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
The digital dilemma: Corporate digital transformation and default risk 数字化困境：企业数字化转型与违约风险
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-03-01 Epub Date: 2025-02-14 DOI: 10.1016/j.jfs.2025.101393
Kai Wu, Yufei Lu
{"title":"The digital dilemma: Corporate digital transformation and default risk","authors":"Kai Wu,&nbsp;Yufei Lu","doi":"10.1016/j.jfs.2025.101393","DOIUrl":"10.1016/j.jfs.2025.101393","url":null,"abstract":"<div><div>This study investigates the association between corporate digital transformation and default risk for a sample of Chinese-listed firms from 2009 to 2022. We find a robust positive association between digital transformation and corporate default risk. Further tests reveal the destabilizing impact of digital adoption strengthens under greater competition, human capital intensity, shareholder expropriation, and weak monitoring. The additional analysis points to resource misallocation and managerial manipulations as two potential channels propagating distress. We show that digital transformation correlates with escalated asset impairments and financial frauds. Our study provides evidence that digital transformation strategies entail underappreciated risks to financial stability.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"77 ","pages":"Article 101393"},"PeriodicalIF":6.1,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143420374","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
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 : 2025-03-01 Epub Date: 2025-02-03 DOI: 10.1016/j.jfs.2025.101388
Barbara Casu , Elena Kalotychou , Petros Katsoulis
{"title":"Stress testing OTC derivatives: Clearing reforms and market frictions","authors":"Barbara Casu ,&nbsp;Elena Kalotychou ,&nbsp;Petros Katsoulis","doi":"10.1016/j.jfs.2025.101388","DOIUrl":"10.1016/j.jfs.2025.101388","url":null,"abstract":"<div><div>We develop a stress-testing network model calibrated to the largest banks and investment funds in over-the-counter (OTC) derivatives markets. We examine the impact of the mandatory collateralisation of bilateral OTC derivatives on liquidity, counterparty, and systemic risks, as well as the impact of market frictions on participants’ ability to withstand liquidity shocks. The collateralisation of bilateral trades reduces counterparty and systemic risks but increases the prominence of liquidity-driven defaults and the potential for the central counterparty to transmit losses. Frictions such as fire sales, delayed payments, and no partial payments by defaulted counterparties greatly increase liquidity risk and systemic losses.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"77 ","pages":"Article 101388"},"PeriodicalIF":6.1,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143201030","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 ECB’s APP’s impact on non-financial firms’ cost of borrowing and debt choice 欧洲央行APP对非金融企业借贷成本和债务选择的影响
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-03-01 Epub Date: 2025-01-31 DOI: 10.1016/j.jfs.2025.101387
Joana F. Kanda , João M. Pinto , Beatriz P. Silva
{"title":"The ECB’s APP’s impact on non-financial firms’ cost of borrowing and debt choice","authors":"Joana F. Kanda ,&nbsp;João M. Pinto ,&nbsp;Beatriz P. Silva","doi":"10.1016/j.jfs.2025.101387","DOIUrl":"10.1016/j.jfs.2025.101387","url":null,"abstract":"<div><div>We examine the impact of the ECB’s asset purchase programmes on euro area non-financial firms’ cost of borrowing and their choice between corporate bonds and syndicated loans. Our findings indicate that the Corporate Sector Purchase Programme (CSPP) reduced spreads for both eligible and non-eligible corporate bonds, and that ECB purchases of covered bonds positively affected corporate bond spreads. The CSPP also compressed spreads across all syndicated loans, irrespective of eligibility. We find evidence supporting a “cost of borrowing channel” for covered bonds under the first programme and asset-backed securities, indicating that syndicated loan spreads reflect banks’ borrowing costs in the bond market. Additionally, our results reveal that the CSPP significantly influenced firms’ debt financing choices, with these effects being more pronounced for non-switchers.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"77 ","pages":"Article 101387"},"PeriodicalIF":6.1,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143372777","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
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 : 2025-03-01 Epub Date: 2025-02-06 DOI: 10.1016/j.jfs.2025.101389
Linda Tinofirei Muchenje
