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Money and Credit Revisited 重新审视货币和信贷
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2019-09-15 DOI: 10.2139/ssrn.3497788
Han-Soo Han, Chao He
{"title":"Money and Credit Revisited","authors":"Han-Soo Han, Chao He","doi":"10.2139/ssrn.3497788","DOIUrl":"https://doi.org/10.2139/ssrn.3497788","url":null,"abstract":"Gu, Mattesini, and Wright (2016) show that if money is essential, then nomonetary credit (i.e., deferred payment to sellers) is irrelevant. We find that in an otherwise same model that also allows monetary credit (i.e., borrowing money from third parties), nonmonetary credit is relevant when money is essential. While nonmonetary credit can still be neutral locally, this result critically depends on the tightness of monetary credit. A tight monetary credit limit and loan market clearing restrict how real balances can respond to changes in nonmonetary credit. Money may serve as an accelerator or stabilizer, depending on the types of credit changes and overall credit condition. Our results suggest a subtle three-way relationship among money and the two types of credit.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124252604","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
International Evidence on the Determinants of Banks’ Home Sovereign Bond Holdings 银行本国主权债券持有决定因素的国际证据
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2019-08-28 DOI: 10.2139/ssrn.3444056
Dimitris K. Chronopoulos, George Dotsis, Nikolaos T. Milonas
{"title":"International Evidence on the Determinants of Banks’ Home Sovereign Bond Holdings","authors":"Dimitris K. Chronopoulos, George Dotsis, Nikolaos T. Milonas","doi":"10.2139/ssrn.3444056","DOIUrl":"https://doi.org/10.2139/ssrn.3444056","url":null,"abstract":"In this paper, we examine the determinants of domestic sovereign debt bank holdings with a panel dataset of 295 banks in 35 countries between 2002 and 2013. The findings indicate that the structure of bank ownership (domestic, foreign, or government ownership), the quality of governance, and the level of financial development of the countries in which banks operate all determine the level of home bias. Specifically, we find that domestic banks tend to hold more domestic sovereign debt relative to their foreign counterparts. We also provide evidence that home bias is even stronger when the domestic bank is controlled by its government. Moreover, home bias increases when government bonds are more risky, home governments are less effective, and when banking systems are less financially developed. Overall, we find that banks’ home bias in holding sovereign debt is an international phenomenon that is determined by both bank- and country-specific factors.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114960264","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
Kondratieff Cycles and the Monetary System 康德拉季耶夫周期与货币体系
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2019-08-22 DOI: 10.2139/ssrn.3441096
G. Lechner
{"title":"Kondratieff Cycles and the Monetary System","authors":"G. Lechner","doi":"10.2139/ssrn.3441096","DOIUrl":"https://doi.org/10.2139/ssrn.3441096","url":null,"abstract":"This paper deals with the question of whether there is a relationship between Kondratieff cycles and changes in the global monetary system. We use the model of the well-known Kondratieff scientist Carlota Perez to examine this relationship. It has been observed that at the beginning of the third, fourth, and fifth Kondratieff cycles, a significant change in the monetary system occurred. At the beginning of the third Kondratieff (approximately 1875), most important nations in the world accepted the Gold Standard as the new monetary order. Another key finding of the paper is that 15 to 20 years before a shift in the monetary system, there was an academic discussion about a possible change, because the current system had disadvantages.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125303629","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
Innovations in Indian Banking Sector 印度银行业的创新
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2019-08-18 DOI: 10.2139/ssrn.3438918
Piyush Ginotra
{"title":"Innovations in Indian Banking Sector","authors":"Piyush Ginotra","doi":"10.2139/ssrn.3438918","DOIUrl":"https://doi.org/10.2139/ssrn.3438918","url":null,"abstract":"Indian banking sector has come a long way right from its inception in the 18th century. The revolution in the banking sector led to the introduction of Automated Teller Machines, Debit & Credit cards, NEFT, RTGS, internet banking etc. But the technological advancements all over the world has created a pressure for the use of better technology in the banking sector. This paper highlights different innovative products and services offered by Indian banks. The statistics quoted is taken from secondary sources. Towards the end, this paper does a critical analysis of the level of acceptance and adoption of these innovations by the banking customers. For this analysis primary data has been used. This paper is descriptive in nature and aims to illuminate the knowledge of the readers.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122726071","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
