Journal of Central Banking Theory and Practice最新文献_第10页

Monetary Policies and the Achievement of Bank Profit Objective 货币政策与银行盈利目标的实现

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2021-05-01 DOI: 10.2478/jcbtp-2021-0020

A. Omankhanlen, Noah Ilori, A. Isibor, L. U. Okoye

{"title":"Monetary Policies and the Achievement of Bank Profit Objective","authors":"A. Omankhanlen, Noah Ilori, A. Isibor, L. U. Okoye","doi":"10.2478/jcbtp-2021-0020","DOIUrl":"https://doi.org/10.2478/jcbtp-2021-0020","url":null,"abstract":"Abstract This study examined the nexus between monetary policy and the achievement of a bank’s profit objective. There have been lots of arguments about the benefits of monetary policy implementation on deposit money bank’s operations, since the policies have been seen to impact on their performance. This study was carried out to establish the influence of variables like Liquidity Ratio, Interest and Money supply (M2), which are used as monetary policy instruments, on deposit money bank profitability objective. The study covers the period from 2002-2019. The Auto Regressive Distributed Lag and Error correction model were adopted in the analysis of the data. The study revealed that there was a positive long run relationship between Liquidity Ratio and deposit money bank’s profitability; there also existed a negative long run relationship between interest rate and deposit money bank profitability; lastly, there existed a positive long run relationship between Money Supply (M2) and deposit money bank’s profitability. Based on the findings, monetary authorities should put in place measures for Liquidity ratio, interest rates and M2 implementation to aid deposit money banks operations in the achievement of their profit objective.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44798482","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

Heterogeneity in the Relationship Between NPLs and Real Economy: Evidence from the Mongolian Banking System 不良贷款与实体经济关系的异质性:来自蒙古银行体系的证据

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2021-05-01 DOI: 10.2478/jcbtp-2021-0017

Enkhzaya Demid

{"title":"Heterogeneity in the Relationship Between NPLs and Real Economy: Evidence from the Mongolian Banking System","authors":"Enkhzaya Demid","doi":"10.2478/jcbtp-2021-0017","DOIUrl":"https://doi.org/10.2478/jcbtp-2021-0017","url":null,"abstract":"Abstract The paper analyses the relationship between the banks’ credit risk and macroeconomic conditions by addressing the following questions; (i) How are macroeconomic shocks transmitted to lending risk depending on the ban-specific features? (ii) Are the effects of macroeconomic shocks different across the loan portfolios in various economic sectors? Unlike the common assumption in the literature, the empirical analysis considers banks’ heterogeneity and diversification across borrowers. It employs heterogeneous panel SVARs and standard SVAR models on a dataset from 2002. Q1 to 2019.Q1. The results suggest that the deterioration in credit quality is affected by both macroeconomic and bank-specific factors, with substantial heterogeneity in the magnitudes and timing in terms of the type of loans in various business sectors and bank characteristics. In particular, we find strong evidence of cyclical sensitivity of loan quality, and about 1/4 of banks’ NPLs increases stronger in response to the shocks to growth, exchange rate, interest rate, and profitability. The highly profitable banks tend to less engage in excessive risk-taking, resulting in lower NPLs, whereas the relation of asset size to NPLs is not significant for the sample. A growth shock plays a prominent role in explaining the variation of NPLs for the trade and mining sectors. Similarly, the loan supply shock is the main determinant for the construction sector’s NPLs, while the exchange rate shock is the most responsible for the manufacturing sector. The interest rate shock and exchange rate shock are the most effective factors on NPLs of consumer loans. Finally, the feedback effect of NPLs shows that deterioration of credit quality slows down economic growth.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69216210","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

Nominal, Structural and Real Convergence of the EU Candidate Countries’ Economies 欧盟候选国经济的名义、结构和实际趋同

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2021-01-02 DOI: 10.2139/ssrn.3923309

D. Bobeva

引用次数: 1

Does Monetary Policy Credibility Help in Anchoring Inflation Expectations? Evidence from Six Inflation Targeting Emerging Economies 货币政策可信度有助于锚定通胀预期吗?来自六个以通胀为目标的新兴经济体的证据

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2021-01-01 DOI: 10.2478/jcbtp-2021-0005

