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

{"title":"Application of Data Envelopment Analysis for Measuring Financial Efficiency of District Central Cooperative Banks","authors":"Chinmaya Kumar Rout, Dr. Prafulla Kumar Swain, Dr. Manoranjan Dash","doi":"10.34218/ijm.10.6.2019.016","DOIUrl":"https://doi.org/10.34218/ijm.10.6.2019.016","url":null,"abstract":"Agriculture being the primary sector of Indian economy now a day’s drawn more attention and emphasised has given for the overall development. Efficient credit facilities are essential for the improvement of this sector. Cooperative bank play a vital role in providing the forward as well as backward linkage of agricultural credit to be routed. The study focused to measure the efficiency of District Co-operative banks of Odisha using DEA approach. The efficiency score are calculated under BCC Mode of DEA which is based on the assumption of variable return to scale and DCCBS are ranked accordingly. The findings indicated that majority of DCCB’s are efficient where as others found to be inefficient.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122772568","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":"Liquidity at Risk: Joint Stress Testing of Solvency and Liquidity","authors":"R. Cont, Artur Kotlicki, Laura Valderrama","doi":"10.2139/ssrn.3397389","DOIUrl":"https://doi.org/10.2139/ssrn.3397389","url":null,"abstract":"Abstract The traditional approach to the stress testing of financial institutions focuses on capital adequacy and solvency. Liquidity stress tests have been applied in parallel to and independently from solvency stress tests, based on scenarios which may not be consistent with those used in solvency stress tests. We propose a structural framework for the joint stress testing of solvency and liquidity: our approach exploits the mechanisms underlying the solvency-liquidity nexus to derive relations between solvency shocks and liquidity shocks. These relations are then used to model liquidity and solvency risk in a coherent framework, involving external shocks to solvency and endogenous liquidity shocks arising from these solvency shocks. We define the concept of “Liquidity at Risk”, which quantifies the liquidity resources required for a financial institution facing a stress scenario. Finally, we show that the interaction of liquidity and solvency may lead to the amplification of equity losses due to funding costs which arise from liquidity needs.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"581 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122935015","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":"시나리오 분석을 활용한 예금보험기금 상호저축은행 구조조정 특별계정의 부채 추정에 관한 연구(A Study on Debt Estimation of Mutual Savings Bank Restructuring Special Accounts of Deposit Insurance Fund Using a Scenario Analysis)","authors":"Jinho Lee, Young Seog Park, R. Quan","doi":"10.2139/ssrn.3508767","DOIUrl":"https://doi.org/10.2139/ssrn.3508767","url":null,"abstract":"<b>Korean Abstract:</b> 상호저축은행 구조조정 특별계정은 2011년 1월 이후 발생한 상호저축은행의 부실을 정리하기 위해 예금보험기금 내 별도로 설치되어 2026년말까지 한시적으로 운영되는 예금보험기금의 일부 계정이다. 동계정은 그동안 31개 저축은행의 부실을 정리하는 데 크게 기여하였지만, 상환기일인 2026년말까지 막대한 규모의 부채가 기금의 안정성과 건전성에 적지 않은 영향을 미칠 것으로 예상되는 바, 현재와 같이 저축은행의 구조조정이 일단락된 시점에 부채 규모를 적절히 추정하고 그 상환대책을 마련하는 것이 무엇보다도 중요하다. 본 논문은 시나리오 분석을 활용하여 특별계정 부채를 추정하고 예금보험기금의 건전성을 제고하기 위한 상환대책을 제언하고자 하였다. 2018년말 기준 특별계정 부채 잔액 약 21.3조원에 대해 운영기한인 2026년말까지 특별계정 수입으로 부채 잔액을 추정한 결과, 현재의 특별계정 수입만으로 적립된 부채를 상환하기에는 어려운 것으로 파악되었다. 향후 보험료수입의 대폭 증가가 힘든 상황을 고려하면 회수자금 극대화 노력이 매우 주효함을 시사하는 결과라 할 수 있다. 본 연구에서는 상환기한의 연장을 가장 현실적인 대안으로 제언하고, 장기적으로는 공동계정의 설치 또는 유사계정간 통합 등 기금 체계의 개편과 자본조달수단의 다양화 등을 적극 검토할 필요가 있음을 제언한다.<br><br><b>English Abstract:</b> Restructuring special accounts of mutual savings banks is part of the Deposit Insurance Fund (DIF) operated temporally until the end of 2026. The purpose of this change in the DIF is to reorganize the insolvent mutual savings banks that occurred after January, 2011. These accounts have greatly weakened 31 savings banks. But because massive debt considerably affects the safety and soundness of the fund until the end of 2026, the due date of repayment, it is vital that when savings bank restructuring is completed, the amount of liabilities is appropriately estimated and repayment policy is prepared. This paper suggests a repayment policy for estimating special account debts and enhancing the stability of DIF using a scenario analysis. As a result of approximating the debt balance of approximately 21.3 trillion won (with special account income until the end of 2026) as of the end of 2018, it is clear that it will be difficult to service the debt with only the present special account income. Given that a massive increase in additional income is unlikely, it could be said that maximizing public fund recovery is extremely important. This study suggests the extension of the repayment schedule as the most realistic alternative, and suggests that it is necessary to actively review the DIF system, including the establishment of joint accounts of integration between similar accounts, and diversification of fund-raising opportunities.