,&nbsp;Miguel Santolino","doi":"10.1016/j.latcb.2022.100060","DOIUrl":"https://doi.org/10.1016/j.latcb.2022.100060","url":null,"abstract":"<div><p>Although still incipient in economics and finance, compositional data analysis (in which relative information is more important than absolute values are) has become more relevant in statistical analysis in recent years. This article constructs a concentration index for financial/banking systems via compositional analysis to establish the potential existence of “too big to fail” financial entities. The intention is to provide an early warning tool for regulators about this type of institution, so they can define thresholds and measures depending on their risk appetite and the systems’ specificities. The index has been applied to the Colombian banking system and assessed over time with a forecast to determine whether the system is becoming more concentrated. Results found that the concentration index has been decreasing in recent years and the model predicts this trend will continue. Regarding the methodology used, compositional models were shown to be more stable and to lead to better prediction of the index compared to the classical multivariate methodologies.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"3 2","pages":"Article 100060"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143822000151/pdfft?md5=0af1fe1a32d8cde8bc33c402720ef72f&pid=1-s2.0-S2666143822000151-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91773011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Employment, wages, and the gender gap in Mexico: Evidence of three decades of the urban labor market","authors":"Cecilia Y. Cuellar ,&nbsp;Jorge O. Moreno","doi":"10.1016/j.latcb.2022.100055","DOIUrl":"https://doi.org/10.1016/j.latcb.2022.100055","url":null,"abstract":"<div><p>This paper analyzes the historical evidence of the gender gap in employment and wages in Mexico. We construct consistent time series from 1988:Q1 to 2019:Q4 using employment surveys, and estimate a model of labor participation in the formal market and wages for each gender and quarter, correcting selection biases. Based on these results, we implement a Blinder–Oaxaca (1973) and Mulligan-Rubinstein (2008) decomposition to estimate the gender gap in wages. Our results suggest the returns to schooling for both genders have decreased in the last two decades, showing a gap of almost 2% in favor of women. The gender wage gap fluctuates around 29.6% once self-selection bias is corrected. The prevalence of differences in expected wages between genders exists due to the \"selection bias\" and \"residual\" effects. This work's main limitation is that it focuses only on formal urban employment in 16 metropolitan areas; however, this approach makes it possible to identify long-term trends and structural changes in this market, expanding the evidence of the gender gap in the Mexican economic history.</p></div><div><h3>Resumen</h3><p>El objetivo de este artículo es analizar la evidencia histórica de la brecha de género en el empleo y los salarios en México. Para ello, construimos series de tiempo consistentes desde 1988:Q1 hasta 2019:Q4 utilizando encuestas de empleo en México, y estimamos en cada trimestre un modelo de participación laboral y salarios para cada segmento de género del mercado formal, corrigiendo el sesgo de selección correspondiente. A partir de estos resultados, implementamos una descomposición Blinder-Oaxaca (1973) y Mulligan-Rubinstein (2008) para estimar la brecha salarial de género. Nuestros resultados sugieren que los rendimientos de la escolaridad para ambos géneros han disminuido en las dos últimas décadas, mostrando una brecha de casi 2% a favor de las mujeres. La diferencia salarial entre ambos sexos fluctúa en torno al 29.6% una vez corregido el sesgo de autoselección. La prevalencia de las diferencias en los salarios esperados entre géneros existe debido a los efectos de \"sesgo de selección\" y \"residual\". Una limitación de este trabajo es que sólo se centra en el empleo urbano formal en 16 áreas metropolitanas; sin embargo, este enfoque permite identificar las tendencias de largo plazo y los cambios estructurales en este mercado, expandiendo la evidencia de la brecha de género en la historia económica mexicana.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"3 2","pages":"Article 100055"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143822000084/pdfft?md5=3f25a08ef5fbfbf88069f46461074d3d&pid=1-s2.0-S2666143822000084-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91773014","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Seven lessons from the e-Peso pilot plan: The possibility of a Central Bank Digital Currency","authors":"A. Sarmiento","doi":"10.1016/j.latcb.2022.100062","DOIUrl":"https://doi.org/10.1016/j.latcb.2022.100062","url":null,"abstract":"","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"54 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88679722","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Too big to fail? An analysis of the Colombian banking system through compositional data","authors":"Juan David Vega Baquero, Miguel Santolino","doi":"10.1016/j.latcb.2022.100060","DOIUrl":"https://doi.org/10.1016/j.latcb.2022.100060","url":null,"abstract":"","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76728395","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}