ERN: Other Monetary Economics: Financial System & Institutions (Topic)最新文献

{"title":"Does Cash Redemption Amplify the Outflows of ETFs?","authors":"David Leung, Joe T. Y. Wong, T. Fong","doi":"10.2139/ssrn.3859186","DOIUrl":"https://doi.org/10.2139/ssrn.3859186","url":null,"abstract":"The growing reliance on exchange-traded funds (ETFs), especially those that can be redeemed for cash (i.e., cash-redeemable ETFs), has raised concerns about their resilience to a market downturn. This study shows that abrupt redemption of cash-redeemable ETFs may occur during a market downturn. In particular, an initial redemption shock to ETFs with a low cash buffer level could lead to a downward spiral in fund performance and outflow, which could expand a downturn to the broader financial market. Given the widespread existence of cash-redeemable ETFs in Europe and emerging market economies, our results point to the potential financial vulnerability of these regions, if these ETFs are redeemed in a large scale. In regions where cash-redeemable ETFs are popular because of taxation regimes or asset liquidity, regulators should carefully scrutinise relevant policies and balance the pros and cons of this ETF redemption mechanism in terms of overall financial stability.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"546 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131864615","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":"Measuring the Impact of Austrac Investigations on Stock Returns","authors":"Enrico Mercuri, F. Rabhi, B. Saadouni, Wei-Sen Chen","doi":"10.2139/ssrn.3835518","DOIUrl":"https://doi.org/10.2139/ssrn.3835518","url":null,"abstract":"Australian Transaction Reports and Analysis Centre (AUSTRAC) is a Federal Government Agency that has responsibility for detection and investigation of potential abuses of the financial system. Its powers are circumscribed by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The carrying out of this important function has an impact on illicit transactions and the entities involved in them alike. There is also a corresponding impact on investor confidence in the management of companies that fall under such scrutiny. This paper presents a preliminary analysis and measurement of this impact using stock market data sourced through UNSW Sydney. It represents an important holistic view of the application of Australian law in the fields of deterrence, enforcement and return on investment for shareholders. More broadly, it raises further research questions about the potential effects of policy and legislation on the Australian economy.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131156309","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":"Racial Disparities in Small Business Lending","authors":"Tao Chen, Chen Lin, Bo Sun","doi":"10.2139/ssrn.3821442","DOIUrl":"https://doi.org/10.2139/ssrn.3821442","url":null,"abstract":"We study the magnitude and nature of racial disparities in the U.S. small business credit market. Exploiting a unique dataset containing rich loan contract information, including firm and lender characteristics, we document sizable racial differentials in small business lending, measured by loan denial rates and interest rates between black-owned businesses and otherwise observationally identical white-owned businesses. Such racial disparities are most pronounced in areas associated with severe racial bias against blacks. Critically, we show that an exogenous increase in bank competition due to bank deregulation has a quantitatively large effect in reducing racial disparities in small business lending, and such a reduction is primarily driven by entrant banks, as the Becker (1957) theory of racial prejudice predicts.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"136 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115910701","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":"Exchange Rate Risk, Banks' Currency Mismatches, and Credit Supply","authors":"Puriya Abbassi, Falk Bräuning","doi":"10.2139/ssrn.3483234","DOIUrl":"https://doi.org/10.2139/ssrn.3483234","url":null,"abstract":"This paper shows that banks have unbalanced on- and off-balance-sheet currency exposure, which affects the economy profoundly when the inherent exchange rate risk materializes. Even if banks’ net foreign currency exposure is zero in the aggregate, across-banks heterogeneity can lead to a reduction in economic activity: an adverse exchange rate shock induces losses from currency mismatches, leading to a contraction in credit supply as capital constraints bind. This hampers the ability of firms (especially small ones) to borrow and invest, including those unlikely to have had any exchange rate exposure to begin with. These findings highlight that exchange rate risk in combination with currency mismatches at banks is a source of shock propagation with severe macroeconomic implications.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114914403","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":"Cambridge Handbook of Twin Peaks Financial Regulation","authors":"A. Schmulow","doi":"10.1017/9781316890592","DOIUrl":"https://doi.org/10.1017/9781316890592","url":null,"abstract":"First proposed in 1994, the Twin Peaks model of financial system regulation employs two specialist peak regulators: one charged with the maintenance of financial system stability, and the other with market conduct and consumer protection. This volume, with contributions from over thirty scholars and senior regulators, provides an in-depth analysis of the similarities and differences in the Twin Peaks regimes that have been adopted around the world. Chapters examine the strengths and weaknesses of the model, provide lessons from Australia (the first to adopt the model), and offer a comparative look at the potential suitability of the model in leading non-Twin Peaks jurisdictions. A key resource for central bankers, public policy analysts, lawyers, economists, politicians, academics and students, this work provides readers with a comprehensive understanding of the Twin Peaks model, and a roadmap for countries considering its adoption.<br>1. Introduction: the genealogy and topography of Twin Peaks; 2. The three episodes of Twin Peaks; 3. Reflections on twenty years of regulation under Twin Peaks; 4. Twin Peaks and central banks: economics, political economy and comparative analysis; 5. Twin Peaks in Australia – the never-ending trek?; 6. Twin Peaks financial regulation in New Zealand; 7. Identifying lessons and best practices for the Twin Peaks model; 8. Twin Peaks in South Africa; 9. The role of the SARB as central bank in the South African Twin Peaks model; 10. Can the Twin Peaks model of financial regulation serve as a model for Israel?; 11. Towards a Twin Peak regulatory architecture for Hong Kong?; 12. Regulatory structure and the revolving door phenomenon in South Korea: evidence from the 2011 Savings bank crisis; 13. China: considering elements of Twin Peaks to upgrade its financial regulation; 14. Financial regulatory structure in China: challenges and transitioning to Twin Peaks; 15. US financial regulatory structure: beneath the surface of Twin Peaks; 16. A ‘Twin Peaks' vision for Europe; 17. A complex European financial architecture – ten years on; 18. Twin Peaks and boiling frogs: consumer protection in one or two ponds?; 19. Twin Peaks – how should Macro-cultures be regulated?; 20. Resilience as the organising framework for reform: the dangers of metaphors in financial regulation; 21. Twin Peaks, macroprudential regulation and systemic financial stability.