If the Banks are Doing So Well,Why Can't I Get a Loan? Regulatory Constraints to Financial Inclusion in Indonesia

Indonesia's financial sector has two paradoxes: (i) Indonesia has been a global leader in microfinance for the past 25 years, but access to microfinance services is declining; and (ii) Indonesia's commercial banks are liquid, solvent, and profitable, and the Indonesian economy has been doing well over the past decade, but small and medium enterprises are facing a credit crunch. Although Indonesia is underbanked, most commercial banks have been unresponsive to unmet effective demand. The behavior of banks has been in their own short‐term best interests, primarily because of the unintended consequences of Indonesia's financial sector reregulation after the East Asian crisis and contradictory monetary policies, which have produced a prudentially sound but inefficient, narrow, and homogenized banking oligopoly. Indonesia should not respond to financial exclusion by artificially pumping out and administratively allocating more credit. Instead, it should promulgate smart regulation so that banks maintain their sound risk management without pursuing noncompetitive and noninclusive business practices.     

城市商业银行的发展与对策

商业银行通过上市融资和跨区域拓展业务,一方面为处于困境中的城市商业银行带来了发展机遇,另一方面如火如荼改革的背后却隐藏着诸多问题:改革是对城市商业银行经营管理能力的考验,并不适合所有城市商业银行;对区域经济也有不利影响.金融是经济的核心,城市商业银行改革应立足本地、挖掘潜力,打造有特色的核心竞争力,同时在缓解区域经济不平衡发展方面发挥作用.     

我国金融体制的改革与发展

金融体制改革是深化经济体制改革的重要内容。改革开放以来,我国金融体制改革取得了巨大成就,同时也还存在很多问题。随着经济全球化和世界金融一体化的日益加深,我国金融体制改革的主要思路就在于加快国有银行商业化进程、完善农村金融服务体系、优化资本市场结构、加快推进利汇率改革和积极防范金融风险。     

新型农村金融机构改革可行吗?——基于监督效率视角的分析

本文基于监督机制建立了借款人融资条件决定的道德风险模型,比较分析了各类新型农村金融机构的监督效率及其对农村融资状况的影响。结果表明:现有商业银行缺乏明显的监督比较优势,由其组建的村镇银行和贷款公司将难以长期持续经营;小额贷款公司因需要全部自有资本运营,对民营资本监督效率提出了过高要求而难以在农村地区普遍设立;资金互助社从农户生产经营中内生出来能有效实施相互监督和合同互联,与专业合作社或龙头公司联合发展时可显著改善农村融资状况。当前以商业银行为主导的农村金融增量改革,体现了政府隐性存款担保下国家对于民营资本金融风险的过度防范,以及商业银行为了经营特许权价值作出短期选择的双重契合。进一步的改革需要逐步从国家外生主导模式向民间内生成长模式转变,充分发挥民营资本和各类新型农村经济组织的作用。     

中国商业银行金融风险预警指标体系研究

当前,中国金融体制改革日益深化,商业银行的隐形风险也在日趋增加。根据2008—2010年中国商业银行的实证检验结果显示,中国商业虽然尚处于基本安全区域,但部分指标给出了风险信号。在中国金融市场不断与国际接轨的情况下应尽快建立全面的商业银行金融风险预警体系,并加强对商业银行金融风险的即时检测,以保证中国金融市场的安全。     

Liquidity risk and bank portfolio management in a financial system without deposit insurance: Empirical evidence from prewar Japan

Using data from prewar Japan, this paper investigates the impact of a liquidity shock induced by depositors' behavior on bank portfolio management during financial crises in a system lacking deposit insurance. It is found that banks reacted to the liquidity shock sensitively through an increase in their cash holdings not by liquidating bank loans but by selling securities in the financial market. Moreover, banks exposed to local financial contagion adjusted the liquidity of their portfolio mainly by actively selling and buying their securities in the financial market. Finally, there is no evidence to conclude that the existence of the lender of last resort mitigated the liquidity constraints in bank portfolio adjustments.     