{"title":"Stock liquidity and corporate climate performance: evidence from China","authors":"Linda Tinofirei Muchenje","doi":"10.1016/j.jfs.2025.101389","DOIUrl":"10.1016/j.jfs.2025.101389","url":null,"abstract":"<div><div>In this study, we consider for the first time whether and how stock liquidity impacts corporate climate performance in China. We find that an increase in stock liquidity is highly associated with lower carbon emissions. To address endogeneity concerns, we exploit a unique quasi-natural experiment in China— the stock market liberalization (Shanghai-Shenzhen Hong Kong Stock Connect). Using difference-in-differences (DID) estimations, we find that carbon emissions for treatment firms substantially decrease after the stock market liberalization. The impact of stock liquidity is more pronounced for enterprises facing severe financial constraints, greater equity dependence, and operating in pollution-intensive sectors. Similarly, we find that external monitoring, carbon abatement investment, and green innovation are plausible channels through which stock liquidity drives carbon emissions reduction. We further find that the sensitivity of corporate climate performance to improved stock liquidity becomes stronger following the Paris Agreement. Overall, we uncover new evidence on the impact of stock liquidity on corporate climate performance, expanding our understanding of the role of financial markets towards a greener economy.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"77 ","pages":"Article 101389"},"PeriodicalIF":6.1,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143378699","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 performance of FDIC-identified community banks 联邦存款保险公司认定的社区银行的业绩
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-03-01 Epub Date: 2025-02-12 DOI: 10.1016/j.jfs.2025.101394
Athina Petropoulou , Vasileios Pappas , Steven Ongena , Dimitrios Gounopoulos , Richard Fairchild
{"title":"The performance of FDIC-identified community banks","authors":"Athina Petropoulou ,&nbsp;Vasileios Pappas ,&nbsp;Steven Ongena ,&nbsp;Dimitrios Gounopoulos ,&nbsp;Richard Fairchild","doi":"10.1016/j.jfs.2025.101394","DOIUrl":"10.1016/j.jfs.2025.101394","url":null,"abstract":"<div><div>In recognizing the uniqueness of their business model, the FDIC launched a new community bank definition in 2012 (reaffirmed in 2020) that changed its approach to identifying this bank group. This paper examines the impact of this re-defined community bank status on bank performance. Using a quasi-difference-in-differences approach, the study finds that banks that obtain the community bank status exhibit greater financial stability and lower risk, with lending and deposit structures mediating these effects. These findings offer new insights into a \"warm glow\" effect brought by the re-classification, affecting the performance of these institutions. By assigning the community bank status, the FDIC may have tapped into the social and emotional significance tied to the word \"community\" for various stakeholders.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"77 ","pages":"Article 101394"},"PeriodicalIF":6.1,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143420072","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 diversity and financial contagion 银行多元化和金融传染
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-03-01 Epub Date: 2025-02-14 DOI: 10.1016/j.jfs.2025.101392
Emmanuel Caiazzo , Alberto Zazzaro
{"title":"Bank diversity and financial contagion","authors":"Emmanuel Caiazzo ,&nbsp;Alberto Zazzaro","doi":"10.1016/j.jfs.2025.101392","DOIUrl":"10.1016/j.jfs.2025.101392","url":null,"abstract":"<div><div>This paper analyzes financial contagion in a banking system where banks are linked to each other by interbank claims and common assets. We find that asset commonality makes banking systems more vulnerable to idiosyncratic liquidity shocks and helps to determine which interbank network structures are resistant to contagion. When the degree of commonality is homogeneous across banks, the complete interbank network, in which each bank borrows evenly from all the others, displays the usual robust-yet-fragile property. However, in the more general case of heterogeneous common asset holdings the complete interbank network is less resilient than other incomplete networks but not necessarily the most fragile. We also show that the degree and variability of asset commonality between banks and the way this intertwines with the cross-holdings of interbank deposits have important implications for macroprudential regulation.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"77 ","pages":"Article 101392"},"PeriodicalIF":6.1,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143420373","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
A network approach to interbank contagion risk in South Africa 南非银行间传染风险的网络方法
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-03-01 Epub Date: 2025-02-01 DOI: 10.1016/j.jfs.2025.101386
Pierre Nkou Mananga , Shiqiang Lin , Hairui Zhang
