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

{"title":"Financial Stability and the Role of Central Banks: Evolving Payments Systems, Climate Risks and Financial Stability Risks","authors":"Marianne Ojo D Delaney PhD","doi":"10.2139/ssrn.3636227","DOIUrl":"https://doi.org/10.2139/ssrn.3636227","url":null,"abstract":"Even though unregulated and decentralized platforms such as crypto assets are considered to have the potential to provide low-income earners with cheap banking alternative and “perhaps put pressure on banks to lower fees” (WSJ, 2019), its volatile nature, lack of consensual standards as regards its definition, and more importantly the lack of a centralized regulatory authority or governance in respect of regulatory and reporting procedures, has given rise to concerns. Such concerns gravitating in cases where particularly potentially systemic repercussions are generated by virtue of such assets being tied to government issues currencies or backed by governments.<br><br>The recent pandemic has further increased the trend towards declining cash activities and transactions. Even prior to the pandemic, there had been extensive discussions relating to preferences of introducing electronic means of payments which would be regulated by central banks – as opposed to private electronic money which are controlled by private actors – in view of growing concerns relating to the popularity of stable coins over de centralized platforms. As well as considering what measures and initiatives have been adopted by international bodies such as the Financial Stability Board, this paper also considers why the need for central bank digital currencies is becoming a popular consideration – as well as challenges and benefits presented through the use of decentralized platforms.<br><br>In accentuating the role of central banks in the future and current payments system, this paper also highlights its role in addressing climate risks – as well as financial stability risks – with the impact of Securities Financial Transactions on systemic risk, also being taken into consideration.<br>","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124878321","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 Efficiency in the Banking Market. An Empirical Investigation of the Last Decade Performance","authors":"F. Pampurini, A. Quaranta","doi":"10.2139/ssrn.3629026","DOIUrl":"https://doi.org/10.2139/ssrn.3629026","url":null,"abstract":"The purpose of this paper is to suggest some managerial and policy recommendations deriving from the observation of the determinants of the best efficiency levels achieved by the Euro Area banking groups. Referring to the period 2009–2018 a stochastic frontier model, based on the proxy coming from the inter-mediation approach, is employed to quantify the efficiency levels of the banking groups for each single year. Then, with a cluster analysis, we identify the most relevant efficiency determinants of the best practice banking groups. From the analysis, it is clear that the main determinants of the high level of efficiency are linked to a particular business model devoted to the traditional lending activity and to specific managerial choices, such as the achievement of a medium size together with a rational valuation of the number of firms belonging to the same banking group and to suitable cost rationalization policies and liquidity reserves optimization policies. These research findings have great micro and macro implications. Indeed, from our analysis some important reflections emerge regarding managerial and strategic choices and their impact on the results in terms of efficiency of each banking group, as well as some key factors that Regulators might take into account too. In the light of the structural changes that are transforming the physiognomy of the banking system, it is important to analyze the dynamics of efficiency. Few studies focused on such a particular topic after the 2008 Global Financial Crisis. In particular, the period involved is characterized by a strong turbulence within the financial markets and by many economic difficulties. Therefore, it can be considered a period able to represent well the complexity of the banking and financial markets in the last decade.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115005740","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":"Market Discipline and Bank Diversification","authors":"H. Park","doi":"10.2139/ssrn.3629513","DOIUrl":"https://doi.org/10.2139/ssrn.3629513","url":null,"abstract":"Can banks be induced to adopt an efficient risk-taking via market discipline? We seek an answer to this question within the context of banks diversifying into the other bank’s asset, which may potentially intensify a systemic risk. The central results of the paper are as follows. When creditors punish the bank’s excessive risk exposure by demanding higher risk premium, the bank owners’ optimal diversification will coincide with the diversification that maximizes the combined value of debt and equity. However, market discipline is effective in aligning the bank shareholders’ interest to that of the creditors only when the bank leverage ratios are at some modest levels. In addition, the effectiveness improves when diversification through securitization is allowed since tranching bank debt into a senior and a junior tranches enables avoiding the dark side of diversification and hence ensures both the individual and social optimality. While supporting capital adequacy and disclosure requirements of Basel III, our analysis warns the consequence of public backstops, that feeds the notion of ‘too-big-to-fail’, in undermining creditors’ incentive to monitor the banks and hence encouraging the latter to adopt excessive and socially sub-optimal risk-taking.