发布求助
文献互助 智能选刊 最新文献

Journal of Financial Stability最新文献

筛选
英文 中文
International transmission of monetary policy shocks and the bank lending channel: Evidence from Australia 货币政策冲击的国际传播与银行贷款渠道：澳大利亚的证据
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-11-02 DOI: 10.1016/j.jfs.2024.101343
Hamid Yahyaei, Abhay Singh, Tom Smith
{"title":"International transmission of monetary policy shocks and the bank lending channel: Evidence from Australia","authors":"Hamid Yahyaei,&nbsp;Abhay Singh,&nbsp;Tom Smith","doi":"10.1016/j.jfs.2024.101343","DOIUrl":"10.1016/j.jfs.2024.101343","url":null,"abstract":"<div><div>We examine the transmission of international monetary policy shocks via the bank lending channel. Exploiting a panel of regulatory data on foreign banks operating in Australia, we show that the supply of credit is vulnerable to the international pass-through of monetary policy, with banks headquartered in Asia demonstrating high elasticity. Household and non-financial corporate loans are the most susceptible channels to policy shocks, while higher-margin lending, non-lending assets, and reservable liabilities are insensitive. We demonstrate that although banks curtail lending in the face of tighter monetary policy, they increase their non-reservable borrowing, suggesting an increased reliance on capital markets. Finally, we show that unconventional monetary policies have a muted effect compared to traditional measures.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142592558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does climate risk influence analyst forecast accuracy? 气候风险是否会影响分析师的预测准确性？
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-10-28 DOI: 10.1016/j.jfs.2024.101345
Incheol Kim , Suin Lee , Jiwoo Ryou
{"title":"Does climate risk influence analyst forecast accuracy?","authors":"Incheol Kim ,&nbsp;Suin Lee ,&nbsp;Jiwoo Ryou","doi":"10.1016/j.jfs.2024.101345","DOIUrl":"10.1016/j.jfs.2024.101345","url":null,"abstract":"<div><div>We examine how climate risk influences analyst forecast accuracy proxied by forecast error and dispersion. Using country-level climate risk estimated with time trends in droughts, we find that analyst forecasts are less accurate for firms in drought-prone countries. This effect of climate risk is stronger when climate risks are denoted in earnings forecasts, and when firms’ home countries have greater reliance on hydroelectric sources in electricity generation, more important agricultural and food industries, and active stances concerning climate change. Overall, our findings suggest noteworthy implications of climate risk on the financial markets via analyst forecast accuracy.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142571497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Macroprudential policy and systemic risk in G20 nations G20 国家的宏观审慎政策和系统性风险
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-10-19 DOI: 10.1016/j.jfs.2024.101340
Shivani Narayan , Dilip Kumar
{"title":"Macroprudential policy and systemic risk in G20 nations","authors":"Shivani Narayan ,&nbsp;Dilip Kumar","doi":"10.1016/j.jfs.2024.101340","DOIUrl":"10.1016/j.jfs.2024.101340","url":null,"abstract":"<div><div>Using a panel of 496 banks from the G20 nations, the study assesses the role of macroprudential policies in reducing systemic risk. The study further assesses the utility of these policies in conjunction with monetary policy instruments and bank and country-specific characteristics and finds the significant impact of macroprudential policies in curbing systemic risk and promoting economic stability. The study finds this relationship to hold regardless of economic conditions like inflationary pressure and financial distress. The result highlights that easing macroprudential policies during financial distress can help banks cope with systemic losses. We split the macroprudential policies into policies targeting the demand and supply of loans and find complementarity among the policies to reduce systemic risk. Our results demonstrate the heterogenous effect of macroprudential policies in limiting systemic risk, with the effect varying with bank size, leverage, liquidity, and concentration of loans. Finally, we find a moderating role of these policies in limiting the impact of uncertainties on systemic risk.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142538699","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Estimating systemic risk for non-listed Euro-area banks 估算欧元区非上市银行的系统性风险
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-10-18 DOI: 10.1016/j.jfs.2024.101339
Robert F. Engle , Tina Emambakhsh , Simone Manganelli , Laura Parisi , Riccardo Pizzeghello
{"title":"Estimating systemic risk for non-listed Euro-area banks","authors":"Robert F. Engle ,&nbsp;Tina Emambakhsh ,&nbsp;Simone Manganelli ,&nbsp;Laura Parisi ,&nbsp;Riccardo Pizzeghello","doi":"10.1016/j.jfs.2024.101339","DOIUrl":"10.1016/j.jfs.2024.101339","url":null,"abstract":"<div><div>SRISK is a measure of a firms' systemic risk contribution that is computed using its listed stock market price. SRISK measurement is extended and applied to firms that do not have listed equity. A mapping from balance sheet characteristics to SRISK for listed firms is applied to SRISK for unlisted European banks. The mapping is validated by comparing SRISK measures for unlisted banks with their losses in European bank stress-testing.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142586172","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A dealer’s funding liquidity risk and its money market trades in the 2007/08 crisis 2007/08 年危机中交易商的资金流动性风险及其货币市场交易