{"title":"A network approach to interbank contagion risk in South Africa","authors":"Pierre Nkou Mananga ,&nbsp;Shiqiang Lin ,&nbsp;Hairui Zhang","doi":"10.1016/j.jfs.2025.101386","DOIUrl":"10.1016/j.jfs.2025.101386","url":null,"abstract":"<div><div>We investigate the resilience of the South African banking sector by applying a dynamic agent-based model and the DebtRank algorithm. In contrast to previous studies focusing on listed banks, our methodology includes both listed and non-listed institutions that make up the banking industry, thereby capturing the systemic importance and vulnerability of all banks within the interbank market network. Our findings indicate that while larger banks exhibit greater systemic importance, a statistically significant correlation exists between a bank’s interbank-lending-to-equity ratio and vulnerability. Moreover, a bank’s size and specific interbank activities influence its systemic contribution, both in terms of importance and vulnerability. These insights offer policymakers an empirically grounded framework for improving financial stability monitoring and risk mitigation efforts.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"77 ","pages":"Article 101386"},"PeriodicalIF":6.1,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143201032","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
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 Epub Date: 2025-01-11 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 ,&nbsp;Tao Wei ,&nbsp;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
Banks, freedom, and political connections: New evidence from around the world 银行、自由和政治关系：来自世界各地的新证据
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-02-01 Epub Date: 2024-11-22 DOI: 10.1016/j.jfs.2024.101353
Bartłomiej Cegłowski , Krzysztof Jackowicz , Łukasz Kozłowski , Iwa Kuchciak
{"title":"Banks, freedom, and political connections: New evidence from around the world","authors":"Bartłomiej Cegłowski ,&nbsp;Krzysztof Jackowicz ,&nbsp;Łukasz Kozłowski ,&nbsp;Iwa Kuchciak","doi":"10.1016/j.jfs.2024.101353","DOIUrl":"10.1016/j.jfs.2024.101353","url":null,"abstract":"<div><div>This study examines how various facets of social and political freedom shape the impact of political connections on bank lending. Using a new dataset covering the period 2007–2018 and more than 100 countries, we find that the establishment of political connections stimulates lending, but only in countries with constrained media freedom and restricted freedom of association and expression, as well as in those scoring low on political rights and civil liberties. These results suggest that social and political freedom constitute critical factors that limit the resource-allocation distortions caused by political connections.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101353"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142699292","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
Unlocking strategic alliances: The role of common institutional blockholders in promoting collaboration and trust 开启战略联盟：共同机构股东在促进合作与信任方面的作用
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-02-01 Epub Date: 2024-11-17 DOI: 10.1016/j.jfs.2024.101350
Thomas J. Chemmanur , Yao Shen , Jing Xie
{"title":"Unlocking strategic alliances: The role of common institutional blockholders in promoting collaboration and trust","authors":"Thomas J. Chemmanur ,&nbsp;Yao Shen ,&nbsp;Jing Xie","doi":"10.1016/j.jfs.2024.101350","DOIUrl":"10.1016/j.jfs.2024.101350","url":null,"abstract":"<div><div>This paper investigates the role of common institutional blockholders (CIBs) in promoting strategic alliances and facilitating the transfer of human capital between alliance partner firms. We find that firms are more likely to form strategic alliances (including research and development (R&amp;D), licensing, manufacturing, and marketing alliances) when they share CIBs with a larger proportion of their industry peers. To establish a causal relationship, we exploit the exogenous shocks to CIB ownership induced by annual Russell 1000/2000 index reconstitutions. Our firm-pair-level analysis indicates that two firms are more likely to form alliances when they share a CIB. Additionally, we show that R&amp;D alliance partner firms connected through CIBs exhibit greater across-partner redeployment of R&amp;D-related human capital than partner firms without CIB connections. Overall, our findings underscore the significance of common institutional blockholder ownership in reducing the distrust that hinders strategic alliance formation and in realizing the economic benefits of such alliances.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101350"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142699291","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：604180095
Book学术官方微信
小红书