H. Degryse, Adiana Paola Morales Acevedo, S. Ongena, Allen N. Berger, P. Molyneux, John O. S. Wilson
{"title":"Competition in the Banking Sector","authors":"H. Degryse, Adiana Paola Morales Acevedo, S. Ongena, Allen N. Berger, P. Molyneux, John O. S. Wilson","doi":"10.1093/oxfordhb/9780198824633.013.25","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198824633.013.25","url":null,"abstract":"This chapter merges recent findings from the empirical banking literature with conventional insights from work on banking competition and regulation. It first reviews and assesses the different methodological approaches pursued to address banking competition. While market structure indicators are easily computable, they may not be overly informative about the competitive conditions in banking markets. The literature now focuses on “non-market structure” indicators such as the Panzar-Rosse H-statistic, the (adjusted) Lerner index, or the Boone indicator. The chapter then structures the discussion on the empirical findings based upon a framework that finds its roots in the different theories of financial intermediation. Other approaches to infer banking competition are also discussed, in particular, the impact that regulation and information sharing between banks may have on banking competition.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129061338","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":"Can We Improve the Impact of Microfinance?","authors":"R. Lensink, E. Bulte","doi":"10.1093/oxfordhb/9780198824633.013.14","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198824633.013.14","url":null,"abstract":"By surveying the latest literature, this chapter aims to contribute to the recent discussion on the successes and failures of microfinance. We argue that the question “does microfinance work?” is neither important nor informative. What matters is knowing when, and in which conditions, microfinance works—and for whom. We claim that the answers to these questions depend on the details of the microcredit contract as well as on the range of services that microfinance institutions provide (including non-financial ones). We point at two important reasons why the impact of several microcredit programs is lower than expected: (1) the rigidness of credit contracts, and (2) the human capital of end-users. As reforming contract terms and building human capital via business training and technical assistance are costly, we argue that perhaps subsidies are needed. We focus on studies dealing with end-users, and pay specific attention to the evolving discussion on group lending and the role of joint liability to reduce asymmetric information problems and improve repayment rates. We also discuss the literature focusing on the recent shift of several microfinance institutions to individual lending, and the related trend toward commercialization of microfinance.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128049460","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":"Modern Central Banking","authors":"Frederic S. Mishkin","doi":"10.1093/oxfordhb/9780198824633.013.19","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198824633.013.19","url":null,"abstract":"This chapter examines how central banking has evolved in recent decades by looking at two main areas of central bank activities: monetary policy and financial stability policy. It starts by describing a set of nine basic scientific principles derived from theory and empirical evidence that now guide thinking at almost all central banks, which is referred to as the science of central banking. Then the essay discusses how the science of monetary policy provides a framework for understanding central bank governance and how modern central banks conduct monetary and financial stability policies. Central banking has entered a brave new world in which challenges have become greater and the conduct of policy has become more complex.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124031431","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":"Bank Failures, The Great Depression, and Other “Contagious” Events","authors":"Charles W. Calomiris","doi":"10.1093/oxfordhb/9780198824633.013.39","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198824633.013.39","url":null,"abstract":"Deposit withdrawal pressures on banks, which sometimes take the form of sudden runs, have figured prominently in the discussion of public policy toward banks and the construction of safety nets such as deposit insurance and the lender of last resort. This chapter examines historical evidence from the Great Depression, and other episodes, on the factors that prompted withdrawals, the discussion of contagious runs, and the public policy implications. The historical evidence is presented in detail and is connected to the debate over the proper roles of deposit market discipline via the threat of withdrawals, the insurance of deposits, and lender-of-last-resort support for banks facing withdrawal pressures.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128919968","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":"Commercial Banking and Shadow Banking","authors":"Arnoud Boot, A. Thakor","doi":"10.1093/oxfordhb/9780198824633.013.3","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198824633.013.3","url":null,"abstract":"We review in this chapter the market developments related to the increasing blurring of the boundaries between banks and financial markets, and the literature associated with this. While traditionally viewed as competitors, institutions and markets are now viewed as engaging in three forms of interaction: competition, complementarity, and co-evolution. The blurring boundaries between banks and markets are evidenced by the growth in shadow banking and P2P lending. We discuss how this has led to economic gains as banks become increasingly dependent on and intertwined with markets. But we also point to a dark side of this intertwining, which is the consequent increase in systemic risk and financial institution fragility. The increased importance of “gatekeepers,” like credit rating agencies, and the implications of these developments for the regulation of banks and markets, are also discussed.