Banking & Insurance eJournal最新文献_第3页

Non-Bank Financial Intermediation in the Euro Area: Implications for Monetary Policy Transmission and Key Vulnerabilities 欧元区非银行金融中介:对货币政策传导和主要脆弱性的影响

Banking & Insurance eJournal Pub Date : 2021-09-01 DOI: 10.2139/ssrn.3928291

Lorenzo Cappiello, F. Holm-Hadulla, A. Maddaloni, L. Arts, Nicolas Même, P. Migiakis, Caterina Behrens, Alban Moura, Stefano Corradin, Annalisa Ferrando, Juha Niemelä, Margherita Giuzio, O. Pierrard, Lev Ratnovski, Adam Gulan, Alexandra Schober-Rhomberg, A. Hertkorn, Michael Sigmund, Christoph Kaufmann, Lucía Kazarian Avakian, Patricia Stupariu, K. Koskinen, Marco Taboga, Franck Sédillot, Luis Tavares, Jani Matilainen, Emme Van den, Falk Mazelis, Andrea Zaghini, B. McCarthy

{"title":"Non-Bank Financial Intermediation in the Euro Area: Implications for Monetary Policy Transmission and Key Vulnerabilities","authors":"Lorenzo Cappiello, F. Holm-Hadulla, A. Maddaloni, L. Arts, Nicolas Même, P. Migiakis, Caterina Behrens, Alban Moura, Stefano Corradin, Annalisa Ferrando, Juha Niemelä, Margherita Giuzio, O. Pierrard, Lev Ratnovski, Adam Gulan, Alexandra Schober-Rhomberg, A. Hertkorn, Michael Sigmund, Christoph Kaufmann, Lucía Kazarian Avakian, Patricia Stupariu, K. Koskinen, Marco Taboga, Franck Sédillot, Luis Tavares, Jani Matilainen, Emme Van den, Falk Mazelis, Andrea Zaghini, B. McCarthy","doi":"10.2139/ssrn.3928291","DOIUrl":"https://doi.org/10.2139/ssrn.3928291","url":null,"abstract":"The financing structure of the euro area economy has evolved since the global financial crisis with non-bank financial intermediation taking a more prominent role. This shift affects the transmission of monetary policy. Compared with banks, non-bank financial intermediaries are more responsive to monetary policy measures that influence longer-term interest rates, such as asset purchases. The increasing role of debt securities in the financing structure of firms also leads to a stronger transmission of long-rate shocks. At the same time, short-term policy rates remain an effective tool to steer economic outcomes in the euro area, which is still highly reliant on bank loans. Amid a low interest rate environment, the growth of market-based finance has been accompanied by increased credit, liquidity and duration risk in the non-bank sector. Interconnections in the financial system can amplify contagion and impair the smooth transmission of monetary policy in periods of market distress. The growing importance of non-bank financial intermediaries has implications for the functioning of financial market segments relevant for monetary policy transmission, in particular the money markets and the bond markets.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125988283","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

Demand for Central Bank Reserves and Monetary Policy Implementation Frameworks: The Case of the Eurosystem 中央银行储备需求与货币政策实施框架:以欧元体系为例

Banking & Insurance eJournal Pub Date : 2021-09-01 DOI: 10.2139/ssrn.3929179

P. Åberg, M. Corsi, Vincent Grossmann-Wirth, Tom Hudepohl, Yvo D. Mudde, Tiziana Rosolin, Franziska Schobert

{"title":"Demand for Central Bank Reserves and Monetary Policy Implementation Frameworks: The Case of the Eurosystem","authors":"P. Åberg, M. Corsi, Vincent Grossmann-Wirth, Tom Hudepohl, Yvo D. Mudde, Tiziana Rosolin, Franziska Schobert","doi":"10.2139/ssrn.3929179","DOIUrl":"https://doi.org/10.2139/ssrn.3929179","url":null,"abstract":"This paper discusses commercial banks’ demand for central bank reserves under two alternative monetary policy framework configurations, namely: (i) an interest rate corridor system with scarce liquidity, and (ii) a floor system with ample liquidity. It outlines the interaction between the monetary implementation framework used to steer short-term market interest rates and banks’ demand for reserves. We find that by implementing a floor system, the Eurosystem has eliminated the opportunity costs of holding reserves and enabled banks to hold relatively large buffers of reserves compared with the corridor system. Additionally, the demand for reserves may have increased endogenously, as the environment of ample liquidity conditions has incentivised many banks to adapt their business models. In parallel, the demand for reserves has also increased for more exogenous reasons such as post-global financial crisis liquidity regulation and increased liquidity concentration. Our estimates indicate an increase, over recent years, in the level of excess liquidity required in the euro area to avoid a rise in short-term market rates. Moreover, the dependency on the adopted monetary policy instruments and the external environment highlights the increased uncertainty in estimating future levels of required reserves","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131792615","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

