Central Bank Review最新文献_第5页

“Banking systems in the euro zone and transmission of monetary policy” "欧元区的银行系统和货币政策的传导"

IF 2.8

Central Bank Review Pub Date : 2024-03-01 Epub Date: 2024-02-03 DOI: 10.1016/j.cbrev.2024.100148

José Alejandro Fernández Fernández

引用次数: 0

The impact of domestic and global factors on individual public, domestic and foreign bank performances in Türkiye 国内和全球因素对土耳其个别上市银行、国内银行和外国银行业绩的影响

IF 2.8

Central Bank Review Pub Date : 2024-03-01 Epub Date: 2023-12-17 DOI: 10.1016/j.cbrev.2023.100139

Serkan Çiçek, Aynur Yıldırım

{"title":"The impact of domestic and global factors on individual public, domestic and foreign bank performances in Türkiye","authors":"Serkan Çiçek, Aynur Yıldırım","doi":"10.1016/j.cbrev.2023.100139","DOIUrl":"https://doi.org/10.1016/j.cbrev.2023.100139","url":null,"abstract":"<div><p>The Turkish economy has encountered significant shocks in interest rates and foreign exchange along with global risks in recent years. These shocks had an impact not only on the real sector but also on the banking sector's returns, depending on the ownership structure. This study examines the sensitivity of banking sector stock returns to the exchange rate, interest rate, and VIX index using data from January 4, 2005 to March 28, 2023. Using multivariate diagonal BEKK-GARCH methodology, the study found that (i) half of private banks experienced a mean spillover from the interest rate to their returns, but not from the exchange rate and VIX index, (ii) the returns of public banks, on the other hand, did not respond to any variable in the mean equations, (iii) the explanatory power of exchange rate and interest rate risks is higher than the power of the changes in these variables, (iv) the spillover of global risk in covariance equations is higher compared to exchange and interest rate risks, (v) the mean equations do not have an asymmetric structure, but the covariance equations exhibit structural breaks. These findings suggest that in the last decade, the interest rate policy has become the main variable affecting the stock returns in Türkiye, foreign exchange has become a safe haven due to this policy, and the relationship between the exchange rate and stocks that existed in the past has been disrupted.</p></div>","PeriodicalId":43998,"journal":{"name":"Central Bank Review","volume":"24 1","pages":"Article 100139"},"PeriodicalIF":2.8,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1303070123000343/pdfft?md5=b71c83b142a2e11a79080f84498f6d26&pid=1-s2.0-S1303070123000343-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138739183","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Transmission and impact of stock market shocks on the world economy 股市冲击对世界经济的传导和影响

IF 2.8

Central Bank Review Pub Date : 2024-03-01 Epub Date: 2024-03-11 DOI: 10.1016/j.cbrev.2024.100149

Luccas Assis Attílio

引用次数: 0

Household portfolios in Türkiye: Results from the household finance and consumption survey 日本家庭投资组合:家庭财务和消费调查结果

IF 2.8

Central Bank Review Pub Date : 2023-12-01 Epub Date: 2023-11-30 DOI: 10.1016/j.cbrev.2023.100132