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-10-17 DOI: 10.1016/j.jfs.2024.101337
Falko Fecht , Stefan Reitz , Patrick Weber
{"title":"A dealer’s funding liquidity risk and its money market trades in the 2007/08 crisis","authors":"Falko Fecht ,&nbsp;Stefan Reitz ,&nbsp;Patrick Weber","doi":"10.1016/j.jfs.2024.101337","DOIUrl":"10.1016/j.jfs.2024.101337","url":null,"abstract":"<div><div>In this study, we examine the trading book of a major dealer in the European unsecured money market, focusing on the impact of a dealer’s own funding liquidity risk on the pricing of his interbank trades pre- and post- the 2007/08 financial crisis. Our analysis reveals two key insights: First, utilizing a panel model, we observe that heightened funding liquidity risks for the dealer generally affect his quoted prices for interbank liquidity. Second, while in tranquil periods this effect is statistically significant but economically less pronounced, the collapse of Lehman Brothers led to a strong liquidity pricing effect: a one standard deviation increase in the funding liquidity risk of the dealer translated to a 11 basis points higher mid-price for overnight liquidity. We thus find evidence that funding liquidity risks exacerbated the overall contraction of money market liquidity during this period.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142531949","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The sale of failed banks: The importance of their branch networks and of the acquirers’ financial strength 出售倒闭银行：分行网络和收购方财务实力的重要性
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-10-15 DOI: 10.1016/j.jfs.2024.101338
Pejman Abedifar , Morteza Abdollahzadeh , Amine Tarazi , Lawrence J. White
{"title":"The sale of failed banks: The importance of their branch networks and of the acquirers’ financial strength","authors":"Pejman Abedifar ,&nbsp;Morteza Abdollahzadeh ,&nbsp;Amine Tarazi ,&nbsp;Lawrence J. White","doi":"10.1016/j.jfs.2024.101338","DOIUrl":"10.1016/j.jfs.2024.101338","url":null,"abstract":"<div><div>This paper investigates the pricing of insolvent banks in the U.S. that are sold under the <em>purchase and assumption</em> resolution method of the Federal Deposit Insurance Corporation (FDIC). We consider quarterly data for 444 acquisitions of insolvent U.S. banks between 2009 and 2016. We find that acquirers not only pay higher prices for insolvent banks with larger core deposits, as has been highlighted by the literature (and is consistent with the FDIC’s beliefs), but also for those banks with larger branch networks that are less dispersed geographically. When the acquirers bid (separately) for the assets of the insolvent banks, they place a positive value on the number of branches of the insolvent bank, but appear to be insensitive to geographic dispersion. Acquirers also pay more for banks with a national charter. The results additionally show that failed banks are most likely to be acquired by relatively large and highly capitalized banks whose organic growth is not affected in the years following the acquisition. Overall, our findings contribute to a better understanding of the implications of the <em>purchase and assumption</em> resolution method for the FDIC and for the banking industry.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142531948","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do repeated government infusions help financial stability? Evidence from an emerging market 政府反复注资是否有助于金融稳定？新兴市场的证据
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-10-09 DOI: 10.1016/j.jfs.2024.101334
Madhu Kalimipalli , Olaleye Morohunfolu , Shankar Ramachandran
{"title":"Do repeated government infusions help financial stability? Evidence from an emerging market","authors":"Madhu Kalimipalli ,&nbsp;Olaleye Morohunfolu ,&nbsp;Shankar Ramachandran","doi":"10.1016/j.jfs.2024.101334","DOIUrl":"10.1016/j.jfs.2024.101334","url":null,"abstract":"<div><div>While government led bank capital infusions in US and other developed markets have been usually contingent an external shock or crisis episode, India presents a unique setting where significant capital infusions happen annually to stabilize the weak balance sheets of undercapitalized government owned public sector banks. Such <em>“repeated”</em> capital infusions can either better engender financial stability, given the timely government interventions; or create instability arising from possible moral hazard concerns. \"<em>Do such repeated government capital infusions lower banks’ financial risks and improve financial stability?</em>” We shed light on the question through the lens of capital infusions in the Indian market. Based on the exhaustive sample of government capital infusions into public sector banks for the period 2008–18, we find robust evidence that capital infusions are associated with economically significant higher default, capital shortfall and network risks post-infusion, signaling a moral hazard problem, where treated banks may assume more risky investments.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142531947","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Capital controls in China: A necessity for macroeconomic stability 中国的资本管制：宏观经济稳定的必要性
