Monetary Economics: Financial System & Institutions eJournal最新文献_第9页

Exchange-Traded Funds (ETFs) and Systemic Risk 交易所交易基金(etf)与系统风险

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-04-22 DOI: 10.2139/ssrn.3583028

S. Grund

引用次数: 0

From Barter to Libra Do Money and Cryptocurrencies Lie Along the Same Evolutionary Line? 从物物交换到天秤座，货币和加密货币在同一条进化线上吗?

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-04-19 DOI: 10.2139/ssrn.3589775

Francesco Rampone

{"title":"From Barter to Libra Do Money and Cryptocurrencies Lie Along the Same Evolutionary Line?","authors":"Francesco Rampone","doi":"10.2139/ssrn.3589775","DOIUrl":"https://doi.org/10.2139/ssrn.3589775","url":null,"abstract":"A spectre is haunting World: the idea that money is nothing but an illusion, a thing no more real than a fiction we tell each other and we have decided to believe in. But behind the scenes, someone is quetioning this story and something is happening. Every day a new cryptocurrency is born. Among those that have been recently created, the most important is undoubtedly Libra, sponsored by Facebook, which puts itself forward as a real international currency and has aroused both curiosity and concern in the banking, political and institutional world. The change seems unstoppable and is destined to significantly affect the daily life of each of us. The real question is: are cryptocurrencies money? Can they aspire to replace in all respects traditional national currencies? Is there a single evolutionary line that begins with bartering, in the mists of time, and ends with Libra, in the glittering digital age? Or are cryptocurrencies a different and temporary phenomenon, perhaps destined to carve out a small niche in the global digital ecosystem, but nothing more? In this paper, I will try to answer these questions by adopting a new perspective compared to the traditional technical and regulatory approach, observing the phenomenon from a historical, social and macroeconomic perspective. I will conclude by pointing out that money is nothing more than a register of public debt (coins and banknotes are a means of updating the register), which was at first centralised, then decentralised, and is now distributed thanks to blockchain technology. Cryptocurrencies are therefore money for all intents and purposes.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130119739","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

Firm Prestige and the Cost of Bank Loans 企业信誉与银行贷款成本

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-04-13 DOI: 10.2139/ssrn.3574661

Yunhao Dai, P. Rau, Weiqiang Tan

引用次数: 0

Expropriation Risk vs. Government Bailout: Implications for Minority Shareholders of State-Owned Banks 征用风险与政府救助:对国有银行中小股东的启示

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-04-06 DOI: 10.2139/ssrn.3557884

A. Achsanta, L. Lepetit, Amine Tarazi

引用次数: 0

Non-Performing Loan in Bangladesh: A Comparative Study on the Islamic Banks and Conventional Banks 孟加拉国的不良贷款:伊斯兰银行与传统银行的比较研究

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-04-06 DOI: 10.46281/IJFB.V4I1.539

S. Rezina, Rubaiyat Shaimom Chowdhury, N. Jahan

引用次数: 8

Impact of Wishful-thinking Investors in Online Peer-to-Peer Lending on SMEs' Operations 一厢情愿的投资者对中小企业网络借贷业务的影响

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-03-31 DOI: 10.2139/ssrn.3566722

Guang-Xin Gao, X. Fang, Yun Fong Lim

{"title":"Impact of Wishful-thinking Investors in Online Peer-to-Peer Lending on SMEs' Operations","authors":"Guang-Xin Gao, X. Fang, Yun Fong Lim","doi":"10.2139/ssrn.3566722","DOIUrl":"https://doi.org/10.2139/ssrn.3566722","url":null,"abstract":"Online peer-to-peer (P2P) lending has rapidly emerged as an alternative to traditional bank financing. In contrast to traditional financing models, a borrower in online P2P lending, typically a small- and medium-size enterprise (SME), receives funds from multiple investors through a platform. While bearing the borrower's bankruptcy risk, many investors behave as wishful thinkers, who focus only on getting high returns but ignore their investment risk. We study the impact of wishful-thinking investors in online P2P lending through a game-theoretical model. In this model, a P2P lending platform first sets an interest rate and charges a commission. Facing uncertain demand, a capital-constrained SME then decides her order quantity of a product and borrows a loan through the platform. Each investor on the platform, who can be wishful-thinking or conservative, decides how much to invest. By identifying the players' equilibrium strategies, we find that the wishful-thinking investors invest more aggressively than the conservative investors. As the proportion of wishful-thinking investors increases, the platform lowers the interest rate, and the SME orders a larger quantity and borrows more capital. This reduces the SME's likelihood to successfully repay the loan, which alarmingly indicates that the wishful-thinking investors make online P2P lending more risky by influencing the SME's operations decision. A further investigation shows that the wishful-thinking investors increase both the platform's and the SME's expected profits, echoing the rapid growth of online P2P lending in regions with less mature investors. Each investor's expected payoff, however, decreases when there are more wishful-thinking investors.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126496559","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 Role of Monitoring and Bonding Mechanisms of Good Corporate Governance Towards Banks Performance 良好公司治理对银行绩效的监督与约束机制

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-03-28 DOI: 10.18510/hssr.2020.8237