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132149511","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":"Credibility of Bank Resolution Regimes and Market Discipline: Evidence from Corporate Deposits","authors":"F. Balke, Mark Wahrenburg","doi":"10.2139/ssrn.3494263","DOIUrl":"https://doi.org/10.2139/ssrn.3494263","url":null,"abstract":"This study examines changes in market discipline in European corporate deposit markets in response to different crisis periods and regulatory initiatives in the European Union. We measure market discipline by investigating the risk sensitivity of uninsured corporate deposits, i.e. by analyzing whether depositors demand risk premiums from risky banks. Depositors' risk sensitivity towards German banks substantially increased after the introduction of the German restructuring law. A similar effect can be observed for other eurozone banks after the introduction of the European bank recovery and resolution directive (BRRD). For German banks the introduction of the BRRD has no significant additional effect. Consequently, results suggest that both reforms have contributed to strengthen market discipline in the eurozone. We also document that the ECB's targeted long-term refinancing operations (TLTRO) weakened market discipline. As a response to the reduced liquidity risk of banks, corporate depositors became less risk sensitive.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130535653","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":"Recreating Banking Networks under Decreasing Fixed Costs","authors":"D. Maringer, Ben R. Craig, S. Paterlini","doi":"10.2139/ssrn.3485745","DOIUrl":"https://doi.org/10.2139/ssrn.3485745","url":null,"abstract":"Theory emphasizes the central role of the structure of networks in the behavior of financial systems and their response to policy. Real-world networks, however, are rarely directly observable: Banks’ assets and liabilities are typically known, but not who is lending how much and to whom. We first show how to simulate realistic networks that are based on balance-sheet information by minimizing costs where there is a fixed cost to forming a link. Second, we also show how to do this for a model with fixed costs that are decreasing in the number of links. To approach the optimization problem, we develop a new algorithm based on the transportation planning literature. Computational experiments find that the resulting networks are not only consistent with the balance sheets, but also resemble real-world financial networks in their density (which is sparse but not minimally dense) and in their core-periphery and disassortative structure.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116866486","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":"Using Network Method to Measure Financial Interconnection","authors":"Ying Xu, J. Corbett","doi":"10.3386/w26499","DOIUrl":"https://doi.org/10.3386/w26499","url":null,"abstract":"This paper uses a new approach to measuring financial openness, highlighting interconnectedness in a network of financial flows. Applying an adapted version of eigenvector centrality, often used in network analysis, the new measure captures multidimensional and high-degree financial relations among countries. It provides a nuanced picture of financial integration and interconnectedness in the global and regional financial networks. The United Kingdom and the United States remain the ‘core’ in the global banking network, with all other countries scattered in the ‘periphery’. The application of the new measure of financial integration to the empirical analysis reveals the nonlinear relationship between financial integration and output volatility.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"IA-21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126563308","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":"A Study on Factors Influencing Investing in Mutual Fund with Special Reference to Mysore District","authors":"B. Hrushikesh, Dr. A. Kaboor","doi":"10.2139/ssrn.3533995","DOIUrl":"https://doi.org/10.2139/ssrn.3533995","url":null,"abstract":"Financial reforms have great impact not only on Indian financial system but also on Indian economy as a whole. Three sectors of Indian financial system that are greatly influenced and witnessed substantial growth are banking, insurance, mutual fund. During the last decade, these three sectors have seen various developments. Mutual funds are investment avenues for the investors. Mutual fund is the pool of money of several investors to invest in financial investment such as stock, government securities and debentures. There are various sources of information like Television, internet, newspaper and also All India mutual fund association has published two booklets “Making mutual funds works for you” and “Selling mutual funds made