低市净率和银行派息:经济政策影响

IF 4.5 3区 经济学 Q1 ECONOMICS
Leonardo Gambacorta, Tommaso Oliviero, Hyun Song Shin
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引用次数: 0

摘要

市净率较低的银行更倾向于派发股息。这种倾向在市净率低于0.7的银行中尤为明显,这是近年来许多银行的特点,尤其是在欧元区。我们使用29个司法管辖区271家发达经济体银行的数据来证明这些特征。当市净率降至0.7以下时,股息支出占利润的比例呈非线性上升。在固定资产负债表比率的假设中,我们发现,在不同的压力情景和参数化下,在2019冠状病毒病大流行期间,2020年暂停银行股息将使我们样本中的银行贷款能力增加0.2-1.1万亿美元,相当于GDP总量的0.3-1.6%。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Low price-to-book ratios and bank dividend payouts: economic policy implications
Banks with a low price-to-book ratio have a greater propensity to pay out dividends. This propensity is especially marked for banks with a price-to-book ratio below a threshold of 0.7, a situation that characterises many banks in recent years, especially in the euro area. We demonstrate these features using data for 271 advanced economy banks in 29 jurisdictions. Dividend payouts as a proportion of profits rise in a non-linear way as the price-to-book ratio falls below 0.7. In a hypothetical exercise with fixed balance sheet ratios, we find that a suspension of bank dividends in 2020 during the Covid-19 pandemic would have added, under different stress scenarios and parametrisations, an additional US$0.2–1.1 trillion of bank lending capacity in our sample, equivalent to 0.3–1.6% of total GDP.
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来源期刊
Economic Policy
Economic Policy ECONOMICS-
CiteScore
4.80
自引率
0.00%
发文量
41
期刊介绍: Economic Policy provides timely and authoritative analyses of the choices confronting policymakers. The subject matter ranges from the study of how individual markets can and should work to the broadest interactions in the world economy. Economic Policy features: Analysis of key issues as they emerge Views of top international economists Frontier thinking without technical jargon Wide-reaching coverage of worldwide policy debate
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