A. Güler

{"title":"Does Monetary Policy Credibility Help in Anchoring Inflation Expectations? Evidence from Six Inflation Targeting Emerging Economies","authors":"A. Güler","doi":"10.2478/jcbtp-2021-0005","DOIUrl":"https://doi.org/10.2478/jcbtp-2021-0005","url":null,"abstract":"Abstract Most emerging market central banks have adopted inflation targeting as their monetary policy system. The heart of inflation targeting system is inflation expectations. The success of a central bank in achieving targets depends on to the extent to which inflation expectations are formed by the announced targets. As the credibility of the central bank increases, its ability to affect the public expectation also increases. The public adjusts its inflation expectations based on announced inflation target only in case of that they believe that the central bank has the sufficiency to reach the inflation target. Credibility enables expectation to be formed in a forward-looking way by weakening its connection with the past. This study aims to contribute to the literature concerning the effects of credibility on monetary policy. For this purpose, using data of six emerging inflation targeting economies (Turkey, Brazil, the Czech Republic, Chile, Poland, and South Africa), the empirical tests were carried out in order to understand the effect of the credibility on the behaviour of inflation expectation in emerging economies. The findings denote that credibility is quite relevant to reduce inflation expectations and contributes to the strength of inflation targets being an anchor for inflation expectations.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43834447","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: 8

Comparative Analysis of the Banking Sector Competitiveness in Serbia and Montenegro 塞尔维亚和黑山银行业竞争力的比较分析

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2021-01-01 DOI: 10.2478/jcbtp-2021-0004

Z. Grubišić, Sandra Kamenković, Tijana Kaličanin

{"title":"Comparative Analysis of the Banking Sector Competitiveness in Serbia and Montenegro","authors":"Z. Grubišić, Sandra Kamenković, Tijana Kaličanin","doi":"10.2478/jcbtp-2021-0004","DOIUrl":"https://doi.org/10.2478/jcbtp-2021-0004","url":null,"abstract":"Abstract Central banks often use certain concentration indices in their official reports to determine the degree of intensity of competition, of which the most common are the concentration ratio and the Herfindahl-Hirschman index. It is important to emphasize that when calculating the value of these indices, the National Bank of Serbia most often uses the absolute value of assets. In addition to the mentioned indices, the values of the Gini coefficient, Entropy coefficient, Rosenblatt index and graphical representation of the Lorenz curve in the period 2015–2019 are presented in this paper, using the balance sheet position loans and receivables from customers, but not including loans and receivables from banks and other financial organizations. The results of the static and dynamic analysis of concentration indicate that, compared to Montenegro, the banking sector of Serbia is characterized by a larger number of banks, less concentration on the market, and stronger intensity of competition. Although market changes are reflected in a reduced number of banks while a change in the dispersion of market shares affected the change in the market structures of the banking sectors, instability and uncertainty of the analysed sector remained unchanged in the case of both countries.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47275636","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: 7

Crisis Prevention and the Coronavirus Pandemic as a Global and Total Risk of Our Time 危机预防和冠状病毒大流行是我们这个时代的全球和全面风险

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2021-01-01 DOI: 10.2478/jcbtp-2021-0003

Radoica Luburić

{"title":"Crisis Prevention and the Coronavirus Pandemic as a Global and Total Risk of Our Time","authors":"Radoica Luburić","doi":"10.2478/jcbtp-2021-0003","DOIUrl":"https://doi.org/10.2478/jcbtp-2021-0003","url":null,"abstract":"Abstract The Coronavirus pandemic, as a global and total risk of our time, has imposed the need for a more complete and comprehensive review of existing approaches to crisis prevention and preventive management in general. This crisis also pointed to some shortcomings in quality management, risk management and change management, which had not been removed in a timely and adequate manner in more stable conditions in order to function better in crisis situations. Accordingly, the structure of this paper was conceived, which, in addition to an introduction and concluding remarks, has five short, but thematically complete, units. In the first part, preventive management is seen as a paradigm of the successful management of problems, incidents and crises. In the second and third parts, the influence of the principles of quality management and the principles of risk management on the prevention of a crisis, as well as their cooperation, effectiveness and synergistic effects are discussed. The fourth part analyses the key processes of change and conflict management in terms of crisis prevention. In the fifth part, an effective, complete and comprehensive crisis prevention model based on quality management, risk management and change management is created, with the primary goal of achieving sustained success in all business conditions. Bearing in mind that the processes and consequences of the Coronavirus pandemic have still not been completed or become clear, the concluding remarks identify certain messages and lessons that could have been learned in its initial stages.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46808157","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: 6

