银行结算制度现状分析及改革

对我国银行结算制度改革和对现行银行结算制度存在的问题进行了分析,认为为了适应我国经济发展的要求,银行业应健康稳定运行,并加大银行结算制度的改革力度,提出了银行结算制度改革的建议.     

试析投资银行在中国经济转型中的金融效率状况

投资银行的金融效率反映其在中国经济转型中所履行金融功能的状况。在宏观的储蓄一投资转化中。资本市场的贡献微弱。在中观的资本市场运行中，存在结构缺损、功能扭曲、竞争力不强等问题。而微观层次的投资银行经营效率高度受制于外部资本市场的效率。引致中国投资银行非效率状况的根源是制度缺陷．应以制度创新来提高投资银行及资本市场的金融效率。     

浅析农发行增量贷款风险的控制与防范

政策性银行作为当今金融体系的一部分，在贯彻政府意图、补充商业银行金融活动缺陷和不足等方面起了不可或缺的作用，但其在经营活动中同样存在资产损失的问题。因此，正确认识政策性银行的风险并予以防范和化解。对维护我国金融体系稳健发展具有重大意义。     

信贷风险、监管约束与银行最优行为

本文在观察到中国银行业信贷膨胀背景下几个典型事实后,基于国内外巴塞尔协议与银行行为的研究成果,通过在C-C模型的基础上植入信贷风险和存贷比约束进行了两个方面的拓展。在这个新的理论框架下,我们不仅分析了资本松约束和资本紧约束下银行的最优行为,同时也研究了银行资本的决定因素。我们发现,外部融资成本的增加、惩罚力度的加大、存贷比要求的提高、贷款边际成本的上升以及垄断势力的强化,都将使得银行资本量趋于下降,但各个变量具体的作用机制存在很大不同。更重要的是,逆周期性的信贷损失和凸形的惩罚函数具有双重强化银行资本顺周期性特征,法定最低资本充足要求的提高,只有在满足特定条件下,才可能带来银行实际资本的增加。通过对银行信贷膨胀机理的深入解析,本文为有关政策抉择提供了某种理论依据。     

Cash policy and the bank-firm relationship

Bank health affects a firm's cash holding - a healthy bank can result in either more (because of the influential bank power) or less (because of precautionary motive) firm-level cash holding. Motivated by the contrasting views in the existing literature, this paper investigates whether bank policy determines firm-level cash policy. Using Japanese firm-level data over 2000–2014, we find that the difference in bank health effects stems from the firm's investment status. We find that healthy banks induce growing firms to hold more cash while declining firms hold more cash when borrowing from unhealthy banks. Furthermore, we find that banks with more liquidity also induce their growing borrowers to have more cash. Our results are robust to the endogeneity of bank selection. Our study indicates that bank-firm relationship can serve as an advance-signalling device for a firm's shareholder-wealth-maximizing investments and contributes to the literature that explains the cash holding puzzle.     

BANK FAILURES: THE DEPOSIT INSURANCE CONNECTION

It is generally accepted that banks must be regulated so as to avoid the moral hazard situation that deposit insurance generates. Accepting this argument implies that expanded bank powers must await deposit insurance reform. This article rejects the accepted view and argues instead that the existing regulatory system enhances rather than diminishes the riskiness of banks' portfolios. The article argues that the benefits from permitting banks to diversify probably would outweigh the costs. It concludes, however, that deposit insurance is a major culprit in the current wave of bank failures.     

The effect of higher capital requirements on bank lending: the capital surplus matters

Empirica - The existing literature has displayed mixed results in terms of the relationship between tighter bank capital regulation and lending, which may be due to poor approximation of capital...     

Endogenous money and the business cycle

The theory of endogenous money has tended to reduce to a debate over the slope of the LM. This is because endogenous money is a dynamic phenomenon, and its implications are masked in static models such as ISLM. This paper examines the role of endogenous money in credit-driven business cycles. A key distinction concerns that between bank and direct credit. The former is more expansionary because it involves creation of new money balances, whereas the latter involves transfer of existing money balances. The paper provides a simulation revealing instability emerges at a lower debt-income ratio as the share of bank debt in total debt rises.     

