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Monetary Economics: Financial System & Institutions eJournal最新文献

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Reinventing Institutions: Trust Offices and the Dutch Financial System, 1690s-2000s 重塑机构:信托办公室和荷兰金融体系，1690年代至2000年代
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-10-22 DOI: 10.2139/ssrn.3719550
Abe de Jong, J. Jonker, A. Röell, G. Westerhuis
{"title":"Reinventing Institutions: Trust Offices and the Dutch Financial System, 1690s-2000s","authors":"Abe de Jong, J. Jonker, A. Röell, G. Westerhuis","doi":"10.2139/ssrn.3719550","DOIUrl":"https://doi.org/10.2139/ssrn.3719550","url":null,"abstract":"Trust offices (administratiekantoren) that repackage securities have been a central institution in Dutch finance since the late eighteenth century. Their basic form and functioning have remained largely the same, but over time, the repackaging has come to serve a variety of very different purposes. We argue that trust offices have been reinvented several times to adapt to changing circumstances. Originally set up for administrative convenience, they helped to create liquidity, notably for foreign securities. As from the 1930s, their most prominent purpose became to shield directors of large corporation from shareholder influence and hostile takeover threats. This is still their most common function in their current reincarnation as dedicated foundations, each tied to a particular company and largely controlled by its board and executives.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"252 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115205242","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
Financial Inclusion and Household Financial Behavior 普惠金融与家庭金融行为
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-10-22 DOI: 10.2139/ssrn.3717100
Renata Herrerias
{"title":"Financial Inclusion and Household Financial Behavior","authors":"Renata Herrerias","doi":"10.2139/ssrn.3717100","DOIUrl":"https://doi.org/10.2139/ssrn.3717100","url":null,"abstract":"I study the heterogeneity of individual’s financial-management behavior and its relation to financial inclusion among households in Mexico using data from the 2018 national financial inclusion survey (ENIF). To measure individual’s financial behavior, I create a score applying factor analysis to answers on questions about money management, savings and consumption habits that are related to financial well-being. I question whether households who are part of the formal financial system report better financial behavior than individuals outside the financial system, and which type of financial product is more relevant. I find that financial-management behavior is positively related to uses of financial services and products, particularly to having savings accounts and insurance. However, households using payroll accounts, accounts to receive government transfers, pensions or credit products do not report better financial behavior. Additionally, individuals using informal savings vehicles show better financial behavior, but those using informal credit report worst financial behavior. Formal education, financial literacy and income are also important factors in explaining financial behaviors related to financial well-being.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131861760","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 as Liquidity Multipliers 银行作为流动性乘数器
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-10-21 DOI: 10.2139/ssrn.3716245
Sylvain Carré, D. Klossner
{"title":"Banks as Liquidity Multipliers","authors":"Sylvain Carré, D. Klossner","doi":"10.2139/ssrn.3716245","DOIUrl":"https://doi.org/10.2139/ssrn.3716245","url":null,"abstract":"\u0000 We characterize the interaction between banks’ liquid assets purchases and deposit issuance decisions. Using global games, we derive a liquidity multiplier: the amount of deposits a bank can create when endowed with one additional unit of liquid asset to maintain a given level of liquidity risk. In our central theorem, we prove it is larger than unity. This entails that banks have a special role in enhancing liquidity provision, “multiplying” liquid assets into a larger quantity of deposits. Our theory has implications for banks’ balance sheet choices, the pricing of liquid securities, and the role of public liquidity provision.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131342625","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
Liquidity Constraint of Banks and Non-Neutrality of Monetary Policy 银行流动性约束与货币政策的非中性
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-10-09 DOI: 10.2139/ssrn.3728803
Tianxi Wang