论民营银行市场准入压抑问题

在经济转轨时期,我国金融领域存在着明显的民营银行市场准入压抑问题。民营银行市场准入压抑的形成机理在于:决策层顾虑发展民营银行会削弱国家对金融资源的控制,降低金融宏观调控效果,影响国有企业改革等。然而,随着经济和金融环境的变化,尤其是民营经济的快速发展,民营银行市场准入压抑催生的金融问题日益凸现。在国家综合经济实力的增强,金融调控和监管机制的不断完善的条件下,逐步解除民营银行市场准入压抑,应成为深化金融体制改革的理性选择。     

商业银行经营绩效评价理论研究

随着金融业的发展和改革的深化,我国的商业银行已成为现代意义上的金融企业。其经营绩效的评价方法也应随着现代企业制度的建立而不断地发展和完善。因此,现代商业银行的经营绩效评价方法不能只采用传统的财务比率分析法,而应积极创造条件,增加经济增加值和平衡记分卡等较先进的绩效评价方法,以综合、全面、科学地评价商业银行的经营绩效。     

循环经济发展的金融支持研究

循环经济体系,没有强大的资金支持是不可能实现的。只有建立和完善有效的金融支持体系,才能全方位地满足循环经济产业化的金融需求。因此,我们要为循环经济相关的市场主体建立一个良性的、面向市场的投融资环境和金融支持体系：改革发展循环经济的商业银行间接融资体系;建立专为循环经济生产提供资金的政策性金融组织;组建循环经济产业投资基金;培育和发展资本市场,拓宽循环经济项目融资渠道;推进与循环经济相关的金融资源创新,实现循环经济和金融创新的双赢。     

WTO的挑战与银行业的改革

随着我国经济一体化进程的不断加快，中国加入WTO后，外资银行将凭借其雄厚的资本实力、健全的经营体制、丰富的融资品种和良好的人才结构，给我国整体竞争力较为低下的银行业带来巨大的冲击和挑战，但同时也会给我们带来一定的发展机遇。因此，我国银行业要以市场化为基本取向，进一步深化金融体制和融资模式改革，充实资本金、培育金融市场，创新金融服务，在渐进开放的过程中，充分发挥本土优势，努力提高我国银行业的整体竞争力。     

Bank Ownership and Efficiency in the Aftermath of Financial Crises: Evidence from Indonesia

This paper examines the relationship between types of ownership of banks and their efficiency in the aftermath of a financial crisis using Greene's “true” panel data stochastic frontier model, which takes into account unobserved heterogeneity among banks. The Indonesian banking sector is analyzed using financial data of 144 banks operating in Indonesia over the period of 2000Q4–2005Q2. In the aftermath of the 1997 Asian financial crisis, the cost efficiency of all banks improves over time on average. However, there is some evidence that, as these banks improve their efficiency, state‐owned banks are the least efficient banks while joint‐venture and foreign‐owned banks are the most efficient.     

正规金融体系改革、内部资金乘数效应与中国企业总资产增长——以1994—2011年中国上市公司数据为例

本文使用1994—2011年中国非金融类上市公司数据,分析了中国正规金融体系改革对降低企业内部资金的乘数效应进而对企业总资产增长产生的影响。本文发现不同的改革阶段对企业增长的影响不同:在金融市场化改革初期1994—2000年,金融部门的规模、效率和相对结构变化均对企业资产增长产生正向作用;2001年之后银行的规模扩张和效率提升显著地促进了企业成长,而股市对企业资产增长的作用不明显,金融体系的结构变动对企业增长的影响不大。本文的研究表明中国金融体系的顶层设计直接影响着金融与实体经济之间的关系;在中国金融发展-经济增长模式中,金融体系的规模特别是银行部门的规模扩张起了主要作用;调整金融结构、提高直接融资比重有利于进一步发挥金融体系促进企业资产增长的功能。     

民营银行发展的重要之源：城市商业银行民营化

在中国经济高速增长的同时,经济与金融结构都在发生巨大的变化。金融市场的竞争、金融体系的完善都迫切需求开放和发展民营银行。另一方面,在新的经济形势下,众多城市商业银行原有的模式已不适应其发展,银行问题突出,改革势在必行。而民营化改革因为其独特的优点应成为城市商业银行较好的改革途径,这同时又为民营银行发展创造了条件。因此,发展民营银行的一个重要之源便是城市商业银行民营化,与此同时,做好民营化改革相应的配套工作也是极为必要的。     

管制、竞争与民营银行的发展

金融深化的基础是管制与竞争的均衡。计划体制下,国家对金融业一直采取国有控股或国家垄断,因而产生民营银行压抑现象。市场化改革显化了金融制度与经济制度的摩擦,因而民营银行发展在金融深化中具有现实性,也是金融基础设施建设的重要组成。从竞争的角度看,放松民营银行进入壁垒,有助于金融业适度竞争,同时也是国有银行改革的重要组成部分。当然,金融本身的脆弱性说明银行民营化过程也是管制重建的过程。     

垄断型信贷市场融资担保问题分析--以民营中小企业融资为例

民营中小企业在转型经济条件下的垄断型信贷市场中很容易受到信贷歧视,商业银行对此类企业的"惜贷"乃至拒贷不仅反映出非公有制经济主体差强人意的融资地位,而且从一个侧面折射出计划金融体制对于商业银行市场化改革的种种束缚作用以及在金融改革滞后的情况下商业银行信贷行为的严重不合理性.本文试图通过建立一个垄断型信贷市场融资担保模型来分析市场垄断和利率管制对民营中小企业融资的不利影响,担保对于缓解民营中小企业融资难问题所能发挥的积极作用,以此说明改革我国金融体制、开放信贷市场和实行利率自由化的必要性.     