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"161 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128789839","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":"GSIB Status and Corporate Lending: An International Analysis","authors":"H. Degryse, M. Mariathasan, T. Tang","doi":"10.2139/ssrn.3642702","DOIUrl":"https://doi.org/10.2139/ssrn.3642702","url":null,"abstract":"Global Systemically Important Banks (GSIBs) benefit from implicit government guarantees but face additional capital requirements and oversight. This paper examines the effectiveness of the Financial Stability Board's recently introduced GSIB-framework and its short-run implications for the real economy, by exploiting the leak of a partially accurate GSIB list by the Financial Times. We find that GSIB-designation reduces the supply of syndicated loans to risky corporate borrowers by 8%, and that these borrowers experience lower asset-, investment- and sales growth than similar firms borrowing from non-GSIB banks. The results appear to be driven by stricter supervision, not by higher capital surcharges.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131003571","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":"Исследование перспектив развития и условий функционирования региональных банков (на примере Дальневосточного Федерального Округа) (Study of the Development Prospects and Conditions for the Functioning of Regional Banks (on the Example of the Far Eastern Federal District))","authors":"Alexey Vedev, M. Kovaleva, A. Kosarev, Alexandra Stavtseva","doi":"10.2139/ssrn.3711407","DOIUrl":"https://doi.org/10.2139/ssrn.3711407","url":null,"abstract":"<b>Russian Abstract:</b> Актуальность проведенной работы по оценке условий и перспектив развития региональных банков обусловлена неопределенностью развития банковской системы РФ в целом и региональных банков в частности в долгосрочной перспективе; повышающимся вкладом финансового сектора в социально экономическое развитие страны; высокой значимостью возможных кризисов в банковском секторе для финансовой устойчивости народного хозяйства в целом. В работе проведен анализ условий функционирования и результатов деятельности кредитных организаций, зарегистрированных на территории Дальневосточного Федерального Округа, а также филиалов банков, расположенных в данном округе. Проведен опрос мнений акционеров и руководителей кредитных организаций по следующим тематикам: сильные и слабые стороны региональных банков, возможности и угрозы развития; условия на рынке корпоративного и розничного кредитования; состояние рынка межбанковского кредитования; стратегические цели развития банков; перспективы развития региональных банков. В данной работе был также проведён сравнительный анализ результатов опросов банков всех федеральных округов.<br><br><b>English Abstract:</b> The relevance of the work carried out to assess the conditions and prospects for the development of regional banks is due to the uncertainty of the development of the banking system of the Russian Federation in general and regional banks in particular in the long term; the increasing contribution of the financial sector to the social and economic development of the country; the high significance of possible crises in the banking sector for the financial stability of the national economy as a whole. The paper analyzes the conditions of functioning and the results of the activities of credit institutions registered in the Far Eastern Federal District, as well as branches of banks located in this district. A survey was conducted of the opinions of shareholders and heads of credit institutions on the following topics: strengths and weaknesses of regional banks, opportunities and threats to development; conditions in the corporate and retail lending market; the state of the interbank lending market; strategic development goals of banks; development prospects of regional banks. In this work, a comparative analysis of the results of surveys of banks in all federal districts was also carried out.