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126370866","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":"Banking in the United States","authors":"Robert DeYoung","doi":"10.1093/OXFORDHB/9780199688500.013.0034","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780199688500.013.0034","url":null,"abstract":"The past forty years has witnessed a near total transformation of the US banking industry, as well as a near total disaster. The bank regulatory framework established during the Great Depression was dismantled, new technologies revolutionized how banks produce and distribute financial services, and dramatic increases in competition have pressured banks to operate more efficiently. The population of commercial banks has been halved by a wave of acquisitions and the largest banks have increased ten-fold in size. A strategic dichotomy has emerged, with small ‘community’ banks providing person-to-person retail and small business banking services, and large commercial banks providing high-volume retail banking services in domestic markets and corporate and investment banking services around the world. These changes have brought great efficiencies to the banking industry and its customers, but have also introduced new instabilities to the system. A decade of historically high profits was followed by large investment losses and government bailouts during the financial crisis of 2008–9. A partial re-regulation of the industry has followed, and both bankers and policymakers seek to balance market efficiencies with financial stability as this dynamic industry moves further into the twenty-first century.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114202183","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":"Banking in Japan","authors":"H. Uchida, Gregory F. Udell","doi":"10.1093/OXFORDHB/9780199640935.013.0035","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780199640935.013.0035","url":null,"abstract":"This chapter focuses on the structure, performance, and some of the defining characteristics of the Japanese banking industry. An analysis of the banking industry in Japan may be of particular interest because of its important role in one of world’s largest economies, its historical orientation to banks in its financial system, its idiosyncratic features related to the nature of the Japanese corporate environment such as its “main bank system,” and its significant transition, which is sometimes idiosyncratic to this country, such as the banking crisis of the 1990s. After providing an overview of the Japanese banking system, we focus on some specific topics on banking in Japan, including the Japanese main bank system, lending technologies in Japan, the Japanese banking crisis, and banking in post-crisis Japan.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131964003","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}
F. J. C. Carvalho, L. D. Paula, Jonathan M. Williams
{"title":"Banking in Latin America","authors":"F. J. C. Carvalho, L. D. Paula, Jonathan M. Williams","doi":"10.1093/OXFORDHB/9780199688500.013.0040","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780199688500.013.0040","url":null,"abstract":"This chapter offers a unique portrayal of the evolution of banking in Latin America. We contextualize our analysis by providing a detailed assessment of how financial policy has evolved across the region beginning with development models of the post-1945 period. Events of the 1980s and 1990s are a source of recent developments, which we succinctly summarize as the financial deepening and growth of a market-oriented and more competitive environment. Specific developments include the repeal of state involvement in banking, and bank privatization including wider penetration of domestic banking by foreign banks. We examine the effects of consolidation on banking activity before considering the special role development banks have come to play, especially following the global financial crisis. Throughout the chapter, we present data to inform our comparative analysis across regional banking sectors, and between Latin America and other economies.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116761268","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":"Systemic Risk in Banking after the Great Financial Crisis","authors":"P. Hartmann, Olivier de Bandt, J. Peydró","doi":"10.1093/OXFORDHB/9780199688500.013.0027","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780199688500.013.0027","url":null,"abstract":"In this chapter we present a comprehensive review of systemic risk in banking, as the primary ingredient for understanding financial crises that have severe adverse effects on the macroeconomy (such as the Great Depression or the recent Great Financial Crisis). The first part of the chapter develops a conceptual framework that distinguishes three main forms of systemic risk: contagion, aggregate shocks, and the endogenous build-up and unraveling of widespread financial imbalances (such as credit booms leading to debt overhangs). Ex ante (preventive) policies, notably macroprudential regulation and supervision, and ex post (crisis management and resolution) policies to contain systemic risks and financial crises are also discussed. The second and third parts of the chapter review the existing theoretical and empirical literature about systemic risk, using the previously described conceptual framework and making reference to features of the systemic crisis that started in the summer of 2007.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114981060","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 Roles of Banks in Financial Systems","authors":"Franklin Allen, E. Carletti","doi":"10.1093/OXFORDHB/9780199640935.013.0002","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780199640935.013.0002","url":null,"abstract":"Banks perform various roles in the economy. First, they ameliorate the information problems between investors and borrowers by monitoring the latter and ensuring a proper use of the depositors’ funds. Second, they provide intertemporal smoothing of risk that cannot be diversified at a given point in time as well as insurance to depositors against unexpected consumption shocks. Because of the maturity mismatch between their assets and liabilities, however, banks are subject to the possibility of runs and systemic risk. Third, banks contribute to the growth of the economy. Fourth, they perform an important role in corporate governance. The relative importance of the different roles of banks varies substantially across countries and times but banks are always critical to the financial system.","PeriodicalId":258577,"journal":{"name":"The Oxford Handbook of Banking","volume":"187 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129677001","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}
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