发布求助
文献互助 智能选刊 最新文献

Banking & Insurance eJournal最新文献

筛选
英文 中文
Response to Célérier and Tak (April 2021) 对csm和Tak的答复(2021年4月)
Banking & Insurance eJournal Pub Date : 2021-07-26 DOI: 10.2139/ssrn.3893855
L. Stein, Constantine Yannelis
{"title":"Response to Célérier and Tak (April 2021)","authors":"L. Stein, Constantine Yannelis","doi":"10.2139/ssrn.3893855","DOIUrl":"https://doi.org/10.2139/ssrn.3893855","url":null,"abstract":"Stein and Yannelis (2020) (SY) study the short-term impact of the Freedman’s Savings Bank on human capital, labor market, and wealth outcomes. This short note is a response to Célérier and Tak (2021) (CT), which offers comments on SY, claiming to “empirically reject the assumptions of the study’s identification strategy” and arguing that “financial inclusion can be detrimental to minorities.” We show their claims are driven by a serious data error and by omitting data, and that their empirical tests do not evaluate the identification assumption in SY. After using an alternative matching strategy which throws out four-fifths of matches, CT present estimates with very large standard errors. We show that these estimates cannot statistically reject large effects, including many of the point estimates in SY.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124278244","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
Does Language Affect Bank Liquidity Creation?: A Global Cross-Country Analysis 语言影响银行流动性创造吗?:全球跨国分析
Banking & Insurance eJournal Pub Date : 2021-07-26 DOI: 10.2139/ssrn.3894270
J. Soula, Sara Yasar
{"title":"Does Language Affect Bank Liquidity Creation?: A Global Cross-Country Analysis","authors":"J. Soula, Sara Yasar","doi":"10.2139/ssrn.3894270","DOIUrl":"https://doi.org/10.2139/ssrn.3894270","url":null,"abstract":"Languages that grammatically mark the future influence the speakers’ intertemporal preferences, and thereby induce less future-oriented behavior. We predict that banks in countries with future tense marking reduce the perception of risk, and therefore they are more likely to engage in risky banking activities, leading to an increase in bank liquidity creation. We use data from 60 countries for testing such a linguistic hypothesis, and we find that banks in countries with future tense marking create higher liquidity than those in countries where speakers grammatically associate the future and the present. This is robust to using alternative measures of a country’s culture, alternative future tense reference, and several robustness checks. Our finding provides a new explanation for cross-country heterogeneity in bank output and contributes to the debate about the effect of language on economic behavior.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122143512","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
Pro Rata Credit Risk Pooling Between Regional Banks: Economic Capital and Portfolio Granularity 区域银行间信用风险分担的比例:经济资本和投资组合粒度
Banking & Insurance eJournal Pub Date : 2021-07-26 DOI: 10.2139/ssrn.3900446
M. Krebs
{"title":"Pro Rata Credit Risk Pooling Between Regional Banks: Economic Capital and Portfolio Granularity","authors":"M. Krebs","doi":"10.2139/ssrn.3900446","DOIUrl":"https://doi.org/10.2139/ssrn.3900446","url":null,"abstract":"German savings and cooperative banks use credit risk pooling transactions as a specific type of synthetic credit risk transfer. This paper describes the effect of pro rata credit risk pooling transactions on the granularity of these banks’ credit portfolios. The change in granularity is described analytically using general properties of concentration measures. This allows to prove independent of specific concentration measures or credit portfolio models that the granularity of a credit portfolio will increase if a bank participates in pro rata credit risk pooling with homogeneous credit risks. But simulations show that Value-at-Risk will not always decrease if a portfolio’s granularity increases, ceteris paribus. As a consequence, banks using Value-at-Risk instead of a coherent risk measure like Expected Shortfall might choose to limit their participation in credit risk pooling transactions.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131449687","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
Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment 低利率环境下的宏观经济稳定和货币政策有效性
Banking & Insurance eJournal Pub Date : 2021-07-26 DOI: 10.2139/ssrn.3918530
G. Coenen, Carlos Montes-Galdón, Sebastian Schmidt
