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Open-economy macroeconomics with financial frictions: A simple model with flexible exchange rates 具有金融摩擦的开放经济宏观经济学：具有灵活汇率的简单模型
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-07-08 DOI: 10.1016/j.jfs.2024.101293
Pierre-Richard Agénor
{"title":"Open-economy macroeconomics with financial frictions: A simple model with flexible exchange rates","authors":"Pierre-Richard Agénor","doi":"10.1016/j.jfs.2024.101293","DOIUrl":"https://doi.org/10.1016/j.jfs.2024.101293","url":null,"abstract":"<div><p>A simple macroeconomic model with banking, financial frictions, and flexible exchange rates is used to study the performance of fiscal, monetary and macroprudential policy combinations in response to domestic and external shocks. After characterizing the transmission process of each instrument, a diagrammatic analysis of how these policies should be used, either individually or jointly, to promote economic and financial stability, is provided. The analysis shows that whether a policy should be assigned to internal or external balance, and whether it should be contractionary or expansionary, depends not only on the nature of the shocks impinging on the economy but also on the range of tools available to policymakers and the strength of financial frictions. In particular, in response to an external financial shock, monetary policy should be assigned to external balance, and fiscal policy or macroprudential regulation to internal balance. These two policies are substitutes when used in combination with monetary policy.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1572308924000780/pdfft?md5=d00c91ae24b7216cce9e04a1886cd532&pid=1-s2.0-S1572308924000780-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141604955","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
Corporate disclosure behavior during financial crises: Evidence from Korea 金融危机期间的企业信息披露行为：韩国的证据
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-07-06 DOI: 10.1016/j.jfs.2024.101298
Yeonghyeon Kim , Junyong Lee , Kyounghun Lee , Frederick Dongchuhl Oh
{"title":"Corporate disclosure behavior during financial crises: Evidence from Korea","authors":"Yeonghyeon Kim ,&nbsp;Junyong Lee ,&nbsp;Kyounghun Lee ,&nbsp;Frederick Dongchuhl Oh","doi":"10.1016/j.jfs.2024.101298","DOIUrl":"https://doi.org/10.1016/j.jfs.2024.101298","url":null,"abstract":"<div><p>We examine corporate disclosure patterns according to changes in firm states during financial crises in Korea. Using panel data on Korean listed firms from 1995 to 2019, we first confirm that they transparently (opaquely) disclose information when the change in return on assets is positive (negative) during crises. Moreover, we check that these disclosure patterns increase debt financing but are ineffective for equity financing. Finally, for chaebols with internal capital markets, we find that internal capital receivers provide transparent (opaque) disclosure of negative (positive) changes in their states. By contrast, providers show the opposite patterns. (JEL G01, G30, M40)</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141596021","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
Societal trust and corporate bankruptcy 社会信任与公司破产
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-07-03 DOI: 10.1016/j.jfs.2024.101296
Anand Jha , Renee Oyotode-Adebile , Zubair Ali Raja
{"title":"Societal trust and corporate bankruptcy","authors":"Anand Jha ,&nbsp;Renee Oyotode-Adebile ,&nbsp;Zubair Ali Raja","doi":"10.1016/j.jfs.2024.101296","DOIUrl":"https://doi.org/10.1016/j.jfs.2024.101296","url":null,"abstract":"<div><p>We find that societal trust—the extent to which residents of a country trust others—is associated with a more efficient bankruptcy process. Bankruptcy resolutions are faster, efficient outcomes are more likely, and the value lost during the bankruptcy process is lower in countries with higher societal trust. This effect of societal trust on the efficiency of the bankruptcy process is more pronounced in countries with low-income per capita, and in corrupt countries. Our results are derived from the analysis of survey data concerning the outcomes of a hypothetical firm's bankruptcy in 99 countries from 2004 to 2020, a dataset also utilized by Djankov et al. (2008).</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141604953","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
When banks become pure creditors: The effects of declining shareholding by Japanese banks on bank lending and firms’ risk-taking 当银行成为纯粹的债权人时：日本银行持股比例下降对银行贷款和企业风险承担的影响
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-06-29 DOI: 10.1016/j.jfs.2024.101294
Arito Ono , Katsushi Suzuki , Iichiro Uesugi