{"title":"Liquidity Constraint of Banks and Non-Neutrality of Monetary Policy","authors":"Tianxi Wang","doi":"10.2139/ssrn.3728803","DOIUrl":"https://doi.org/10.2139/ssrn.3728803","url":null,"abstract":"This paper studies non-neutrality of monetary policy incorporating three facts: The majority of media of exchange is not fiat money but bank liability; fiat money is largely used by banks to meet liquidity demand; and banks extensively use government bonds for liquidity management. It finds that monetary policy produces real effects by changing the tightness of banks' liquidity constraint; its effect for liquidity unconstrained banks is the opposite of that for the maximally constrained; expansion of digital ways of payment increases price levels by reducing the withdrawal probability; and if this probability becomes zero fiat money stops circulation.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126960384","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
Smart Banknotes Defined: Features and Criteria 智能钞票的定义:特征和标准
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-10-07 DOI: 10.2139/ssrn.3707803
F. Noll
{"title":"Smart Banknotes Defined: Features and Criteria","authors":"F. Noll","doi":"10.2139/ssrn.3707803","DOIUrl":"https://doi.org/10.2139/ssrn.3707803","url":null,"abstract":"A smart banknote is a physical banknote on a paper or polymer substrate that can communicate with an electronic network. A smart banknote is denominated and has the physical properties of a traditional banknote in size, feel, appearance, and etc. It is not a rigid, plastic card such as may be used in present credit or debit transactions. The purpose of a smart banknote is to act as a hybrid that can function either as a definitive or an electronic instrument, depending upon the immediate need. Such functionality will allow a smart banknote to act as a transitional device between traditional payment systems and electronic and crypto-based payment systems.<br><br>This paper presents an overview of smart banknotes, including their history to date, their differentiation from paper crypto wallets, and their need to mimic traditional banknotes.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132915183","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
Supply of Credit and Corporate Bond Covenants 提供信贷和公司债券契约
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-10-07 DOI: 10.2139/ssrn.3706961
Evrim Akdoğu, Aysun Alp Paukowits
{"title":"Supply of Credit and Corporate Bond Covenants","authors":"Evrim Akdoğu, Aysun Alp Paukowits","doi":"10.2139/ssrn.3706961","DOIUrl":"https://doi.org/10.2139/ssrn.3706961","url":null,"abstract":"We study whether shocks to the supply of capital affect bond covenant structures using the collapse of Drexel Burnham Lambert, Inc. and the subsequent regulatory changes as an exogenous contraction in the supply of speculative-grade credit around 1989. We find that speculative-grade firms increase their covenant use significantly more than the investment-grade firms in the post-1989 period. Consistent with a supply effect, the increase in covenant use is higher for firms with high costs of switching to alternative sources of funds and high dependence on external finance. We also find spillover effects of the supply shock on other financially constrained firms. Overall, our results suggest that shifts in credit supply affect not only the debt amounts but also the bond covenant structures. Even contracting terms of firms with access to public debt markets are not immune to fluctuations in the supply of capital.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131737006","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
The Determinants of the Interest Rate of Financial Institutions: Theoretical Model and Empirical Analysis 金融机构利率的决定因素:理论模型与实证分析
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-10-06 DOI: 10.2139/ssrn.3713913
Serge Patrick Amvella
{"title":"The Determinants of the Interest Rate of Financial Institutions: Theoretical Model and Empirical Analysis","authors":"Serge Patrick Amvella","doi":"10.2139/ssrn.3713913","DOIUrl":"https://doi.org/10.2139/ssrn.3713913","url":null,"abstract":"We develop a mathematical model for determining the interest rate applied by a financial institution. Our model mathematically isolates the four main components of the total cost of credit, including net operating costs, weighted average cost of financial resources, cost of risk and weighted cost of equity. Our equations enable to determine the floor interest rate, which is the minimum interest rate that a financial institution should set in order for its credit operations to be profitable. The results of the empirical analyses carried out over a 15-year period, from 2004 to 2018, corroborate the suggestions of our model that, interest rates follow the evolution of the floor interest rate. One of the contributions of our model is that the results can be useful in policies that seek to improve the credit conditions of financial institutions by reducing their credit costs rather than imposing low interest rates to them.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124112113","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
A Cost-Benefit Analysis of Capital Requirements Adjusted for Model Risk 模型风险调整后资本要求的成本效益分析
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-10-05 DOI: 10.2139/ssrn.3705362
W. Farkas, Fulvia Fringuellotti, R. Tunaru
