政府反复注资是否有助于金融稳定?新兴市场的证据

IF 6.1 2区 经济学 Q1 BUSINESS, FINANCE
Madhu Kalimipalli , Olaleye Morohunfolu , Shankar Ramachandran
{"title":"政府反复注资是否有助于金融稳定?新兴市场的证据","authors":"Madhu Kalimipalli ,&nbsp;Olaleye Morohunfolu ,&nbsp;Shankar Ramachandran","doi":"10.1016/j.jfs.2024.101334","DOIUrl":null,"url":null,"abstract":"<div><div>While government led bank capital infusions in US and other developed markets have been usually contingent an external shock or crisis episode, India presents a unique setting where significant capital infusions happen annually to stabilize the weak balance sheets of undercapitalized government owned public sector banks. Such <em>“repeated”</em> capital infusions can either better engender financial stability, given the timely government interventions; or create instability arising from possible moral hazard concerns. \"<em>Do such repeated government capital infusions lower banks’ financial risks and improve financial stability?</em>” We shed light on the question through the lens of capital infusions in the Indian market. Based on the exhaustive sample of government capital infusions into public sector banks for the period 2008–18, we find robust evidence that capital infusions are associated with economically significant higher default, capital shortfall and network risks post-infusion, signaling a moral hazard problem, where treated banks may assume more risky investments.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"75 ","pages":"Article 101334"},"PeriodicalIF":6.1000,"publicationDate":"2024-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Do repeated government infusions help financial stability? Evidence from an emerging market\",\"authors\":\"Madhu Kalimipalli ,&nbsp;Olaleye Morohunfolu ,&nbsp;Shankar Ramachandran\",\"doi\":\"10.1016/j.jfs.2024.101334\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>While government led bank capital infusions in US and other developed markets have been usually contingent an external shock or crisis episode, India presents a unique setting where significant capital infusions happen annually to stabilize the weak balance sheets of undercapitalized government owned public sector banks. Such <em>“repeated”</em> capital infusions can either better engender financial stability, given the timely government interventions; or create instability arising from possible moral hazard concerns. \\\"<em>Do such repeated government capital infusions lower banks’ financial risks and improve financial stability?</em>” We shed light on the question through the lens of capital infusions in the Indian market. Based on the exhaustive sample of government capital infusions into public sector banks for the period 2008–18, we find robust evidence that capital infusions are associated with economically significant higher default, capital shortfall and network risks post-infusion, signaling a moral hazard problem, where treated banks may assume more risky investments.</div></div>\",\"PeriodicalId\":48027,\"journal\":{\"name\":\"Journal of Financial Stability\",\"volume\":\"75 \",\"pages\":\"Article 101334\"},\"PeriodicalIF\":6.1000,\"publicationDate\":\"2024-10-09\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Financial Stability\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1572308924001190\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Financial Stability","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1572308924001190","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0

摘要

在美国和其他发达市场,政府主导的银行注资通常是在外部冲击或危机事件发生时进行的,而印度则是一个独特的环境,每年都会注入大量资本,以稳定政府拥有的公共部门银行薄弱的资产负债表。由于政府干预及时,这种 "重复 "的资本注入既可以更好地促进金融稳定,也可以因可能存在的道德风险问题而造成不稳定。"这种重复的政府资本注入是否会降低银行的金融风险并提高金融稳定性?我们通过印度市场的资本注入情况来揭示这个问题。基于 2008-18 年期间政府向公共部门银行注资的详尽样本,我们发现了有力的证据,表明注资与注资后违约、资本缺口和网络风险的经济显著上升相关,这表明存在道德风险问题,即接受注资的银行可能会承担更高的投资风险。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Do repeated government infusions help financial stability? Evidence from an emerging market
While government led bank capital infusions in US and other developed markets have been usually contingent an external shock or crisis episode, India presents a unique setting where significant capital infusions happen annually to stabilize the weak balance sheets of undercapitalized government owned public sector banks. Such “repeated” capital infusions can either better engender financial stability, given the timely government interventions; or create instability arising from possible moral hazard concerns. "Do such repeated government capital infusions lower banks’ financial risks and improve financial stability?” We shed light on the question through the lens of capital infusions in the Indian market. Based on the exhaustive sample of government capital infusions into public sector banks for the period 2008–18, we find robust evidence that capital infusions are associated with economically significant higher default, capital shortfall and network risks post-infusion, signaling a moral hazard problem, where treated banks may assume more risky investments.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
7.70
自引率
9.30%
发文量
78
审稿时长
34 days
期刊介绍: The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.
×
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
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
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