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133297233","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":"The Unprecedented Fall in U.S. Revolving Credit","authors":"Gajendran Raveendranathan, G. Stefanidis","doi":"10.2139/ssrn.3599416","DOIUrl":"https://doi.org/10.2139/ssrn.3599416","url":null,"abstract":"Revolving credit in the U.S. declined drastically in the last decade after several years of upward trending growth. We show that the Ability to Pay provision of the Credit CARD Act of 2009, which places restrictions on credit card limits, accounts for this decline. Extending a model of revolving credit to analyze this policy, we account for changes in credit statistics by income and age. Although the goal was consumer protection, the policy has led to welfare losses. Even consumers with time inconsistent preferences who could benefit from tighter credit constraints are worse off. An alternative policy considered by policymakers - an interest rate cap - improves welfare.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115594304","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":"Borrowing in Unsettled Times and Cash Holdings Afterwards","authors":"Masanori Orihara, Yoshiaki Ogura, Yue Cai","doi":"10.2139/ssrn.3447083","DOIUrl":"https://doi.org/10.2139/ssrn.3447083","url":null,"abstract":"We find that firms which successfully obtained a bank loan in a crisis reduced their cash holdings in the post-crisis period, exploiting Japanese data from around the 2008 financial crisis. The reduction was long-lasting – nearly ten years. The substitution between in-crisis borrowing and post-crisis cash holdings was one-to-one in the five years after the crisis. We attribute our finding to these firms’ reduced uncertainty about bank credit availability through their success in obtaining emergency loans. We observe this negative association among firms whose main bank had merged before the crisis. Interestingly, firms received loans primarily from non-main banks. It suggests that they had diversified their pool of lenders to avoid a hold-up problem. Furthermore, these firms spent the excess cash on equity investment in their affiliates through internal capital markets. Our paper highlights the critical role of the banking sector in mitigating the negative consequences of financially distressed experiences.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131400777","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":"Эволюция банковской системы и факторы дефолтов российских банков в период 2013-2018 гг. (The Evolution of the Banking System and Default Factors of Russian Banks in the Period 2013–2018)","authors":"A. Zubarev, Kirill Shilov, Olga Bekirova","doi":"10.2139/ssrn.3644422","DOIUrl":"https://doi.org/10.2139/ssrn.3644422","url":null,"abstract":"<b>Russian Abstract:</b> В данной работе проанализирована эволюция российской банковской системы в период с 2013 по 2018 года на основе ежемесячных банковских балансов отечественных кредитных организаций. Также проведён эконометрический анализ факторов неустойчивости российских банков в этот период. Выявлены различия в факторах, значимо влияющих на вероятность дефолтов российских банков в период с 2013 до 2017 год, включая кризис 2014-2015 гг., по сравнению с периодом после.<br><br><b>English Abstract:</b> This study analyzes evolution of the Russian banking system in the period 2013–2018 using monthly balance sheet data. We provide an econometric analysis of main factors that affected banks’ sustainability during that period. We also distinguish factors of bank default in the period from 2013 to 2017, including the crisis of 2014-2015, and afterwards.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114291513","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":"Retail Lending at Year-end 2019","authors":"S. Zubov","doi":"10.2139/ssrn.3584017","DOIUrl":"https://doi.org/10.2139/ssrn.3584017","url":null,"abstract":"At year-end 2019, high rates of the retail lending market were registered. This growth demonstrated increased accessibility of loans to households amid moderate inflation and stable financial state of households. Excessive banking sector’s liquidity was an additional trigger for this growth. Meanwhile, the excessive level of the debt burden can lead to losses in the banking sector, pose risks for the real sector of the economy, provoke adverse social consequences.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122788085","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":"Bank Transparency and Deposit Flows","authors":"Qi Chen, Itay Goldstein, Zeqiong Huang, Rahul Vashishtha","doi":"10.2139/ssrn.3212873","DOIUrl":"https://doi.org/10.2139/ssrn.3212873","url":null,"abstract":"Many theories link depositors’ behavior to the transparency of banks. Yet, very little is known about this relationship empirically. Analyzing US commercial banks from 1994-2013, we document that uninsured deposit flows are more sensitive to information about bank performance when the quality of the information provided by the bank is higher. We also provide evidence linking this information quality to deposit rates, banks’ investments, and profitability. Our findings provide support for the view that bank transparency is a double-edged sword: While more information facilitates monitoring by depositors, it also adversely affects banks’ unique role in creating stable liquid assets for depositors.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129835039","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}