COVID Response: The Money Market Mutual Fund Facility 应对措施:货币市场共同基金工具

Banking & Insurance eJournal Pub Date : 2021-09-01 DOI: 10.2139/ssrn.3951479

Kenechukwu Anadu, M. Cipriani, Ryan Craver, Gabriele La Spada

引用次数: 9

CSR Disclosure and Financial Performance of Philippine Private Domestic Commercial Banks 菲律宾国内私人商业银行的社会责任披露与财务绩效

Banking & Insurance eJournal Pub Date : 2021-08-31 DOI: 10.2139/ssrn.3914518

Sofronio Bucala

{"title":"CSR Disclosure and Financial Performance of Philippine Private Domestic Commercial Banks","authors":"Sofronio Bucala","doi":"10.2139/ssrn.3914518","DOIUrl":"https://doi.org/10.2139/ssrn.3914518","url":null,"abstract":"This study aimed at finding out the level of CSR practices and CSR disclosure performance of Philippine private-domestic commercial banks. It described the relationship between CSR Disclosure Performance with Financial Performance in terms of the bank’s profitability measured by ROA and ROE across the years 2014- 2018. The banks’ CSR Disclosure Performance is measured by the Indicators in GRI Sustainability Reporting Standards 2016 specifically, Economic, Environmental and Social. Bank’s Financial Performance is assessed using the common profitability ratios ROA and ROE. The study concludes that Philippine Commercial Banks include their CSR Disclosure in their Annual Reports and there is noticeably a lack of clear and systematic reporting. Although all the commercial banks disclose on their Economic CSR, the Environmental CSR is negligible, and the general CSR Performance score is evidently low. Bank’s profitability is significantly low and is showing a decreasing trend across 2014 to 2018. In terms of significance, the computed probability values are lower than .05 level of significance, hence the banks CSR disclosure on Economic and Environmental aspects are not significant determinants of the bank’ s Profitability as proxied by ROA and ROE. The Environmental aspect was not statistically tested due to lack of disclosed data.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124490094","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

Central Bank Governance and Reserve Portfolios Investment Policies: An Empirical Analysis 央行治理与储备组合投资政策:实证分析

Banking & Insurance eJournal Pub Date : 2021-08-30 DOI: 10.2139/ssrn.3914415

D. Klingebiel, Carmen M. Herrero Montes, Marco Ruíz, James K. Seward

{"title":"Central Bank Governance and Reserve Portfolios Investment Policies: An Empirical Analysis","authors":"D. Klingebiel, Carmen M. Herrero Montes, Marco Ruíz, James K. Seward","doi":"10.2139/ssrn.3914415","DOIUrl":"https://doi.org/10.2139/ssrn.3914415","url":null,"abstract":"This paper uses a unique survey data set of 105 central banks to investigate whether investment policies for central bank foreign reserve portfolios are linked to the governance arrangements for reserve management. The paper evaluates whether a central bank's investment decision-making structure impacts how much risk institutions take in their reserve management operations and the level of diversity in their reserve portfolios. Additionally, it explores the implications of the broader governance environment on reserve management. The analysis yields four key findings. First, internal governance arrangements matter for foreign reserve portfolio investment policy; the empirical results indicate that reserve portfolios are more diversified in central banks in which the middle office directly reports to the board. Second, controlling for the level of reserves, the macroenvironment, and the broader governance environment, reserve portfolios are more diversified in central banks where the back, middle, and front offices are separated. Third, the regression analysis also reveals that central banks in countries where the Ministry of Finance has an obligation to cover negative equity have fewer eligible currencies and are therefore less diversified. Fourth, central banks where boards actively exercise portfolio oversight usually have portfolios with more risk and diversification. Portfolios with longer investment horizons, more currencies, and a broader set of asset classes have performed better historically while limiting downside risk. Given that the analysis controls the broader governance environment, the data indicate that any central bank can improve its internal governance regardless of the external governance environment. This paper contributes to the literature on central bank foreign reserves management and on understanding the importance of governance arrangements in investment policy.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129813242","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

Advantageous Selection in Fintech Loans 金融科技贷款的优势选择

Banking & Insurance eJournal Pub Date : 2021-08-27 DOI: 10.2139/ssrn.3786766

Marco Pelosi

引用次数: 0

Do Bank Shocks Affect Physical or R&D Investments More? 银行冲击对实物投资和研发投资的影响更大吗?

Banking & Insurance eJournal Pub Date : 2021-08-25 DOI: 10.2139/ssrn.3911062

Hirokazu Mizobata

引用次数: 0

Why Did Small Business Fintech Lending Dry Up During March 2020? 为什么小企业金融科技贷款在2020年3月枯竭?

Banking & Insurance eJournal Pub Date : 2021-08-24 DOI: 10.3386/w29205

Itzhak Ben-David, Mark S. Johnson, René M. Stulz