Rohmini Indah Lestari, Sugeng Wahyudi, Harjum Muharam, Mohamad Nur Utomo

{"title":"The Role of Monitoring and Bonding Mechanisms of Good Corporate Governance Towards Banks Performance","authors":"Rohmini Indah Lestari, Sugeng Wahyudi, Harjum Muharam, Mohamad Nur Utomo","doi":"10.18510/hssr.2020.8237","DOIUrl":"https://doi.org/10.18510/hssr.2020.8237","url":null,"abstract":"Purpose of the study: This paper aims to examine the effects of the monitoring mechanism and bonding mechanism of corporate governance on the performance of the bank. The monitoring mechanism is divided into an external mechanism, represented by concentrated ownership, and the internal mechanism is represented by the proportion of independent board. Bonding mechanism is measured issuance of bonds as long-term debt financing. \u0000Methodology: This study is predictive and exploratory, so the Partial Least Squares Structural Equation Modeling using a WarpPLS60 application. Researchers use data from 24 banks that constantly has the value of bonds circulated, which from 2011 to 2018. There are consists of 4 state-owned commercial banks, 13 private banks, and 7 regional government-owned banks. \u0000Main Findings: The researcher found that external monitoring mechanisms as measured by ownership concentration, positively and significantly influence the performance at government-owned banks. Internal monitoring mechanism, as measured by the percentage of the number of independent commissioners, positively and significantly affects the performance at all the banks. The bonding mechanism as measured by issuing bonds negatively and significantly affects the performance of all the banks. \u0000Applications of this study: The integrative multi-theory model proposed by the authors in this study is a unique contribution to the intermediary financial literature. Banks seeking to maximize their performance must be balanced with the interests of shareholders and their stakeholders. \u0000Novelty/Originality of this study: The study examined the differences in behaviour and the role of monitoring and bonding mechanisms of corporate governance in state-owned banks and private. The results of this study contribute to the theory of entrenchment and financial intermediation.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130821301","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

Big Bank Theory: A Study of Amalgamation Plan of 10 Public Sector Banks into 4 Entities 大银行理论:10家公共部门银行合并4家实体计划研究

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-03-23 DOI: 10.2139/ssrn.3559291

D. Adhana, Rebhava Raj Raghuvanshi

{"title":"Big Bank Theory: A Study of Amalgamation Plan of 10 Public Sector Banks into 4 Entities","authors":"D. Adhana, Rebhava Raj Raghuvanshi","doi":"10.2139/ssrn.3559291","DOIUrl":"https://doi.org/10.2139/ssrn.3559291","url":null,"abstract":"The Indian government on 30th August 2019 unveiled a plan to merge 10 public sector banks (PSBs) into four, reducing the number of state-owned banks from 18 to 12, in a bid to create “next-generation” financial institutions with stronger balance sheets and bigger risk appetite. Having done two rounds of bank consolidation earlier, this is what Government wants to do for a robust banking system and a $5-trillion economy. Punjab National Bank will take over Oriental Bank of Commerce & United Bank of India to become the country’s largest lender after State Bank of India in terms of business. Canara Bank will subsume Syndicate Bank; Andhra Bank and Corporation Bank will merge with Union Bank of India; and Allahabad Bank will become part of Indian Bank. The key factors for the mergers were: Technological platform, customer reach, cultural similarities, and competitiveness. In 2017, India had 27 PSBs, but the National Democratic Alliance government implemented two rounds of mergers in its previous tenure. One was the merger of five associate banks and Bharatiya Mahila Bank with SBI (from April 2017); second, Dena Bank and Vijaya Bank merged with Bank of Baroda to create the country’s third-biggest lender, which came into effect from April 1 this year. The present paper is based on the study of Public Sector banks total business, deposits and Non-Performing Assets (NPA). The paper also studies the Government’s plan to amalgamate the 10 public sector banks into four large institutions as a part of its attempt to bolster the capital base of these lenders. The paper in the end, studies the impact of PSBs Merger and how customers are likely to be impacted.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117099926","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

Imports and Credit Rationing: A Firm-Level Investigation 进口与信贷配给:一个企业层面的调查

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-03-20 DOI: 10.2139/ssrn.3629333

F. Nucci, F. Pietrovito, A. Pozzolo

{"title":"Imports and Credit Rationing: A Firm-Level Investigation","authors":"F. Nucci, F. Pietrovito, A. Pozzolo","doi":"10.2139/ssrn.3629333","DOIUrl":"https://doi.org/10.2139/ssrn.3629333","url":null,"abstract":"Firm performance is known to benefit from participation in import markets. For this reason, understanding whether credit constraints hamper firms’ ability to purchase foreign inputs is a relevant issue. In this paper, we investigate the relationship between financial constraints and imports of intermediate inputs using a large sample of small- and medium-sized enterprises from 66 developing countries. To measure credit constraints we use information from a firm’s in-depth self-assessment of its difficulties in having access to external finance. Furthermore, to tackle the endogeneity problems in the estimation, we rely on an instrumental variable approach that allows us to establish more directly the impact of financial constraints on importing activities. We provide robust evidence of a statistically and economically significant restraining effect of credit constraints on both the probability of importing intermediates (the extensive margin) and the incidence of imported intermediates in total input expenditure (the intensive margin). Moreover, we show that the impact on these margins of import is stronger for firms operating in countries where the financial system is less developed, the quality of institutions poorer and the overall level of economic freedom lower.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"100 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131727710","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: 13

The Dynamics of Competitive Coinage: Evidence from Private Mints in the American Gold Rushes 竞争性铸币的动态:来自美国淘金热中的私人造币厂的证据

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2020-03-17 DOI: 10.2139/ssrn.3499386

Lawrence H. White

引用次数: 2