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Monetary Economics: Financial System & Institutions eJournal最新文献

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Money Creation and Banks’ Interest Rate Setting 货币创造与银行利率设定
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-09-14 DOI: 10.2139/ssrn.3692369
A. Ponomarenko
{"title":"Money Creation and Banks’ Interest Rate Setting","authors":"A. Ponomarenko","doi":"10.2139/ssrn.3692369","DOIUrl":"https://doi.org/10.2139/ssrn.3692369","url":null,"abstract":"\u0000Purpose\u0000This study aims to examine a potential case of interdependence in loan and deposit interest rate setting.\u0000\u0000\u0000Design/methodology/approach\u0000The authors set up a theoretical microsimulation model with endogenous loan interest rate determination via a learning algorithm.\u0000\u0000\u0000Findings\u0000The authors show that in certain environments, it may be beneficial for large banks to incorporate information on retail funding costs into the lending rate setting decision.\u0000\u0000\u0000Originality/value\u0000The author’s model is based on the realistic money creation mechanism.\u0000","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126077724","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
Bank Opacity and Uninsured Depositor Monitoring 银行不透明度和无保险存款人监测
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-09-01 DOI: 10.2139/ssrn.3684827
Ngan (April) Nguyen
{"title":"Bank Opacity and Uninsured Depositor Monitoring","authors":"Ngan (April) Nguyen","doi":"10.2139/ssrn.3684827","DOIUrl":"https://doi.org/10.2139/ssrn.3684827","url":null,"abstract":"This paper examines whether bank financial reporting opacity increases agency cost between bank managers and uninsured depositors. In particular, following calls from prior research, I investigate the effects of reporting opacity on this critical source of bank financing, which represents over $5 trillion at 2019. Using quarterly regulatory filings of federally-insured US commercial banks, I confirm a predicted negative association between uninsured deposits and larger delays in expected loss recognition, my proxy for reporting opacity. I also document expected cross-sectional variation, with this negative association accentuated for banks that are not too-big-to-fail (as these lack the implicit government guarantees of too-big-to-fail banks), and some evidence for banks that are not publicly-traded (which have lower overall reporting and disclosure quality relative to publicly-traded banks). The results are consistent with monitoring by uninsured depositors, such that stronger reporting transparency enables banks to attract higher levels of uninsured deposits.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123622841","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
Non-bank Loans, Corporate Investment and Firm Performance 非银行贷款、企业投资与企业绩效
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-09-01 DOI: 10.2139/ssrn.3327539
Swarnava Biswas, Neslihan Ozkan, Junyang Yin
{"title":"Non-bank Loans, Corporate Investment and Firm Performance","authors":"Swarnava Biswas, Neslihan Ozkan, Junyang Yin","doi":"10.2139/ssrn.3327539","DOIUrl":"https://doi.org/10.2139/ssrn.3327539","url":null,"abstract":"In the leveraged loan sector, firms borrowing from non-banks have worse profitability and lower investments following loan origination, compared to observably similar firms borrowing from banks; the negative effects are concentrated in the subset of financially-constrained firms. Our results are consistent with the view that non-banks extract rents from borrowers as the lenders of last resort. The leveraged lending guidance, which resulted in the migration of borrowers from banks to non-banks, led to worse outcomes for the leveraged borrowers, complementing our cross-sectional analysis. Our findings suggest that macroprudential policies which exclusively target the traditional banking sector can have negative consequences.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122407322","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
SEOs by Systemically Risky Banks: Do They Produce Stabilization Effects? 系统性风险银行的seo:它们会产生稳定效应吗?
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-08-31 DOI: 10.2139/ssrn.3609179
Valeriya Dinger, Francesco Vallascas, Qi Zhang
{"title":"SEOs by Systemically Risky Banks: Do They Produce Stabilization Effects?","authors":"Valeriya Dinger, Francesco Vallascas, Qi Zhang","doi":"10.2139/ssrn.3609179","DOIUrl":"https://doi.org/10.2139/ssrn.3609179","url":null,"abstract":"Analyzing the stock return reaction for issuing and non-issuing US banks, we explore the systemic effects of seasoned equity offerings (SEOs) by systemically risky banks. We find that SEOs do not generate value benefits for systemically risky issuers. In contrast, non-issuers’ stock returns react positively when systemically risky banks raise equity, although less so in times of systemic distress. The benefits for non-issuers are amplified by more business similarity with the systemically risky issuer and sustain in the longer term. Our findings reflect positive systemic externalities from a reduced deleveraging risk of the issuer. Overall, our analysis justifies regulatory pressure on systemically risky banks to implement countercyclical recapitalization through SEOs, especially in more homogenous banking systems.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133346931","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
Do Local Labor Market Conditions Impact Bank Profitability? 本地劳动力市场状况是否影响银行盈利能力?