The role of the government in financial sector development

This study examines the impact of two dimensions of the government, namely, size and quality, on two dimensions of the financial sector, size and efficiency, in a cross section of 71 economies. The study finds that increased quality of the government as measured by governance and legal origin positively influences both financial sector size and efficiency. The size of the government proxied by government expenditure and the government ownership of banks has a negative effect on financial sector efficiency, and a positive impact on financial sector size, particularly in the low income economies.     

Efficiency amongst China's banks: a DEA analysis five years after WTO entry

WTO entry in 2001 heralded a new stage in the reform of China's banking sector. With the reality that foreign banks would be extended national treatment by the end of 2006, China's banks faced the imperative to reform in earnest. They began reforms from a variety of different starting points and have pursued a variety of different reform approaches. Five years on, this paper assesses efficiency levels in 11 of China's most prominent banks. The results, obtained using Data Envelopment Analysis (DEA), suggest that differences in efficiency levels are actually quite small. On the one hand, this finding is encouraging because it suggests that few of China's major banks lag behind the pack. On the other hand, it also implies that efficiency levels almost certainly do lag in China's less prominent banks, which together still account for more than 40% of total banking system assets.     

资本市场和现代金融体系--兼谈股权分置改革问题

传统的金融体系具有支付清算和媒介资源配置的功能,而现代金融体系必须增加分散风险与管理财富这两个新功能。中国金融改革的一个战略目标是构建市场主导型金融体系,即建立以充分发达的资本市场为基础的现代金融体系。商业银行的改革和资本市场的发展是相辅相成的,商业银行改革的目标应当是建立在资本市场平台之上;要发挥中国的资本市场的基本功能,需要克服法律制度层面的、文化层面的、政策层面的不利因素的制约,当前最重要的问题是股权分置改革。     

Cyclical behavior of the financial stability of eurozone commercial banks

In light of the financial crisis and the European sovereign debt crisis, we investigate the cyclical behavior of the financial stability of banks of the Eurozone, using an unbalanced dynamic panel of 722 commercial banks covering the period 1999–2013, and the generalized method of moments system. We find a negative relationship between business cycle and bank risk-taking, indicating that financial stability is procyclical. In addition, the study shows that lending activity increases risk-taking while rising capital requirements boost financial stability. Moreover, our findings suggest positive co-movements between the business cycle and lending, compared to bank's capital, whereby the procyclicality of lending and bank capital have negative effects on the financial stability of commercial banks in the Eurozone. We notice then that the cyclical behavior of commercial banks, in terms of capital requirements and lending activities, depends on their size. Therefore, lending and capital of smaller banks are procyclical while lending and capital of larger banks are countercyclical. Finally, we find the Troika institutions’ bailouts programs significantly impacted banking stability in the Eurozone.     

China's Banking Reform

This article discusses the main problems facing the Chinese banking system and concludes that, despite serious problems, the risk seems small that, in the near future, a financial crisis will occur that will pose severe problems for the international financial system. An internal financial crisis, however, could occur. Without government support, the economic viability of many of China's banks is questionable. The government and central bank authorities acknowledge the situation and have taken some steps toward reform. The most serious threat to the banking system lies in the accumulation of non-performing loans (NPLs)--many of them policybased loans extended by state-owned banks to money-losing state-owned companies with little expectation that they would be completely repaid. China has been taking measures to keep the problem from worsening and has created four asset management companies to dispose of NPLs that still have value. Since the Chinese economic reforms began in 1978, Chinese authorities have made significant progress in modernising their banking system, although they still have a long way to go. However, there are several ameliorating factors that still keep its financial and foreign exchange system viable. China's continued high rate of growth and high savings rate have funneled deposits into the banking system, while a $20-30 billion annual trade surplus together with an inflow of foreign direct investment at about $40 billion per year have resulted in an accumulation of foreign exchange reserves exceeding $200 billion. China does not carry an unusually heavy debt burden, either domestic or international, although its short-term borrowing in foreign currencies has been increasing. China does not currently face a serious risk of either a domestic or international liquidity crisis--unless, of course, a severe and prolonged world recession occurs that adversely affects Chinese exports as well as the inflow of foreign direct investment.