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-09-24 DOI: 10.1016/j.jfs.2024.101335
Cheng Zhou
{"title":"Capital controls in China: A necessity for macroeconomic stability","authors":"Cheng Zhou","doi":"10.1016/j.jfs.2024.101335","DOIUrl":"10.1016/j.jfs.2024.101335","url":null,"abstract":"<div><div>This paper investigates the crucial role of capital controls in maintaining macroeconomic stability in China. We develop an open macroeconomic model integrating capital controls within a managed floating exchange rate system. Our model shows that capital controls enhance the effectiveness of foreign exchange interventions by restricting capital outflows and providing a broader array of policy options, though they may also create discrepancies between domestic and foreign asset holdings. Simulations using quarterly time-series data reveal that capital controls are essential for the success of both sterilized and non-sterilized interventions. These results indicate that the combined use of capital controls and foreign exchange interventions can reduce macroeconomic volatility in China. Moreover, our analysis of fixed versus floating exchange rate regimes suggests that an inappropriate regime choice can increase volatility in capital flows. Therefore, China should adopt a balanced financial approach within its managed floating system to stabilize the macroeconomy.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142357136","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Independent directors’ connectedness and bank risk-taking 独立董事的关联性与银行风险承担
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-09-14 DOI: 10.1016/j.jfs.2024.101324
Abu Amin , Sabur Mollah , Syed Kamal , Yang Zhao , Rasim Simsek
{"title":"Independent directors’ connectedness and bank risk-taking","authors":"Abu Amin ,&nbsp;Sabur Mollah ,&nbsp;Syed Kamal ,&nbsp;Yang Zhao ,&nbsp;Rasim Simsek","doi":"10.1016/j.jfs.2024.101324","DOIUrl":"10.1016/j.jfs.2024.101324","url":null,"abstract":"<div><p>This study examines the role of independent directors’ network centrality in bank risk-taking. Following the shareholder-incentive hypothesis and social-network theory, we predict and find that independent directors’ connectedness is positively associated with bank risk-taking. The results hold after a battery of robustness checks and endogeneity tests. Furthermore, consistent with the influence channel of networks, we show that connectedness empowers independent directors, whereas influential independent directors facilitate aggressive investment. We also find that the risk-taking effects are more pronounced for complex banks and banks with higher equity capital, higher income diversity, and lower cost-efficiency.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1572308924001098/pdfft?md5=74e86273ebeb5134515a982658a3114a&pid=1-s2.0-S1572308924001098-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142272226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Bank runs and media freedom: What you don’t know won’t hurt you? 银行挤兑与媒体自由：你不知道的事不会伤害你？
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-08-28 DOI: 10.1016/j.jfs.2024.101323
Maria Semenova , Vladimir Sokolov , Alexander Benov
{"title":"Bank runs and media freedom: What you don’t know won’t hurt you?","authors":"Maria Semenova ,&nbsp;Vladimir Sokolov ,&nbsp;Alexander Benov","doi":"10.1016/j.jfs.2024.101323","DOIUrl":"10.1016/j.jfs.2024.101323","url":null,"abstract":"<div><p>This paper examines the influence of media freedom restrictions on retail depositor behavior during banking crises. Non-professional, retail depositors are particularly affected due to insufficient access to vital information about the banking industry's vulnerability and broad macroeconomic conditions amidst the crisis. Using data from 85 countries from 2004 to 2019, we found that during crises, higher media restrictions lead to an increase in the rate of household deposit withdrawals. If media restrictions hinder depositors from accurately assessing the banking sector’s exposure, there is a higher likelihood of panic-based response in uncertain times brought on by the banking crisis, potentially triggering bank runs. Furthermore, our results reveal that lower banking sector risk can mitigate the negative effect of media restrictions on retail deposit growth during a banking crisis, especially in middle-income OECD and non-OECD countries, countries with stronger institutional environments, and countries with higher financial literacy. As a policy suggestion, promoting financial literacy could help reduce information asymmetry and prevent panic withdrawals, even in environments with significant media restrictions.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142122153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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