The Impact of Earnings variability and Regulatory Measures on Income Smoothing: Evidence from Panel Regression 收益变异性和监管措施对收入平滑的影响:来自面板回归的证据

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2021-01-01 DOI: 10.2478/jcbtp-2021-0009

Amina Malik, Haroon Aziz, Buerhan Saiti, S. Din

{"title":"The Impact of Earnings variability and Regulatory Measures on Income Smoothing: Evidence from Panel Regression","authors":"Amina Malik, Haroon Aziz, Buerhan Saiti, S. Din","doi":"10.2478/jcbtp-2021-0009","DOIUrl":"https://doi.org/10.2478/jcbtp-2021-0009","url":null,"abstract":"Abstract This study investigates the impact of variability in earnings, stringent regulatory measures and the trend of extending loans while keeping in view deposit ratio on income smoothening practices for a sample of 20 commercial banks listed on the Pakistan Stock Exchange (PSX) from the year 2010 to 2017. The likelihood of smoothing activities is measured through its widely used proxy, i.e. loan loss provisions (LLPs). Moreover, earnings before tax and provisions (EBTP) and loan to deposit ratio (LD) have been incorporated to determine the impact of earnings and loans to deposit ratio on income smoothening. We find that commercial banks are less likely to manage earnings through smoothening practices, which shows that commercial banks adhere to regulatory restrictions. This is further supported by the fact that income smoothing activities decrease as a result of the increase in capital adequacy ratios after the imposition of stringent rules, which exert greater regulatory pressure on banks, whereas the pace of income smoothing increases as a result of an increase in loans to deposit ratio, which reveals that banks take credit risk but manage within the ambit of regulatory restrictions. Based on the findings, we argue that the imposition of regulatory restrictions through the State Bank of Pakistan (SBP) has not only discouraged income smoothening through loan loss provisions but also enhances reporting quality. The results of this study provide useful insights for investors, creditors and stakeholders.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49181419","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 determinants of MIR interest rate margin in the euro area 欧元区MIR利率差的宏观经济决定因素

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2021-01-01 DOI: 10.2478/jcbtp-2021-0002

D. Anastasiou

引用次数: 0

Dynamic Impact of Banking Performance on Financial Stability: Fresh Evidence from Southeastern Europe 银行绩效对金融稳定的动态影响:来自东南欧的新证据

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2021-01-01 DOI: 10.2478/jcbtp-2021-0008

Veton Zeqiraj, Flamur Mrasori, Omer Iskenderoglu, K. Sohag

引用次数: 11

TOWARD A NEW COMPARATIVE PUBLIC LAW OF CENTRAL BANK LEGISLATION: Designing Legislative Mandates for Central Bank Private Securities Assets Purchases and Nominal GDP Targeting 中央银行立法的新比较公法:设计中央银行私人证券资产购买和名义GDP目标的立法授权

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2021-01-01 DOI: 10.2478/jcbtp-2021-0001

Bryane Michael, S. Osaulenko

{"title":"TOWARD A NEW COMPARATIVE PUBLIC LAW OF CENTRAL BANK LEGISLATION: Designing Legislative Mandates for Central Bank Private Securities Assets Purchases and Nominal GDP Targeting","authors":"Bryane Michael, S. Osaulenko","doi":"10.2478/jcbtp-2021-0001","DOIUrl":"https://doi.org/10.2478/jcbtp-2021-0001","url":null,"abstract":"Abstract What role could unconventional monetary policy – and particularly unconventional policies like private asset purchases under a quantitative easing or lender of last resort scheme – play in influencing economic growth directly? A wide literature in economics explores the pros and cons of using these policies. However, most studies also point to the uncertain and antagonistic legal basis for such purchases. In this paper, we show how the statutory mandate for nominal GDP targeting could best put in place the legal foundations for such asset purchases. We review the legislative and regulatory bases for private securities purchases made by central banks in a sample of countries. We discuss – if legislators and policymakers wanted to – how they might introduce clearer mandates to make such purchases into their public law. We finally show how legal authorizations for GDP targeting might (and probably should) provide for such authorisations. Our discussion sheds light on the fascinating and almost completely ignored area of public law, namely central bank law.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41439531","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