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Monetary Economics: Financial System & Institutions eJournal最新文献

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Bitcoin Governance as a Decentralized Financial Market Infrastructure 作为去中心化金融市场基础设施的比特币治理
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-03-16 DOI: 10.2139/ssrn.3555042
Hossein Nabilou
{"title":"Bitcoin Governance as a Decentralized Financial Market Infrastructure","authors":"Hossein Nabilou","doi":"10.2139/ssrn.3555042","DOIUrl":"https://doi.org/10.2139/ssrn.3555042","url":null,"abstract":"Bitcoin is the oldest and most widely established cryptocurrency network with the highest market capitalization among all cryptocurrencies. Although bitcoin (with lowercase b) is increasingly viewed as a digital asset belonging to a new asset class, the Bitcoin network (with uppercase B) is a decentralized financial market infrastructure (dFMI) that clears and settles transactions in its native asset without relying on the conventional financial market infrastructures (FMIs). To be a reliable asset class as well as a dFMI, however, Bitcoin needs to have robust governance arrangements; whether such arrangements are built into the protocol (i.e., on-chain governance mechanisms) or relegated to the participants in the Bitcoin network (i.e., off-chain governance mechanisms), or are composed of a combination of both mechanisms (i.e., a hybrid form of governance). \u0000 \u0000This paper studies Bitcoin governance with a focus on its alleged shortcomings. In so doing, after defining Bitcoin governance and its objectives, the paper puts forward an idiosyncratic governance model whose main objective is to preserve and maximize the main value proposition of Bitcoin, i.e., its censorship-resistant property, which allows participants to transact in an environment with minimum social trust. Therefore, Bitcoin governance, including the processes through which Bitcoin governance crises have been resolved and the standards against which the Bitcoin Improvement Proposals (BIPs) are examined, should be analyzed in light of the prevailing narrative of Bitcoin as a censorship-resistant store of value and payment infrastructure. Within such a special governance model, this paper seeks to identify the potential shortcomings in Bitcoin governance by reference to the major governance crises that posed serious threats to Bitcoin in the last decade. It concludes that the existing governance arrangements in the Bitcoin network have been largely successful in dealing with Bitcoin’s major crises that would have otherwise become existential threats to the Bitcoin network.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114219928","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}
引用次数: 14
Tax Avoidance - Are Banks Any Different? 避税——银行有什么不同吗?
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-03-12 DOI: 10.2139/ssrn.3418506
Vanessa Gawehn, Jens Mueller
{"title":"Tax Avoidance - Are Banks Any Different?","authors":"Vanessa Gawehn, Jens Mueller","doi":"10.2139/ssrn.3418506","DOIUrl":"https://doi.org/10.2139/ssrn.3418506","url":null,"abstract":"While the public has noticed the need for the detection of potential tax loopholes and demand further improvement in the taxation of banks, there is scarce empirical evidence of whether banks' degree of tax avoidance actually differs from that of non-banks. We try to close this gap by investigating U.S. banks' tax avoidance behavior for a sample period from 2004 to 2016. To anchor banks' tax avoidance, we use annual Cash ETRs and GAAP ETRs and compare them to the tax avoidance behavior of non-banks. As there are various channels of tax avoidance, we account for differences in several areas such as corporate fundamentals, the degree of multinationality and regulatory scrutiny. We provide cautious evidence that banks have significantly larger Cash ETRs than non-banks. Via the use of quantile regression we find evidence that the assocation between banks and ETRs is not constant over the whole tax avoidance distribution, but shows a positive association for lower parts of the tax avoidance distribution and a negative association for higher parts. In line with recent research, we provide some evidence that the difference in Cash ETRs between banks and non-banks is more pronounced for worse-capitalized, than for better-capitalized banks.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121220266","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}
引用次数: 4
Optimal Stress Tests and Liquidation Cost 最佳压力测试和清算成本
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-03-08 DOI: 10.2139/ssrn.3578235
Jiadong Gu
{"title":"Optimal Stress Tests and Liquidation Cost","authors":"Jiadong Gu","doi":"10.2139/ssrn.3578235","DOIUrl":"https://doi.org/10.2139/ssrn.3578235","url":null,"abstract":"We study stress tests as Bayesian persuasion within the fundamental bank run framework. This paper shows that the optimal disclosure policy depends on the liquidation cost of the long-term asset. In particular, when the liquidation cost is high, the optimal stress test partially discloses information about banks' asset: it reduces the likelihood of bank runs. When the liquidation cost is low, the optimal stress test fully discloses information: it increases the likelihood of enjoying the high asset return. The central trade-off in the design of a stress test is between the bank run cost and the high asset return. The theory suggests regulatory policy coordination - joint design of the stress test and other policies that affect asset market liquidity.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"104 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132953107","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}
引用次数: 1
Banks' Net Interest Margins and Interest Rate Risk: Communicating Vessels? 银行净息差与利率风险:沟通渠道?
