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
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":"73 ","pages":"Article 101294"},"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":"73 ","pages":"Article 101297"},"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":"73 ","pages":"Article 101295"},"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":"73 ","pages":"Article 101289"},"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":"74 ","pages":"Article 101291"},"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":"73 ","pages":"Article 101290"},"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":"73 ","pages":"Article 101284"},"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
Are ICOs the best? A comparison of different fundraising models in blockchain-based fundraising ICO 是最好的吗？基于区块链的不同筹资模式比较
IF 5.4 2区 经济学
Journal of Financial Stability Pub Date : 2024-05-31 DOI: 10.1016/j.jfs.2024.101288
Yan Sun, Sung-Byung Yang
{"title":"Are ICOs the best? A comparison of different fundraising models in blockchain-based fundraising","authors":"Yan Sun,&nbsp;Sung-Byung Yang","doi":"10.1016/j.jfs.2024.101288","DOIUrl":"https://doi.org/10.1016/j.jfs.2024.101288","url":null,"abstract":"<div><p>Blockchain is a ground-breaking technology with potential applications in fundraising. In this study, we analyze the blockchain-based fundraising data from 2019 to 2021 to investigate the differences between various fundraising models (i.e., ICO, IEO, IDO, and MIX). More specifically, in Study 1, we conduct ANCOVA and ANOVA to examine differences in fundraising success and token performance after listing between different fundraising models. In Study 2, we first explore the factors that affect fundraising success and token performance, and then verify whether the impact of these factors varies between fundraising models. The findings of our research have implications for both firms and investors, assisting firms in selecting the most effective fundraising models and aiding investors in identifying tokens with the greatest potential.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"73 ","pages":"Article 101288"},"PeriodicalIF":5.4,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141313976","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
Digital payments and bank competition 数字支付与银行竞争
IF 5.4 2区 经济学
Journal of Financial Stability Pub Date : 2024-05-29 DOI: 10.1016/j.jfs.2024.101287
Marianne Verdier
{"title":"Digital payments and bank competition","authors":"Marianne Verdier","doi":"10.1016/j.jfs.2024.101287","DOIUrl":"https://doi.org/10.1016/j.jfs.2024.101287","url":null,"abstract":"<div><p>This article examines how competition between banks and a digital PSP impacts the lending rate and the consumers’ use of payment instruments. The digital PSP offers a digital wallet and payment services, but does not offer credit. In contrast, banks invest their deposits in lending activities, which implies that they may incur some costs of adjusting their liquidity needs when consumers make payments. I show that the adoption of the digital wallet for payments may sometimes increase the volume of payments by bank deposit transfers and the lending rate. This results from banks’ trade-off between lowering their costs of liquidity when consumers pay from their digital wallet and reducing the revenues they receive from bank transfer fees.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"73 ","pages":"Article 101287"},"PeriodicalIF":5.4,"publicationDate":"2024-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141242098","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 simple model of a central bank digital currency 中央银行数字货币的简单模型
IF 5.4 2区 经济学
Journal of Financial Stability Pub Date : 2024-05-28 DOI: 10.1016/j.jfs.2024.101282
Bineet Mishra , Eswar Prasad
{"title":"A simple model of a central bank digital currency","authors":"Bineet Mishra ,&nbsp;Eswar Prasad","doi":"10.1016/j.jfs.2024.101282","DOIUrl":"https://doi.org/10.1016/j.jfs.2024.101282","url":null,"abstract":"<div><p>We develop a general equilibrium model that highlights the trade-offs between physical and digital forms of retail central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency, possibilities for tax evasion, and, potentially, nominal rates of return. We establish conditions under which cash and CBDC can co-exist and show how government policies can influence relative holdings of cash, CBDC, and other assets. We illustrate how a CBDC can facilitate negative nominal interest rates and helicopter drops, and also how a CBDC can be structured to prevent capital flight from other assets.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"73 ","pages":"Article 101282"},"PeriodicalIF":5.4,"publicationDate":"2024-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141314751","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
首页 上一页 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