{"title":"When banks become pure creditors: The effects of declining shareholding by Japanese banks on bank lending and firms’ risk-taking","authors":"Arito Ono ,&nbsp;Katsushi Suzuki ,&nbsp;Iichiro Uesugi","doi":"10.1016/j.jfs.2024.101294","DOIUrl":"https://doi.org/10.1016/j.jfs.2024.101294","url":null,"abstract":"<div><p>This study empirically examines the impact of an exogenous decrease in banks’ shareholding on bank loans and firms’ risk-taking, utilizing a regulatory change in Japan relating to banks’ shareholding as an instrument. We find that an exogenous reduction in a bank’s shareholding decreased the bank’s share of loans in the client firm’s total loans, while it increased the volatility of a firm’s return on assets. The reduction in a bank’s shareholding did not affect firm risk as perceived by equity investors or its borrowing terms. These findings are consistent with the prediction that banks hold equity claims over client firms to gain a competitive advantage, and are weakly compatible with the prediction that banks’ shareholding mitigates shareholder–creditor conflict.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141604954","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
Comparable but is it informative?Accounting information comparability and price synchronicity 会计信息的可比性和价格同步性
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-06-28 DOI: 10.1016/j.jfs.2024.101297
Desheng Liu , Yiqing Wang , Mingsheng Li
{"title":"Comparable but is it informative?Accounting information comparability and price synchronicity","authors":"Desheng Liu ,&nbsp;Yiqing Wang ,&nbsp;Mingsheng Li","doi":"10.1016/j.jfs.2024.101297","DOIUrl":"https://doi.org/10.1016/j.jfs.2024.101297","url":null,"abstract":"<div><p>Increasing accounting information comparability (AIC) theoretically facilitates investors’ analysis of firm performance and improves stock price informativeness by incorporating more firm-specific information. However, achieving the purported purpose empirically is subject to firms’ institutional environment and corporate governance. We propose that under weak legal systems and less developed market environments, higher AIC may adversely affect price informativeness due to managers’ incentives and ability to obfuscate information and investors’ “hallo” effect. Using a large sample from China, we show that the AIC is positively related to price synchronicity, an inverse measure of price informativeness. Additionally, the positive impact is significantly greater for firms located in regions with weak legal systems and less developed market environments. The positive relation is also significantly greater when the business environment and economic policy uncertainties are high.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141483515","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
Funding liquidity creation by banks 银行创造的资金流动性
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-06-28 DOI: 10.1016/j.jfs.2024.101295
Anjan Thakor , Edison G. Yu
{"title":"Funding liquidity creation by banks","authors":"Anjan Thakor ,&nbsp;Edison G. Yu","doi":"10.1016/j.jfs.2024.101295","DOIUrl":"https://doi.org/10.1016/j.jfs.2024.101295","url":null,"abstract":"<div><p>Relying on theories in which bank create private money by making loans that create deposits—a process we call “funding liquidity creation”—we measure how much funding liquidity the U.S. banking system creates. Private money creation by banks enables lending to not be constrained by the supply of cash deposits. During the 2001–2020 period, 92 percent of bank deposits were due to funding liquidity creation, and during 2011–2020 funding liquidity creation averaged $10.7 trillion per year, or 57 percent of GDP. Using natural disasters data, we provide causal evidence that better-capitalized banks create more funding liquidity and lend more even during times when cash deposit balances are falling or unchanged. Large banks as well as the top banks in Federal Reserve districts create more liquidity.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141596022","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
Climate policy uncertainty and bank systemic risk: A creative destruction perspective 气候政策的不确定性与银行系统性风险：创造性破坏视角
IF 5.4 2区 经济学
Journal of Financial Stability Pub Date : 2024-06-08 DOI: 10.1016/j.jfs.2024.101289
Yulin Liu , Junbo Wang , Fenghua Wen , Chunchi Wu