{"title":"Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment","authors":"G. Coenen, Carlos Montes-Galdón, Sebastian Schmidt","doi":"10.2139/ssrn.3918530","DOIUrl":"https://doi.org/10.2139/ssrn.3918530","url":null,"abstract":"The secular decline in the equilibrium real interest rate observed over the past decades has materially limited the room for policy-rate reductions in recessions, and has led to a marked increase in the incidence of episodes where policy rates are likely to be at, or near, the effective lower bound on nominal interest rates. Using the ECB's New Area-Wide Model, we show that, if unaddressed, the effective lower bound can cause substantial costs in terms of worsened macroeconomic performance, as rejected in negative biases in inflation and economic activity, as well as heightened macroeconomic volatility. These costs can be mitigated by the use of nonstandard instruments, notably the joint use of interest-rate forward guidance and large-scale asset purchases. When considering alternatives to inflation targeting, we find that make-up strategies such as price-level targeting and average-inflation targeting can, if they are well-understood by the private sector, largely undo the negative biases and heightened volatility induced by the effective lower bound.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115479301","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: 16
Risk, Inside Money, and the Real Economy 风险、内部货币和实体经济
Banking & Insurance eJournal Pub Date : 2021-07-19 DOI: 10.2139/ssrn.3889461
Hugo van Buggenum
{"title":"Risk, Inside Money, and the Real Economy","authors":"Hugo van Buggenum","doi":"10.2139/ssrn.3889461","DOIUrl":"https://doi.org/10.2139/ssrn.3889461","url":null,"abstract":"In modern economies, most money takes the form of inside money; deposits created by commercial banks to fund credit extension. Because inside money is used as a payment instrument, doubts about the risks associated with credit extension can affect aggregate outcomes. This paper constructs and analyzes a model of risky credit extension, inside money creation, and monetary exchange. When credit extension is sufficiently risky, a positive probability of bank default arises and this affects the return characteristics of inside money. Depositors then demand a risk premium for holding inside money, which drives a wedge between bankers' funding costs and the social benefits of money creation. This wedge negatively affects credit extension, output, and welfare. A government can restore efficiency by swapping risky inside money for risk-free forms of government debt.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122119182","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
Insurance Companies and the Growth of Corporate Loans’ Securitization 保险公司与企业贷款证券化的发展
Banking & Insurance eJournal Pub Date : 2021-07-17 DOI: 10.2139/ssrn.3888548
Fulvia Fringuellotti, João A. C. Santos
{"title":"Insurance Companies and the Growth of Corporate Loans’ Securitization","authors":"Fulvia Fringuellotti, João A. C. Santos","doi":"10.2139/ssrn.3888548","DOIUrl":"https://doi.org/10.2139/ssrn.3888548","url":null,"abstract":"We show that insurance companies have almost nonupled their investments in collateralized loan obligations (CLOs) in the post-crisis period, reaching total holdings of $125B in 2019. The growth in CLOs’ investments has far outpaced that of loans and corporate bonds, and was characterized by a strong preference for mezzanine tranches rated investment grade over triple-A rated tranches. We document that these phenomena reflect a search for yield behavior. Conditional on capital charges, insurance companies invest more heavily in bonds and CLO tranches with higher yields. Preferences for CLO tranches derived from tranches’ higher yields relative to bonds with the same rating, and increased following the 2010 capital regulatory reform, resulting in insurance companies holding more than 40% of mezzanine tranches outstanding in 2019. In the process, insurance companies created the demand for the risky tranches that are critical to the CLO issuance.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125431762","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: 3
Individual Mortgage Lending, Public Corruption, Race and Gender: Evidence from Local Corruption Crack-Downs 个人抵押贷款、公共腐败、种族和性别:来自地方反腐的证据
Banking & Insurance eJournal Pub Date : 2021-07-16 DOI: 10.2139/ssrn.3888069
A. Mensah, Arthur Morris, Han Stice, Roger M. White
{"title":"Individual Mortgage Lending, Public Corruption, Race and Gender: Evidence from Local Corruption Crack-Downs","authors":"A. Mensah, Arthur Morris, Han Stice, Roger M. White","doi":"10.2139/ssrn.3888069","DOIUrl":"https://doi.org/10.2139/ssrn.3888069","url":null,"abstract":"We examine how corruption influences the mortgage market. Prior research documents that corruption is most costly in cases, like home buying, where government interaction is frequent and necessary. Accordingly, after anti-corruption laws pass bank-offices both accept more mortgage applications, and offer more favorable terms (without changing future delinquency). These laws are passed largely by cities and counties, so we implement a fixed-effects structure such that our results are driven by lending decisions at the same bank office for mortgage applications across jurisdictions. We also find that the effect of these laws varies by self-reported race and gender.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131022865","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