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-03-06 DOI: 10.2139/ssrn.3553265
R. Chaudron, Leo J. de Haan, M. Hoeberichts
{"title":"Banks' Net Interest Margins and Interest Rate Risk: Communicating Vessels?","authors":"R. Chaudron, Leo J. de Haan, M. Hoeberichts","doi":"10.2139/ssrn.3553265","DOIUrl":"https://doi.org/10.2139/ssrn.3553265","url":null,"abstract":"This study investigates the effects of a flattening of the yield curve and decreasing interest rates on the net interest margin (NIM) of 41 Dutch banks during the period 2008Q1 to 2016Q2. Our contribution to the literature is that we distinguish explicitly between net interest income from pure maturity transformation and a residual part representing market power, compensation for risks and other markups. Our results show that the residual part increased when the yield curve flattened and interest rates fell, while total NIM remained constant. In other words, banks managed to keep net interest margins more or less constant by compensating for a loss in income from maturity transformation.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126654666","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}
引用次数: 3
Cyber Securing Cross-border Financial Services: Calling for a Financial Cybersecurity Action Task Force (Revised) 网络安全跨境金融服务:呼吁成立金融网络安全行动特别工作组(修订版)
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-03-01 DOI: 10.2139/ssrn.3570140
Keman Huang, S. Madnick
{"title":"Cyber Securing Cross-border Financial Services: Calling for a Financial Cybersecurity Action Task Force (Revised)","authors":"Keman Huang, S. Madnick","doi":"10.2139/ssrn.3570140","DOIUrl":"https://doi.org/10.2139/ssrn.3570140","url":null,"abstract":"Cyber risk can underlie the next financial crisis. Increasing trade policies on cross-border financial services have been implemented to manage cyber-security concerns. Simply complying with the fragmented policies can cause unintended consequence for business and can even result in new cyber threat. This study develops a taxonomy to understand the effect of the trade policies for cyber-securing the cross-border financial services. The analysis reveals that a Financial Cyber-security Action Task Force, where both public and private sectors are involved, is needed to create and promote cyber norms to balance innovation and systematic cyber risk within cross-border financial systems.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115331217","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}
引用次数: 5
Contagion of Fear 恐惧的传染
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-03-01 DOI: 10.3386/w26859
K. Mitchener, Gary A. Richardson
{"title":"Contagion of Fear","authors":"K. Mitchener, Gary A. Richardson","doi":"10.3386/w26859","DOIUrl":"https://doi.org/10.3386/w26859","url":null,"abstract":"The Great Depression is infamous for banking panics, which were a symptomatic of a phenomenon that scholars have labeled a contagion of fear. Using geocoded, microdata on bank distress, we develop metrics that illuminate the incidence of these events and how banks that remained in operation after panics responded. We show that between 1929-32 banking panics reduced lending by 13%, relative to its 1929 value, and the money multiplier and money supply by 36%. The banking panics, in other words, caused about 41% of the decline in bank lending and about nine-tenths of the decline in the money multiplier during the Great Depression.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125131465","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}
引用次数: 7
Market Response to Syndicated Loan Announcements from High‐Profile Failed and Acquiring Banks During the Global Financial Crisis 全球金融危机期间，市场对知名失败和收购银行发布的银团贷款公告的反应
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-03-01 DOI: 10.1111/acfi.12493
D. Gasbarro, K-S. Le, Robert G. Schwebach, J. Zumwalt