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125045475","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":"Internationalization Patterns of Digital Payment System Firms: A Multiple Case Analysis","authors":"Davide Genta, Michael Neubert","doi":"10.2139/ssrn.3776682","DOIUrl":"https://doi.org/10.2139/ssrn.3776682","url":null,"abstract":"The purpose of this study is to investigate the internationalization patterns of digital payment system firms through the use of the Uppsala Internationalization Process Model (UIPM) as a conceptual framework. The phenomenon is explored via a multiple-case analysis in order to understand the patterns among the different case studies. Data were collected through different sources: scientific papers, corporate websites, and reputable consulting companies’ reports websites. Data analysis found five themes to answer the research question. The results and the findings of the research suggest that: 1) digital payments system firms, when analyzed by the UIPM, express a fast internationalization process and they start to internationalize by low distance countries in cultural, administrative, geographic, and economic (CAGE) terms, 2) all those firms use a network (technical or business partnerships) to enter overseas, 3) technological and demographic elements are not suitable to understand the possibility of internationalization, 4) the regulatory barriers are not so important as the users’ ones seem to be, 5) the firm-specific advantage that every company had was directly involved in the e-commerce system. Limitations of the research are its methodology and the sampling strategy that limits the results’ generalizability. Nevertheless, the results add knowledge on the UIPM when related to digital payment systems (DPS) firms. According to that vision, it can be helpful for scholars, consultants, entrepreneurs, as well as for private or public managers to better recognize the behavior of these companies when internationalizing.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121702600","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":"On the Relation between Credit market disruption and Corporate Social Responsibility","authors":"Austin Dejan, M. Hassan, Ibrahim Siraj, Arja H. Turunen-Red","doi":"10.2139/ssrn.3457944","DOIUrl":"https://doi.org/10.2139/ssrn.3457944","url":null,"abstract":"We exploit the staggered nature of interstate banking and branching deregulation of the U.S. to examine the causal impact of bank competition on corporate socially responsible (CSR) activities. We find strong and robust evidence that bank deregulation significantly and negatively affects the CSR activities. Firms operating in high margin industry with low market power, and financially constrained firms operating in external finance dependent industries tend to predominantly show such a negative relationship between deregulation and CSR activities. Overall, our findings imply that deregulation-led rising competition in the product market makes the non-financial firms more concerned about protecting the interests of shareholders than other stakeholders. Our results are robust to the use of alternative empirical specifications and CSR measures.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125945278","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":"Asset Transfer Measurement Rules","authors":"Lucas Mahieux, H. Sapra, Gaoqing Zhang","doi":"10.2139/ssrn.3688515","DOIUrl":"https://doi.org/10.2139/ssrn.3688515","url":null,"abstract":"We study the design of measurement rules when banks engage in loan transfers in secondary credit markets. Our model incorporates two standard frictions: 1) banks' monitoring incentives decrease in loan transfers, and 2) banks have private information about loan quality. Under only the monitoring friction, we find that the optimal measurement rule sets the same measurement precision regardless of bank characteristics, and strikes a balance between disciplining banks' monitoring efforts vs. facilitating efficient risk sharing. However, under both frictions, uniform measurement rules are no longer optimal but induce excessive retention, thus inhibiting efficient risk sharing. We show that the optimal measurement rule should be contingent on the amount of loan transfers. In particular, measurement decreases in the amount of loan transfers and no measurement should be allowed when banks have transferred most of their loans. We relate our results to current accounting standards for asset transfers.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130951122","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":"Internet Appendix for 'Unsecured and Secured Funding'","authors":"Mario di Filippo, A. Ranaldo, Jan Wrampelmeyer","doi":"10.2139/ssrn.3746406","DOIUrl":"https://doi.org/10.2139/ssrn.3746406","url":null,"abstract":"This supplemental appendix extends the results in Di Filippo, Ranaldo, and Wrampelmeyer (2015) by providing additional background information, analyses, and robustness checks.<br><br>The paper \"Unsecured and Secured Funding\" to which these Appendices apply is available at the following URL: <a href=\"https://ssrn.com/abstract=2822345\">https://ssrn.com/abstract=2822345</a>.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130428651","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":"Chartering the FinTech Future","authors":"Charles W. Calomiris","doi":"10.2139/ssrn.3740955","DOIUrl":"https://doi.org/10.2139/ssrn.3740955","url":null,"abstract":"Banks are intermediaries that either lend, execute payments, or do both. The specific means through which these functions are achieved varies over time. Unbundled FinTech shadow banks are often more profitable and efficient than traditional banks, and they are also pioneering new approaches to financial inclusion. Allowing, but not requiring, FinTech shadow banks to become chartered banks will permit those for which this is value-creating to thrive, which will bolster the efficiency and inclusiveness of the banking system.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"317 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123255232","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}