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-08-17 DOI: 10.2139/ssrn.3685383
Andrew Swanson, Danielle Zanzalari
{"title":"Do Local Labor Market Conditions Impact Bank Profitability?","authors":"Andrew Swanson, Danielle Zanzalari","doi":"10.2139/ssrn.3685383","DOIUrl":"https://doi.org/10.2139/ssrn.3685383","url":null,"abstract":"This paper studies the impact of local unemployment shocks on bank profitability. Our work advances on previous studies that only use national or state level data, as we create bank-specific measures of local unemployment in which the bank has exposure. Using these novel measures, we can determine how shocks to unemployment affect each individual bank's profitability. Our results indicate that an increase in the local market unemployment rate decreases bank profitability on average by 2.9%. We further examine what components of bank profitability are most impacted by local labor market conditions and find that net interest income is most impacted.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"120 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120916441","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
Digital Currencies and Bank Competition 数字货币和银行竞争
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-08-14 DOI: 10.2139/ssrn.3673958
Marianne Verdier
{"title":"Digital Currencies and Bank Competition","authors":"Marianne Verdier","doi":"10.2139/ssrn.3673958","DOIUrl":"https://doi.org/10.2139/ssrn.3673958","url":null,"abstract":"This article examines how the issuance of a Digital Currency by a non-bank operator impacts competition between banks in a cashless society. I analyze how the fee charged for the digital currency impacts the interest rates on loans and the fees charged by banks to depositors for paying by card and opening an account in a bank. I derive the conditions under which consumers use the digital currency to pay. I also discuss how the distribution mode of the digital currency may impact its use for payments. <br>","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122433648","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
Bank Loan Renegotiation and Credit Default Swaps 银行贷款重新谈判和信用违约掉期
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-08-01 DOI: 10.2139/ssrn.3053337
Brian Clark, James Donato, Bill Francis, Thomas D. Shohfi
{"title":"Bank Loan Renegotiation and Credit Default Swaps","authors":"Brian Clark, James Donato, Bill Francis, Thomas D. Shohfi","doi":"10.2139/ssrn.3053337","DOIUrl":"https://doi.org/10.2139/ssrn.3053337","url":null,"abstract":"Abstract Using Roberts (2015) loan-level data from 2000 to 2011, we find that the inception of CDS trading on reference firms’ debt is associated with a decreased number and lower probability of amendments, restatements, and rollovers to existing lenders of bank loans. Reference firms are also less likely to terminate loans prematurely or refinance with different lenders after the inception of CDS trading and tend to exhibit longer loan maturities. Our evidence is consistent with the empty creditor problem arising from CDS trading and the resulting decrease in the negotiation power of borrowers. Our research contributes to understanding how financial innovations alter bank-lending relationships.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132263683","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: 8
Does Religiosity Affect Financing Activity? Evidence from Indonesia 宗教信仰会影响融资活动吗?来自印度尼西亚的证据
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-07-27 DOI: 10.2139/ssrn.3661821
I. Wijaya, Andrea Moro, Yacine Belghitar
{"title":"Does Religiosity Affect Financing Activity? Evidence from Indonesia","authors":"I. Wijaya, Andrea Moro, Yacine Belghitar","doi":"10.2139/ssrn.3661821","DOIUrl":"https://doi.org/10.2139/ssrn.3661821","url":null,"abstract":"This study examines the role of religiosity at province level in Indonesia on the financing activities in both Islamic and conventional banks. Covering the period from 2013-2018, this study uses five different measures of religiosity namely: Islamic school, hajj application, Islamic seminary school, Mosque, and certified halal products at province level. The results show that Islamic and conventional banks in stronger religiosity area provide more financing. However, the impact of religiosity is less pronounced for non-performing financing. The results are still qualitatively valid after taking into account the issues of omitted variables, i.e., un-observable beliefs, ideas, and attitude, and reverse causality between religiosity and total amount of financing at province level.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130524165","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: 2
The Design and Transmission of Central Bank Liquidity Provisions 中央银行流动性准备金的设计与传导
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-07-14 DOI: 10.2139/ssrn.2930063
Luisa Carpinelli, Matteo Crosignani
{"title":"The Design and Transmission of Central Bank Liquidity Provisions","authors":"Luisa Carpinelli, Matteo Crosignani","doi":"10.2139/ssrn.2930063","DOIUrl":"https://doi.org/10.2139/ssrn.2930063","url":null,"abstract":"We analyze the role of loan maturity and collateral eligibility for the transmission of central bank liquidity provisions to banks following a wholesale funding dry-up. We analyze the transmission of the three-year LTRO—which substantially extended the ECB liquidity maturity—in Italy, where banks benefited from a government guarantee program that effectively relaxed the ECB collateral requirements. Combining the national credit register with banks’ securities holdings, we find that (i) the maturity extension supported banks’ credit supply and (ii) banks used most liquidity to buy domestic government bonds and substitute missing wholesale funding, two possibly unstated goals of the intervention.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"284 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121056948","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: 57
Accounting Quality and Investment Efficiency in a Bank-Centered Economy: Evidence from the 2001 Bank Shareholding Limitation Act of Japan 银行中心经济下的会计质量与投资效率:来自2001年日本银行股份限制法案的证据
Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-07-14 DOI: 10.2139/ssrn.3650677
M. Enomoto, Boochun Jung, S. Rhee, Akinobu Shuto
{"title":"Accounting Quality and Investment Efficiency in a Bank-Centered Economy: Evidence from the 2001 Bank Shareholding Limitation Act of Japan","authors":"M. Enomoto, Boochun Jung, S. Rhee, Akinobu Shuto","doi":"10.2139/ssrn.3650677","DOIUrl":"https://doi.org/10.2139/ssrn.3650677","url":null,"abstract":"Biddle and Hilary (2006) demonstrate that accounting quality improves investment efficiency in the U.S. but not in Japan. We examine whether no relation between accounting quality and investment efficiency remains valid in Japan beyond their study period, which ends in 2001. We hypothesize that since Japan experienced a dramatic decline in bank financing and keiretsu affiliations after 2001, when the Act on Limitation on Shareholding by Banks and Other Financial Institutions became effective, accounting quality became positively related to investment efficiency in Japan after 2001. Consistent with our hypothesis, we find a positive impact of accounting quality on investment efficiency in the post-2001 period. We also find that higher accounting quality improves investment efficiency by reducing the tendency of over-investment. This impact is more pronounced among firms with lower bank financing and lower cross-shareholdings.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132562328","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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