{"title":"Market Response to Syndicated Loan Announcements from High‐Profile Failed and Acquiring Banks During the Global Financial Crisis","authors":"D. Gasbarro, K-S. Le, Robert G. Schwebach, J. Zumwalt","doi":"10.1111/acfi.12493","DOIUrl":"https://doi.org/10.1111/acfi.12493","url":null,"abstract":"Previous studies that have examined the impact of the 2008 financial crisis on syndicated loans have ignored potential differences between lending banks by explicitly or implicitly aggregating all lenders together and focusing on borrower characteristics. One must jointly consider both borrower and lender to fully understand the complex role of the syndicate during this period. We consider the identity of the lender, with a focus on five major US banks that failed and their five corresponding acquirers. Our results highlight the distinct roles of investment and commercial banks and facilitate an understanding of relationship and transactional‐based lending.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126049833","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}
引用次数: 0
Foreign Banks, Liquidity Shocks, and Credit Stability 外资银行、流动性冲击和信贷稳定
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-03-01 DOI: 10.1093/rcfs/cfab020
D. Belton, L. Gambacorta, Sotirios Kokas
{"title":"Foreign Banks, Liquidity Shocks, and Credit Stability","authors":"D. Belton, L. Gambacorta, Sotirios Kokas","doi":"10.1093/rcfs/cfab020","DOIUrl":"https://doi.org/10.1093/rcfs/cfab020","url":null,"abstract":"\u0000 This paper investigates whether foreign banks help mitigate the effects of domestic liquidity shocks by exploiting a policy-induced shock to the U.S. wholesale market for liquidity and matched bank-syndicated loan data. We find that, following the 2011 Federal Deposit Insurance Corporation (FDIC) regulatory change to the cost of wholesale liquidity, foreign banks, which faced a relatively positive liquidity shock, accumulated more reserves by engaging in liquidity hoarding, but did not expand their lending. These responses are more pronounced for foreign banks affiliated with complex global bank holding companies and whose parent banking systems experienced distress at the moment of the shock.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126776361","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}
引用次数: 0
‘At the Very Beginning, There’s This Dream.’ The Role of Utopia in the Workings of Local and Cryptocurrencies “从一开始，就有一个梦想。乌托邦在本地和加密货币运作中的作用
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-02-27 DOI: 10.1007/978-3-030-65117-6_5
Diane-Laure Arjaliès
{"title":"‘At the Very Beginning, There’s This Dream.’ The Role of Utopia in the Workings of Local and Cryptocurrencies","authors":"Diane-Laure Arjaliès","doi":"10.1007/978-3-030-65117-6_5","DOIUrl":"https://doi.org/10.1007/978-3-030-65117-6_5","url":null,"abstract":"","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122991851","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}
引用次数: 9
When FinTech Competes for Payment Flows 当金融科技争夺支付流时
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-02-26 DOI: 10.2139/ssrn.3544981
Christine A. Parlour, U. Rajan, Haoxiang Zhu
{"title":"When FinTech Competes for Payment Flows","authors":"Christine A. Parlour, U. Rajan, Haoxiang Zhu","doi":"10.2139/ssrn.3544981","DOIUrl":"https://doi.org/10.2139/ssrn.3544981","url":null,"abstract":"We study the impact of FinTech competition in payment services when banks rely on consumers' payment data to obtain information about their credit quality. Competition from FinTech payment providers disrupts this information spillover, reducing the bank's loan quality and profit. FinTech competition benefits consumers with weak bank affinity (financial inclusion improves), but may hurt consumers with strong bank affinity. We consider three regimes in which payment information flows back into the credit market: FinTech lending, data sales, and consumer data portability. All three regimes improve the quality of loans, although their effects for bank profit and consumer welfare are ambiguous. Our results highlight the important and complex trade-off between consumer welfare and the stability of banks following FinTech competition in payment.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128701085","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}
引用次数: 22
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