Journal of Financial Stability最新文献_第3页

Macroprudential policy and systemic risk: The role of corporate and household credit booms 宏观审慎政策和系统性风险：企业和家庭信贷繁荣的作用

IF 6.1 2区经济学

Journal of Financial Stability Pub Date : 2025-02-08 DOI: 10.1016/j.jfs.2025.101390

Peter Karlström

引用次数: 0

Stock liquidity and corporate climate performance: evidence from China 股票流动性与企业环境绩效：来自中国的证据

IF 6.1 2区经济学

Journal of Financial Stability Pub Date : 2025-02-06 DOI: 10.1016/j.jfs.2025.101389

Linda Tinofirei Muchenje

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引用次数: 0

Stress testing OTC derivatives: Clearing reforms and market frictions 场外衍生品压力测试：清算改革与市场摩擦

IF 6.1 2区经济学

Journal of Financial Stability Pub Date : 2025-02-03 DOI: 10.1016/j.jfs.2025.101388

Barbara Casu , Elena Kalotychou , Petros Katsoulis

引用次数: 0

Does digital transformation enhance bank soundness? Evidence from Chinese commercial banks 数字化转型是否增强了银行的稳健性？来自中国商业银行的证据

IF 6.1 2区经济学

Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2025.101374

Haifeng Hu , Tao Wei , Aiping Wang

{"title":"Does digital transformation enhance bank soundness? Evidence from Chinese commercial banks","authors":"Haifeng Hu , Tao Wei , Aiping Wang","doi":"10.1016/j.jfs.2025.101374","DOIUrl":"10.1016/j.jfs.2025.101374","url":null,"abstract":"<div><div>Compared with the previous literature on external FinTech, this paper is more interested in the role played by bank FinTech. On the basis of panel data from Chinese commercial banks spanning 2010–2021, this paper investigates the impact of digital transformation on bank soundness and its potential mechanisms. The empirical findings demonstrate a positive association between digital transformation and bank soundness, driven primarily by strategic and management digitization. Mechanistic analysis indicates that digital transformation improves bank soundness by mitigating risk-taking behavior and promoting diversification. The positive effect of digital transformation is more pronounced in state-owned and joint-stock banks, banks with higher liquidity mismatch and in the subsamples with greater levels of external FinTech development and economic policy uncertainty. Additional analysis suggests that digital transformation can still enhance bank soundness even in the presence of relatively lenient monetary and macroprudential policies, highlighting the harmonization and complementarity between internal innovation from digital transformation and external regulatory policies in maintaining banking stability. Overall, this paper contributes to the literature on bank FinTech, which focuses on the factors influencing bank stability. This study also provides a novel explanation for the relationship between financial innovation and financial stability.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101374"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143410","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

Robust-less-fragile: Tackling systemic risk and financial contagion in a macro agent-based model 稳健而不脆弱：在基于主体的宏观模型中应对系统性风险和金融传染

IF 6.1 2区经济学

Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2024.101352

Gianluca Pallante , Mattia Guerini , Mauro Napoletano , Andrea Roventini

{"title":"Robust-less-fragile: Tackling systemic risk and financial contagion in a macro agent-based model","authors":"Gianluca Pallante , Mattia Guerini , Mauro Napoletano , Andrea Roventini","doi":"10.1016/j.jfs.2024.101352","DOIUrl":"10.1016/j.jfs.2024.101352","url":null,"abstract":"<div><div>We extend the <em>Schumpeter meeting Keynes</em> (K+S) agent-based model by introducing an evolving interbank network in the money market. Banks are exposed to counterparty risk and evaluate interbank positions using a network valuation (NEVA) clearing mechanism, which ensures systemic risk minimization with minimal assumptions on banks’ behavior. The model can replicate several stylized facts about the topology of the interbank network and the dynamics of banks’ balance sheets. The model encompasses financial contagion and systemic risk, allowing us to study the interactions between micro- and macro-prudential policies. Our results suggest that the introduction of a micro-prudential regulation also accounting for the network structure can reduce the incidence of systemic risk events. We also find that, in presence of a two-pillar regulatory framework – grounded on a <em>Basel III macro-prudential</em> regulation and a <em>NEVA-based micro-prudential</em> one –, there is no trade-off between financial stability and macroeconomic performance. This points towards the possibility of designing a regulatory framework able to achieve financial stability without overly stringent capital requirements.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101352"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143412","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