Evren Ceritoğlu , Seyit Mümin Cılasun , Müşerref Küçükbayrak , Özlem Sevinç

{"title":"Household portfolios in Türkiye: Results from the household finance and consumption survey","authors":"Evren Ceritoğlu , Seyit Mümin Cılasun , Müşerref Küçükbayrak , Özlem Sevinç","doi":"10.1016/j.cbrev.2023.100132","DOIUrl":"https://doi.org/10.1016/j.cbrev.2023.100132","url":null,"abstract":"<div><p>This paper analyzes the distribution of household portfolios in Türkiye using a fresh data set, the Central Bank of the Republic of Türkiye – Household Finance and Consumption Survey. The empirical analysis concentrates on the motives behind household saving preferences and the distribution of household portfolios. Moreover, the financial situation of households in Türkiye is compared with Euro area countries. First, we find that income and household characteristics are among the leading determinants of households' portfolio choices in Türkiye. Second, we reveal that households’ portfolios are under-diversified, since they own relatively small amounts of financial wealth and hold a few types of financial assets. Furthermore, risky asset categories such as shares of publicly traded companies are rarely included among them. Third, households are more likely to invest in financial assets as their income increases, but the share of financial assets in total wealth remains subdued as household income increases, since at that point real estate wealth becomes dominant. Finally, we discover that households are more likely to be in debt in Türkiye compared to households from the Euro area. Additionally, they are more likely to accumulate non-collateralized debt and also private debt, which is owed to friends and relatives to be repaid. However, the percentage of households with mortgage debt and the share of mortgage debt in total household liabilities are smaller in Türkiye, suggesting that many households have to rely on their own funds or private loans to purchase homes. As a result, we can argue that households need to be encouraged to invest a larger share of their wealth in financial assets to raise household savings and to deepen financial markets in Türkiye.</p></div>","PeriodicalId":43998,"journal":{"name":"Central Bank Review","volume":"23 4","pages":"Article 100132"},"PeriodicalIF":2.8,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1303070123000276/pdfft?md5=1058c8360497d41173de12292116ac80&pid=1-s2.0-S1303070123000276-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138466262","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Long shadows of the walking dead on economic activity 行尸走肉对经济活动的长期影响

IF 2.8

Central Bank Review Pub Date : 2023-12-01 Epub Date: 2023-12-07 DOI: 10.1016/j.cbrev.2023.100140

N. Nergiz Dincer, Pelin Pektekin, Ayça Tekin-Koru

{"title":"Long shadows of the walking dead on economic activity","authors":"N. Nergiz Dincer, Pelin Pektekin, Ayça Tekin-Koru","doi":"10.1016/j.cbrev.2023.100140","DOIUrl":"10.1016/j.cbrev.2023.100140","url":null,"abstract":"<div><p>This paper presents the panorama of zombie firms in the Turkish economy, which are highly inefficient, highly indebted firms that have low or sometimes negative productivity, and provides an analysis of the impact of these firms on economic activity for the period 2012–2015. Our results suggest that the number of zombie firms in Türkiye has increased. The share of these firms in sales and employment has also increased, but at a lower rate. These firms are mainly found in low-technology manufacturing and transportation and distribution services. The paper also shows that healthy firms increase total factor productivity, employment growth, and the investment-to-capital ratio in the economy in a robust manner. The sales of zombie firms have no distorting effect on the economic activity of healthy firms. However, capital sunk into zombie firms has a differential impact on the performance of healthy firms. When the share of zombie capital in a sector increases, the TFP growth of manufacturing firms decreases, while the employment growth of medium-sized service firms increases.</p></div>","PeriodicalId":43998,"journal":{"name":"Central Bank Review","volume":"23 4","pages":"Article 100140"},"PeriodicalIF":2.8,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1303070123000355/pdfft?md5=3190acaa719994e145f19347b5506273&pid=1-s2.0-S1303070123000355-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138546942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Financial literacy and cash holdings in Türkiye 金融知识和现金持有量在日本

IF 2.8

Central Bank Review Pub Date : 2023-12-01 Epub Date: 2023-10-27 DOI: 10.1016/j.cbrev.2023.100129

Mustafa Recep Bilici , Saygın Çevik

引用次数: 0

Heterogeneous effect of exchange rates on firms’ exports: Role of labor intensity 汇率对企业出口的异质性影响：劳动强度的作用

IF 2.8

Central Bank Review Pub Date : 2023-09-01 Epub Date: 2023-09-28 DOI: 10.1016/j.cbrev.2023.100130