Market Efficiency, Credit Supply, and the Real Economy: Empirical Evidence 市场效率、信贷供给与实体经济:经验证据
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2019-08-14 DOI: 10.2139/ssrn.3437149
Z. Wen
{"title":"Market Efficiency, Credit Supply, and the Real Economy: Empirical Evidence","authors":"Z. Wen","doi":"10.2139/ssrn.3437149","DOIUrl":"https://doi.org/10.2139/ssrn.3437149","url":null,"abstract":"I study how improved equity market efficiency affect banks' credit supply, an indicator of bank risk taking. The reform of non-tradable shares restriction enhance stock market efficiency and better control the bank's risk, and different policy environments will affect the effectiveness of the implementation of the New Deal. Based on the annual data of commercial banks, this paper empirically examines the impact of reform of non-tradable shares on bank risk and examines whether different policy instruments will change the impact of this variable on bank risk. The conclusions show that the reform significantly reduces the level of bank risk exposure, i.e. less credit supply. Second, the release of the reform of non-tradable shares new policy has strengthened the suppression of bank risk by the net stable capital ratio. Therefore, the supervisory authority should consider the policy. The impact of the reform strengthens the coordination between the two and makes it better to play a role in preventing risks.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133739796","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
The Effect of Working Capital Management on the Export Performance of Small and Medium Export Enterprises: Evidence from Export Manufacturing Sector in Sri Lanka 营运资金管理对中小出口企业出口绩效的影响:来自斯里兰卡出口制造业的证据
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2019-08-05 DOI: 10.31014/AIOR.1992.02.03.117
D. Bernard, A. Almeida, S. Perera, H. Jayarathna, A. A. S. N. Munasighe
{"title":"The Effect of Working Capital Management on the Export Performance of Small and Medium Export Enterprises: Evidence from Export Manufacturing Sector in Sri Lanka","authors":"D. Bernard, A. Almeida, S. Perera, H. Jayarathna, A. A. S. N. Munasighe","doi":"10.31014/AIOR.1992.02.03.117","DOIUrl":"https://doi.org/10.31014/AIOR.1992.02.03.117","url":null,"abstract":"Small and Medium Enterprises (SMEs) are critical for the development of the economy in any country and known as the backbone of industrial development in both developing and developed countries. SMEs play a key role in the economy in terms of their contribution to the national output, employment, and the number of firms operating in the country. Effective management of working capital management is necessary for a firm’s survival as well as the success of a business. It is essential to maintain a healthy working capital of Small and Medium Scale Enterprises to keep the solvency and liquidity of SMEs. The problem identified in the research was that, in Sri Lanka, 82% of SMEs are export enterprises which are expected to provide a substantial contribution to the total exports of the country, however, at present, it only contributes approximately 5% of total exports. Therefore, the main objective of the study, was to identify whether there is an effect of working capital management (WCM) practices towards the export performance of the SMEs. The respondents were chosen through a systematic sampling technique, and the responses were analyzed using SPSS version 21 to discover impact of WCM on export performance of the company. The results of the study showed that Receivable management, Inventory management, and Payable management significantly affect export performance while cash management does not have a significant effect. Findings concluded that there is a positive relationship between WCM practices and export performance of SMEs. Hence, in order to enhance the export performance, SMEs should also consider their working capital practices among other requirements.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115210738","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
Money Runs 资金运行
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2019-08-01 DOI: 10.3386/w26298
J. Donaldson, Giorgia Piacentino
{"title":"Money Runs","authors":"J. Donaldson, Giorgia Piacentino","doi":"10.3386/w26298","DOIUrl":"https://doi.org/10.3386/w26298","url":null,"abstract":"We develop a model in which, as in practice, bank debt is both a financial security used to raise funds and a kind of money used to facilitate trade. This dual role of bank debt provides a new rationale for why banks do what they do. In the model, banks endogenously perform the essential functions of real-world banks: they transform liquidity, transform maturity, pool assets, and have dispersed depositors. Moreover, they make their debt redeemable on demand. Thus, they are endogenously fragile. We show novel effects of narrow banking, suspension of convertibility, and some other policies.<br><br>Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at <a href=\"http://www.nber.org/papers/&#119;26298\" TARGET=\"_blank\">www.nber.org</a>.<br>","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127642615","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: 10
Analysis of Murabaha Financing from Influence of Asset, Deposit Fund, and Profitability 从资产、存款资金和盈利能力的影响分析Murabaha融资