easy”. These two publications translated into regional languages and distributed widely .To what extent do these sources of information influence the investors? The bankers or agents or financial advisers rendered services like providing knowledge about tax laws, new scheme, sorting out the problem, providing of consultancy. These are essential to strengthen or promote the mutual fund. Are the investors really satisfied with their services? If so, to what extent? Every investor has different investment avenues to invest in. There are some factors such as tax benefits, safety and liquidity, which influence behaviour of investors in selection of mutual fund (Prasada Rao and Vedantam Saikia, 2006). Do these factors influence behaviour of investors in the selection of mutual fund?, In this regard the present study is conducted to list the factors influencing investing in mutual funds in Mysore district.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127986228","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":"Does Fintech Contribute to Systemic Risk? Evidence from the U.S. And Europe","authors":"L. Franco, Ana Laura García, Vigor Husetovic, Jessica Lassiter","doi":"10.2139/ssrn.3468809","DOIUrl":"https://doi.org/10.2139/ssrn.3468809","url":null,"abstract":"Fintech has increasingly become a part of the global economy with the evolution of technology, increasing investments in fintech firms, and greater integration between traditional incumbent financial firms and fintech. Since the 2007-2009 financial crisis, more attention has also been given to systemic risk and the impact of financial institutions on systemic risk. As fintech grows, so too should the concern for its possible impact on systemic risk. This paper analyzes two indices of public fintech firms (one for the United States and another for Europe) by computing the Delta CoVaR of the fintech firms against the financial system to measure their impact on systemic risk. Our results show that at this time fintech firms do not greatly contribute to systemic risk.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114862994","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 Real Effects of Banks' Corporate Credit Supply: A Literature Review","authors":"O. Guler, M. Mariathasan, Klaas Mulier, Nejat G. Okatan","doi":"10.2139/ssrn.3463018","DOIUrl":"https://doi.org/10.2139/ssrn.3463018","url":null,"abstract":"In this paper, we review the rapidly growing literature on the real effects of banks’corporate credit supply. We cover recent methodological advances and provide anin-depth survey of the existing evidence. The literature consistently shows that creditsupply contractions lead to adverse real outcomes, but economic magnitudes vary acrosssamples and identification strategies. This variation has become smaller in more recentwork, using highly granular data. We further document heterogeneity in firm outcomesand show that the evidence is more ambiguous for expansionary shocks. Our analysisallows us to identify current knowledge gaps and worthwhile avenues for future research.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123683275","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 Impact of Non-bank Lending on Bank Efficiency: Data Envelopment Analysis of European Banks","authors":"Galia Kondova, T. Bandyopadhyay","doi":"10.18178/ijtef.2019.10.5.646","DOIUrl":"https://doi.org/10.18178/ijtef.2019.10.5.646","url":null,"abstract":"This paper applies a data envelopment analysis (DEA) to study the effect of non-bank financial intermediation on bank efficiency in the eight EU jurisdictions individually monitored under the Financial Stability Board (FSB) Global Shadow Banking Monitoring Report in the period 2014-2016.The efficiency analysis is conducted by applying a profit-based input-oriented DEA variable returns-to-scale model in a two-stage procedure. In the first stage, the average DEA efficiency scores are calculated. We find evidence that the average aggregate technical efficiency increased on average from 2014 to 2016. In the second stage, the impact of environmental factors like the Financial Stability Board’s (FSB) narrow measure on non-bank financial intermediation as well as macroeconomic factors is analyzed by conducting a Tobit regression. The results provide evidence of a negative relationship between non-bank financial intermediation and average bank efficiency and a positive impact of GDP on average bank efficiency. These novel empirical findings contribute to the policy discussions on the effect of non-bank financial intermediation on bank performance and thus on financial stability. Moreover, our analysis provides unique initial evidence in favor of the hypothesis that increased non-bank financial intermediation might result into a reduction of bank profitability.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"29 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116564619","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}