经济政策的不确定性与流动性囤积:印度银行的计量经济学分析

IF 16.4 1区 化学 Q1 CHEMISTRY, MULTIDISCIPLINARY
Madhur Bhatia
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引用次数: 0

摘要

本研究调查了国家和全球层面的经济政策不确定性(EPU)对银行中介的综合衡量的影响,即 2005 年至 2020 年期间印度银行的流动性囤积(LH)。Driscoll-Kraay 非参数估计的结果表明,印度银行在经济不确定时期倾向于囤积流动性。根据溢出效应,与同业囤积较少的银行相比,同业囤积较多的银行在不确定时期倾向于囤积更多的流动性。此外,异质性分析表明,EPU 的幅度对大型银行、资本基础和流动性较差的银行、信用风险较高的银行和公共部门银行更具破坏性。我们的敏感性分析表明,信贷渠道理论中的资产负债表渠道和银行贷款渠道导致了更大的 LH。最后,研究表明,必须培育能够适应不断变化的经济环境的金融市场和机构,以减少 EPU 的负面影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Economic Policy Uncertainty and Liquidity Hoarding: Econometric Analysis for Indian Banks
The present study investigates the impact of economic policy uncertainty (EPU) at the national and global levels on a comprehensive measure of bank intermediation, that is, liquidity hoarding (LH) of Indian banks during the 2005 to 2020 period. The findings of the Driscoll–Kraay non-parametric estimator show that Indian banks tend to hoard liquidity in times of economic uncertainty. As per the spillover effects, banks having higher peer LH tend to hoard more liquidity during times of uncertainty compared to lower peer-hoarding banks. Furthermore, the heterogeneity analysis documents that the magnitude of EPU is more destructive for bigger banks, banks with lesser capital bases and liquidity, higher credit risk and public sector banks. Our sensitivity analysis reveals that greater LH is caused by the balance sheet and bank lending channels of credit channel theory. Finally, the study shows that it is imperative to cultivate the growth of financial markets and institutions that can adjust to evolving economic circumstances to lessen the negative effects of EPU.
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来源期刊
Accounts of Chemical Research
Accounts of Chemical Research 化学-化学综合
CiteScore
31.40
自引率
1.10%
发文量
312
审稿时长
2 months
期刊介绍: Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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