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2019-07-26 DOI: 10.31014/AIOR.1992.02.03.112
Nurhasanah, Shinta Melzatia
{"title":"Analysis of Murabaha Financing from Influence of Asset, Deposit Fund, and Profitability","authors":"Nurhasanah, Shinta Melzatia","doi":"10.31014/AIOR.1992.02.03.112","DOIUrl":"https://doi.org/10.31014/AIOR.1992.02.03.112","url":null,"abstract":"This study aims to determine the effect of financing to deposit ratio (FDR), DPK, return on assets (ROA), non performing financing (NPF), capital adequacy ratio (CAR), and operational efficiency ratio (BOPO) on murabaha financing (MF). The population in this study is an Islamic commercial bank during the period 2012-2017, from all populations, there are 11 Islamic commercial banks which have criteria to be used as research samples. Data used in this research are annual financial statements published on the official website of Islamic commercial bank. The analysis technique used in this research is multiple linear regression analysis. The results of this study indicate that the FDR has no significant effect on murabaha financing; DPK (DPK) has a significant positive effect on MF; ROA has no significant effect on MF; NPF has a significant positive effect on MF; CAR has no significant effect on MF; and BOPO has no significant effect on MF.<br>","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130091432","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
Should Islamic Banking & Financial Institutions Go With General Data Protection Regulation Compliance? 伊斯兰银行和金融机构应该遵守一般数据保护法规吗?
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2019-07-21 DOI: 10.18196/IJIEF.2117
Vijaya Kittu Manda, Radwan Eskhita
{"title":"Should Islamic Banking & Financial Institutions Go With General Data Protection Regulation Compliance?","authors":"Vijaya Kittu Manda, Radwan Eskhita","doi":"10.18196/IJIEF.2117","DOIUrl":"https://doi.org/10.18196/IJIEF.2117","url":null,"abstract":"The new European Union (EU) data protection law - General Data Protection Regulation (GDPR)that is enforceable on all entities, within and outside the territory of European Union requires that follow entities dealing with private data of EU individuals should follow due procedures in regard to safe data handling and storage. This regulation is forcing all countries globally, including those in the Islamic countries to take special precautions. Islamic banks and financial institutions are key intermediaries fostering smooth foreign trade between Islamic and European countries. Lack of sufficiently strong data protection legislation in most of the Islamic countries is hampering conformity with GDPR. This leads to non-compliance and thereby paves way to heavy monetary penalties in the short-run and hurts business prospects with the European counties in the long-run, both of which are detrimental. This paper helps institutions in building frameworksby taking them through a series of compliance checks, build teamsto enforce standards, make knowledge repositories and to undertake necessary technical measures. Findings from this study can help Islamic companies in general and Islamic Banking & Financial institutions in particular in meeting GDPR compliance.Finally, this paper makes some key recommendations to the Governments, Regulators, Financial Institutions, Organizations and Individuals so that they can become GDPR complaint.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"110 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128006498","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
Are Large Banks Less Risky in the Basel III Period? 大银行在巴塞尔协议III时期风险降低了吗?
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2019-07-01 DOI: 10.2139/ssrn.3253774
Guoxiang Song
{"title":"Are Large Banks Less Risky in the Basel III Period?","authors":"Guoxiang Song","doi":"10.2139/ssrn.3253774","DOIUrl":"https://doi.org/10.2139/ssrn.3253774","url":null,"abstract":"Basel III has significantly increased the capital requirements for large banks after the Global Financial Crisis (GFC) in 2008 to 2009. And regulators claim that large banks are safer as they are well capitalized in terms of capital adequacy ratios in recent years. However, some studies argue that the credit risk of large banks perceived by the market has not fallen significantly since the GFC, and regulatory changes have been one contributing factor. To contribute to this debate, this paper evaluates whether the credit risk of large banks perceived by the market has decreased from the pre-crisis period to the period after the GFC by investigating the eight U.S. global systemically important banks (GSIBs). By analysing the drivers of the stock market valuation of these large banks, the paper finds that although U.S. GSIBs perform much worse than other sectors, they are less risky as perceived by the market in the Basel III period than other periods because these banks have increased their equity as a fraction of total assets significantly.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"126 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120881511","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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