Kurmaş Akdoğan , Yusuf Kenan Bağır , Huzeyfe Torun

{"title":"Heterogeneous effect of exchange rates on firms’ exports: Role of labor intensity","authors":"Kurmaş Akdoğan , Yusuf Kenan Bağır , Huzeyfe Torun","doi":"10.1016/j.cbrev.2023.100130","DOIUrl":"https://doi.org/10.1016/j.cbrev.2023.100130","url":null,"abstract":"<div><p>Using an extensive firm-level database that combines balance sheet information, social security registry and customs data, we examine whether the relationship between the exchange rate and exports change with the degree of labor-intensity of production. The results based on manufacturing firms in Türkiye suggest that the sensitivity of labor-intensive firms to the exchange rate is higher than that of the less labor-intensive ones, both at the intensive and extensive margins of exports. In addition, export product variety and export market variety of the labor-intensive firms increase more than the others during a currency depreciation. In particular, the increase in the exports of the labor-intensive firms is 2.7 percent higher than the increase in exports of the non-labor-intensive firms in case of a 10 percent decline in the real effective exchange rate. However, we do not find a significant impact on the export prices varying across the labor-intensity of the firms. Our results are robust to alternative definitions of labor-intensity and exchange rates, and the use of different time spans.</p></div>","PeriodicalId":43998,"journal":{"name":"Central Bank Review","volume":"23 3","pages":"Article 100130"},"PeriodicalIF":2.8,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50186433","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

A comparative analysis of the financial performance of commercial banks after mergers and acquisitions using Nepalese data 利用尼泊尔数据对商业银行并购后财务业绩的比较分析

IF 2.8

Central Bank Review Pub Date : 2023-09-01 Epub Date: 2023-10-14 DOI: 10.1016/j.cbrev.2023.100128

Baburam Adhikari , Marie Kavanagh , Bonnie Hampson

{"title":"A comparative analysis of the financial performance of commercial banks after mergers and acquisitions using Nepalese data","authors":"Baburam Adhikari , Marie Kavanagh , Bonnie Hampson","doi":"10.1016/j.cbrev.2023.100128","DOIUrl":"https://doi.org/10.1016/j.cbrev.2023.100128","url":null,"abstract":"<div><p>This article investigates consolidation and restructuring in the banking sector in Nepal that was induced by regulatory intervention in recent years. We compare the financial performance of the overall commercial banking sector and selected commercial banks on an individual basis before and after the mergers and acquisitions (M&A) policy intervention. The research employs an analysis of the financial ratios (profitability, liquidity, leverage, and wealth of shareholders ratios) before and after mergers that took place between 2013 and 2020 on a sample of seven Nepalese commercial banks. Hypotheses are tested using a paired sample <em>t</em>-test to measure any significant difference between the pre- and post-merger situations of the acquiring banks’ financial metrics. The findings indicate that the overall commercial banking sector significantly improved their liquidity and leverage ratios in the post-merger period. Other measures, such as the profitability and shareholder wealth ratios showed either mixed or insignificant results after the M&A. The results for selected commercial banks on an individual basis were even less conclusive and mixed. While some banks showed improvement in financial ratios, other results were insignificant.</p></div>","PeriodicalId":43998,"journal":{"name":"Central Bank Review","volume":"23 3","pages":"Article 100128"},"PeriodicalIF":2.8,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50186432","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

Credit growth and current account balance 信贷增长和经常账户余额

IF 2.8

Central Bank Review Pub Date : 2023-09-01 Epub Date: 2023-09-30 DOI: 10.1016/j.cbrev.2023.100131

Aysu Çelgin , Okan Eren , Pınar Özlü

引用次数: 0

Compliance with the Basel Core Principles and supervisory structure: A cross-country analysis 遵守巴塞尔核心原则和监管结构：跨国分析

IF 2.8

Central Bank Review Pub Date : 2023-06-01 Epub Date: 2023-06-27 DOI: 10.1016/j.cbrev.2023.100117

Maria Teresa Medeiros Garcia , Frederico Cavaleiro de Mendonça

引用次数: 0