Financial Stability and Monetary Policy Reaction Evidence from the GCC Countries 来自海湾合作委员会国家的金融稳定和货币政策反应证据
Banking & Insurance eJournal Pub Date : 2021-07-15 DOI: 10.2139/ssrn.3915669
Ahmed H. Elsayed, Nader Naifar, S. Nasreen
{"title":"Financial Stability and Monetary Policy Reaction Evidence from the GCC Countries","authors":"Ahmed H. Elsayed, Nader Naifar, S. Nasreen","doi":"10.2139/ssrn.3915669","DOIUrl":"https://doi.org/10.2139/ssrn.3915669","url":null,"abstract":"This paper investigates the interaction between monetary policy and financial stability in the Gulf Cooperation Council (hereafter GCC) countries by introducing a new composite financial stability index to monitor the financial vulnerabilities and crisis periods. To this end, the study estimated monetary policy reaction functions for each of the GCC countries (namely, Bahrain, Kuwait, Saudi Arabia, and the United Arab Emirates) using the Nonlinear Autoregressive Distributed Lag Model (NARDL) over the period from 2006-Q4 to 2020-Q2. Empirical findings indicate that monetary authorities' response to the deviation of inflation from their target level, output gap, or exchange rate movement differ in terms of magnitude, sign, and significance across the GCC countries. The results further explain that monetary authorities react significantly to negative or positive shocks in financial stability, but their reaction is different in the short-run or long run. Overall, an augmented Taylor rule including financial stability as an additional monetary policy objective is more appropriate for the GCC countries.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123958382","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: 11
Cultural Proximity and the Formation of Lending Relationships 文化邻近性与借贷关系的形成
Banking & Insurance eJournal Pub Date : 2021-07-08 DOI: 10.2139/ssrn.3882637
Antonio Accetturo, G. Barboni, M. Cascarano, Emilia Garcia-Appendini
{"title":"Cultural Proximity and the Formation of Lending Relationships","authors":"Antonio Accetturo, G. Barboni, M. Cascarano, Emilia Garcia-Appendini","doi":"10.2139/ssrn.3882637","DOIUrl":"https://doi.org/10.2139/ssrn.3882637","url":null,"abstract":"We use credit registry data from the population of loans granted to firms in a region hosting two different cultural groups to study the role of culture in the formation of lending relationships. We find a large predominance of lending relationships involving banks and firms of the same culture, particularly among small, young, and opaque firms. Loans to same-culture firms are larger, require less collateral, and default less often than loans to different-culture firms. Our results suggest that cultural proximity reduces information asymmetries by providing a source of soft information that complements the one stemming from close or lengthy relationships.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123815896","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
The Demand for Money, Near-Money, and Treasury Bonds 对货币、准货币和国债的需求
Banking & Insurance eJournal Pub Date : 2021-07-03 DOI: 10.2139/ssrn.3879713
A. Krishnamurthy, Wenhao Li
{"title":"The Demand for Money, Near-Money, and Treasury Bonds","authors":"A. Krishnamurthy, Wenhao Li","doi":"10.2139/ssrn.3879713","DOIUrl":"https://doi.org/10.2139/ssrn.3879713","url":null,"abstract":"\u0000 Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors’ demand for liquidity. We measure the quantity of these forms of liquidity and their corresponding liquidity premium in a sample from 1934 to 2016, estimating the substitutability of these assets and the liquidity per unit delivered by each asset. Treasuries and bank transaction deposits are imperfect substitutes, in contrast to perfect substitutes found by Nagel (2016). Bank and nonbank non-transaction deposits are closer substitutes for Treasuries. Our empirical results inform theories of the monetary transmission mechanism running through shifts in asset supplies and models of the coexistence of the shadow banking and regulated banking system.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123999576","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: 11
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信