{"title":"Climate policy uncertainty and bank systemic risk: A creative destruction perspective","authors":"Yulin Liu ,&nbsp;Junbo Wang ,&nbsp;Fenghua Wen ,&nbsp;Chunchi Wu","doi":"10.1016/j.jfs.2024.101289","DOIUrl":"https://doi.org/10.1016/j.jfs.2024.101289","url":null,"abstract":"<div><p>We conduct an international study on the effect of climate policy uncertainty on the systemic risk of banks from G20 countries. We find that climate policy uncertainty is associated with lower bank systemic risk. This relation is more pronounced in countries with high innovation capacity, climate readiness, more systemically important banks, and a more competitive banking system. Climate-related information disclosure and sustainable investments are critical economic channels through which the effect of climate policy uncertainty works. Our findings alleviate the concern that climate transition risk may contribute to financial instability and provide practical implications for regulators to design climate transition policies.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141313975","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
Banking and macro risks 银行业和宏观风险
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-06-04 DOI: 10.1016/j.jfs.2024.101291
{"title":"Banking and macro risks","authors":"","doi":"10.1016/j.jfs.2024.101291","DOIUrl":"10.1016/j.jfs.2024.101291","url":null,"abstract":"","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141392052","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
The impact of fintech lending on credit access for U.S. small businesses 金融科技贷款对美国小企业获得信贷的影响
IF 5.4 2区 经济学
Journal of Financial Stability Pub Date : 2024-06-04 DOI: 10.1016/j.jfs.2024.101290
Giulio Cornelli , Jon Frost , Leonardo Gambacorta , Julapa Jagtiani
{"title":"The impact of fintech lending on credit access for U.S. small businesses","authors":"Giulio Cornelli ,&nbsp;Jon Frost ,&nbsp;Leonardo Gambacorta ,&nbsp;Julapa Jagtiani","doi":"10.1016/j.jfs.2024.101290","DOIUrl":"https://doi.org/10.1016/j.jfs.2024.101290","url":null,"abstract":"<div><p>Small business lending (SBL) plays an important role in funding productive investment and fostering local economic growth. Recently, nonbank lenders have gained market share in the SBL market in the United States, especially relative to community banks. Among nonbanks, fintech lenders have become particularly active, leveraging alternative data and complex modeling for their own internal credit scoring. We use proprietary loan-level data from two fintech SBL platforms (Funding Circle and LendingClub) to explore the characteristics of loans originated pre-pandemic (2016<img>2019). Our results show that these fintech SBL platforms lent relatively more in zip codes with higher unemployment rates and higher business bankruptcy filings. Moreover, fintech platforms’ internal credit scores were able to predict future loan performance more accurately than traditional credit scores, particularly in areas with high unemployment. Using Y-14 M loan-level bank data, we compare fintech SBL with traditional bank business cards in terms of credit access and interest rates. Overall, while not all fintech firms follow the same approach, we find that fintech lenders could help close the credit gap, allowing small businesses that were less likely to receive credit through traditional lenders to access credit and potentially at lower cost.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141324987","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
How do machine learning and non-traditional data affect credit scoring? New evidence from a Chinese fintech firm 机器学习和非传统数据如何影响信用评分？来自一家中国金融科技公司的新证据
IF 5.4 2区 经济学
Journal of Financial Stability Pub Date : 2024-06-04 DOI: 10.1016/j.jfs.2024.101284
Leonardo Gambacorta , Yiping Huang , Han Qiu , Jingyi Wang
{"title":"How do machine learning and non-traditional data affect credit scoring? New evidence from a Chinese fintech firm","authors":"Leonardo Gambacorta ,&nbsp;Yiping Huang ,&nbsp;Han Qiu ,&nbsp;Jingyi Wang","doi":"10.1016/j.jfs.2024.101284","DOIUrl":"https://doi.org/10.1016/j.jfs.2024.101284","url":null,"abstract":"<div><p>This paper compares the predictive power of credit scoring models based on machine learning techniques with that of traditional loss and default models. Using proprietary transaction-level data from a leading fintech company in China, we test the performance of different models to predict losses and defaults both in normal times and when the economy is subject to a shock. In particular, we analyse the case of an (exogenous) change in regulation policy on shadow banking in China that caused credit conditions to deteriorate. We find that the model based on machine learning and non-traditional data is better able to predict losses and defaults than traditional models in the presence of a negative shock to the aggregate credit supply. This result reflects a higher capacity of non-traditional data to capture relevant borrower characteristics and of machine learning techniques to better mine the non-linear relationship between variables in a period of stress.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141291059","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
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