Institutional ownership and bank failure 机构所有权和银行破产

IF 6.1 2区经济学

Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2024.101366

Elyas Elyasiani , Jingyi Jia

{"title":"Institutional ownership and bank failure","authors":"Elyas Elyasiani , Jingyi Jia","doi":"10.1016/j.jfs.2024.101366","DOIUrl":"10.1016/j.jfs.2024.101366","url":null,"abstract":"<div><div>We study the relationship between bank failure and dedicated institutional ownership (hereafter IO) employing a logit model. We focus on dedicated institutional investors (hereafter IIs) as defined by Bushee (2001) and Bushee and NOE (2000) because they are stable shareholders and have large investments in the investee companies. Four results are obtained. First, based on the instrumental variable approach, a greater proportion of dedicated IO is associated with reduced probability of bank failure. This result is robust to the propensity score matching technique. The rationale is that dedicated IIs collect information on the investee banks by holding stable and concentrated positions in these banks, monitor them, and reduce their ownership in cases of trouble earlier than other IIs do. This effect has a larger magnitude in banks with greater organizational complexity and larger size. Second, after controlling for the sell herding effect of other IIs, we find that the dedicated IO proportion still has a negative and significant coefficient, indicating that dedicated IIs trade on fundamental information rather than herding with other IIs. Third, three potential channels of collecting information, (i) placing representatives on the board as directors, (ii) greater capacity in analyzing financial statements through cross-ownership in other banks, and (iii) higher monitoring incentive due to more stable and concentrated ownership, are investigated. We find evidence in favor of the effect of cross-ownership in the banking industry, ownership stability and concentration. Fourth, the ownership of dedicated IIs is significantly larger in banks acquired by other banks than those filing for Chapter 7 liquidation, ascribing a constructive role for dedicated IIs.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101366"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143144324","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

Sectoral credit allocation and systemic risk 部门信贷配置和系统性风险

IF 6.1 2区经济学

Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2024.101363

Alin Marius Andrieş , Steven Ongena , Nicu Sprincean

{"title":"Sectoral credit allocation and systemic risk","authors":"Alin Marius Andrieş , Steven Ongena , Nicu Sprincean","doi":"10.1016/j.jfs.2024.101363","DOIUrl":"10.1016/j.jfs.2024.101363","url":null,"abstract":"<div><div>We examine the association between country-level sectoral credit dynamics and bank-level systemic risk. Contrary to most studies that only delve into broad-based credit development, we focus on sectoral credit allocation, specifically to households versus firms, and to the tradable versus non-tradable sector. Based on a global sample of 417 banks across 46 countries over the period 2000–2014, we find that lending to households and corporates in the non-tradable sector is positively associated with system-wide distress. Conversely, credit granted to corporations and to the tradable sector negatively correlates with banks’ systemic behavior. Sub-sample analysis shows that risks from household lending are transmitted through small banks, whereas non-tradable lending is transmitted through large banks. Moreover, banks located in emerging market and developing economies exhibit enhanced systemic behavior against the backdrop of higher household and tradable credit growth, whereas credit to non-tradable sector firms tends to increase systemic fragility of banks in advanced economies. By the same token, the results differ for the pre-crisis and crisis/post-crisis periods, with the full sample findings driven by the crisis/post-crisis timespan. The findings emphasize critical policy implications considering sectoral heterogeneity, bank size, country of incorporation of banks, and periods of financial tranquillity/instability. Authorities can intervene in the most systemic economic sectors and limit the accumulation of “bad credit” and preserve systemic resilience, while still benefiting from the positive impact of “good credit” on growth and financial stability.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101363"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143406","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

Financial subsidies, female employment, and plant performance — Evidence from a quasi-experiment 财政补贴、女性就业和工厂绩效——来自准实验的证据

IF 6.1 2区经济学

Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2024.101341

Raffi E. García , Ricardo A. López Rago

{"title":"Financial subsidies, female employment, and plant performance — Evidence from a quasi-experiment","authors":"Raffi E. García , Ricardo A. López Rago","doi":"10.1016/j.jfs.2024.101341","DOIUrl":"10.1016/j.jfs.2024.101341","url":null,"abstract":"<div><div>This paper exploits changes in financial subsidy programs to investigate their effect on female employment and firm performance. The identification strategy uses a quasi-experiment from a government policy change that eliminated financial support for exporting plants in the Chilean manufacturing industry. The difference-in-differences methodology shows that the policy change increased the share of total female employment by 3.3%, driven mainly by an increase of female workers in blue-collar occupations. In comparison, male labor experienced a drop of 4.4% in white-collar occupations in the treated plants relative to those in the control group. Plant total factor productivity (TFP) decreased due to the policy change, but both total gross output and sales rose approximately 7% on average. The paper explores two possible mechanisms to explain these findings: the technology adoption channel and changes in the gender composition of labor in the presence of a gender pay gap. The findings are consistent with the international trade and corporate finance literature on firm behavior under high market fixed and sunk costs.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101341"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143413","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 supervisory architecture and sovereign risk 银行监管架构与主权风险

IF 6.1 2区经济学

Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2024.101365

Pedro J. Cuadros-Solas , Carlos Salvador , Nuria Suárez

引用次数: 0

Regulatory uncertainty and TARP 监管不确定性和问题资产救助计划

IF 6.1 2区经济学

Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2024.101367

Yupeng Lin , Xin Liu , Anand Srinivasan

引用次数: 0