{"title":"A Cost-Benefit Analysis of Capital Requirements Adjusted for Model Risk","authors":"W. Farkas, Fulvia Fringuellotti, R. Tunaru","doi":"10.2139/ssrn.3705362","DOIUrl":"https://doi.org/10.2139/ssrn.3705362","url":null,"abstract":"Capital adequacy is the key microprudential and macroprudential tool of banking regulation. Financial models of capital adequacy are subject to errors, which may prevent from estimating a sufficient capital base to absorb bank losses during economic downturns. In this paper, we propose a general method to account for model risk in capital requirements calculus related to market risk. We then evaluate and compare our capital requirements values with those obtained under Basel 2.5 and the new Basel 4 regulation. Capital requirements adjusted for model risk perform well in containing losses generates in normal and stressed times. In addition, they are as conservative as Basel 4 capital requirements, but they exhibit less fluctuations over time.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124568146","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
Evaluating the Accuracy of Home Appraisals Using Refinance Transactions 评估使用再融资交易的房屋评估的准确性
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-10-01 DOI: 10.2139/ssrn.3712424
Liyi Liu, Douglas A. McManus
{"title":"Evaluating the Accuracy of Home Appraisals Using Refinance Transactions","authors":"Liyi Liu, Douglas A. McManus","doi":"10.2139/ssrn.3712424","DOIUrl":"https://doi.org/10.2139/ssrn.3712424","url":null,"abstract":"The precision of appraisals used to refinance mortgages is particularly difficult to evaluate because there are no sales prices to serve as a basis for comparison. This paper estimates the accuracy of refinance appraisals using a novel methodology that does not require using a sales price as a benchmark: specifically, comparing the performance of appraisals against automated valuation model forecasts to predict loan default. By using a modification of the Vuong (1989) test for non-nested model performance, ranges of the forecast standard errors can be identified in which (1) model valuations outperform appraisals; (2) the performance of both approaches is similar; and (3) appraisals are superior. A second contribution of this paper is to document the improvement in appraisal precision after the Home Valuation Code of Conduct (HVCC) became effective. Our preferred estimates indicate that in the context of refinance transactions over the January 2000–April 2009 period before the HVCC was adopted, appraisals are as precise as a model forecast, with a standard error of approximately 19 percent. In the post-HVCC period, this precision improves to about 12 percent.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"197 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122159299","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
Adoption and Application of International Financial Reporting Standards (IFRS) in Banking Sector of Bangladesh : A Comprative Study 国际财务报告准则(IFRS)在孟加拉国银行业的采用与应用:比较研究
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-09-25 DOI: 10.2139/ssrn.3699704
Md. Shahbub Alam
{"title":"Adoption and Application of International Financial Reporting Standards (IFRS) in Banking Sector of Bangladesh : A Comprative Study","authors":"Md. Shahbub Alam","doi":"10.2139/ssrn.3699704","DOIUrl":"https://doi.org/10.2139/ssrn.3699704","url":null,"abstract":"The purpose of this study is to comparatively analyze the adoption and implementation of International Financial Reporting Standards (IFRS) in the banking sector of Bangladesh both traditional and Islamic banking. The study employs a literature-based method which is a kind of qualitative research approach. Using exploratory analysis the study identifies and compares adoption and application scenarios of IFRS in the traditional and Islamic banking sector as well as identifies major benefits and problems in the adoption and application of IFRS in both sectors. This study concludes that the adoption and application scenarios of IFRS in the banking sector are the satisfactory level and adoption of IFRS offered various benefits but a complete implementation of IFRS by Islamic banks has been proven to genuinely violate the shariah principles. Therefore a separate accounting framework for Islamic products and transactions is required. As the existence of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is still relevant and essential for the development of Islamic financial institutions. However continuous dialogue and consultation between the International Accounting Standards Board (IASB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is needed to harmonize and minimize the difference between the two frameworks. This study expected to benefits the accounting standards-setting bodies and the interested parties as input for them to make a decision whether all standards provided by IFRS are applicable for Islamic Financial Institutions(IFIs) or not.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133052266","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
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