COMMERCIAL BANK LENDING TO DEVELOPING COUNTRIES: THE EXPANSION OF THE MARKET

The developing country debt crisis brought attention to the type of lending behavior that predominated while the commercial bank market developed. This article presents the major characterizations of bank behavior, particularly regarding predictions that can be tested empirically. Critically comparing existing empirical studies with these predictions shows that the magnitude of default risk and deposit insurance were incorporated into the lending behavior. However, these alone do not explain the evolution of the market. One can understand this evolution in terms of information imperfections in the market, but this evaluation contradicts a major role for agency problems in the banking firm.     

我国个人住房按揭贷款制度存在的问题及对策

个人住房按揭贷款业务的开展,在改善我国居民居住条件的同时,也存在一些问题,对此学术界有不少文章进行了分析,但这些文章几乎都是从保护银行的角度出发,对侵犯银行利益的诸如骗贷等行为进行研究,而从保护借款人利益的角度,无论学术界还是实务界都鲜有人进行分析,通过实地调查研究,发现银行在与借款人签订《抵押借款合同》前后,利用垄断地位与格式条款等侵害借款人正当权益。本文从法律与金融两个角度,对我国个人住房按揭贷款制度存在的问题,主要有对按揭贷款的捆绑销售问题,格式合同中剥夺借款人对抵押物的合理使用权、加重借款人的责任与义务、剥夺借款人对争议解决方式的选择权、银行单方面解除合同的随意性过大、以及在贷款类别上设置的缺陷,还款方式上的缺陷,提前还贷上存在法律缺陷等,进行较为深入地剖析,最后得出结论与对策建议：一方面需要修订现行相关法规,加强法律监管;另一方面借款人也需要提高自身的知识水平。     

Culture and the capital–performance nexus in dual banking systems

While recent surveys have taken a special interest in culture to explain the failure of existing regulation, empirical evidence on the role of culture in influencing the bank capital-performance link is still largely unexplored. In this paper, we ask the following: Should regulators and policy makers make room for culture as an effective tool for a successful bank regulatory environment? We identify three proxies for cultural values derived from Hofstede (1980, 2001) and the World Values Survey and investigate to what extent individualism, masculinity, and trust can enhance or impede the capital-performance link for conventional and Islamic banks. Analyzing a panel of 729 banks operating in 33 countries from 1999 to 2013, our findings provide empirical evidence that cultural values enhance the capital-performance link for the two bank types. Our results have important policy implications: our paper represents a first initiative and provides evidence that culture has merits and can be used as an additional tool to implement regulatory guidelines in a successful way.     

Expected default based score for identifying systemically important banks

The issue of identifying systemically important banks has gained prominence since the recent global financial crisis in 2007. However, the extant methods either neglect the adverse impact on the financial system posed by a bank or ignore the various interactions among banks. To resolve this issue, the objective of this study is to put forward an expected default based score (EDBS) that overcomes the drawbacks of the existing methods from the perspective of contagion risk. This indicator measures the systemic importance of a bank by calculating the expected bank defaults triggered by its initial failure. In the empirical study, the expected default based score is applied to identify the systemically important banks in the Chinese banking system. Both the quantitative comparison with other major methods and the qualitative evaluation of the Delphi method validate the reliability of the EDBS method. The empirical results also demonstrate that interconnectedness among banks is an important and complementary driver of systemic importance in addition to asset size.     

The interaction between bank solvency and funding costs: A crucial effect in stress tests

This paper presents new evidence on the empirical relationship between bank solvency and funding costs. Building on a newly constructed data set drawing on the supervisory data of 54 large banks from six advanced countries over 2004–2013, we use a simultaneous equation approach with panel data to estimate the contemporaneous interaction between solvency and funding costs. Our results and test statistics show that these two are (a) determined simultaneously and (b) more pronounced than suggested by the existing empirical literature. A 100‐bps increase in regulatory capital ratios is associated with a decrease of bank funding costs of about 113 bps. A 100‐bps increase in funding costs reduces regulatory capital buffers by 48 bps. Applying our estimation results to the 2014 EU‐wide stress test reveals that neglecting the solvency‐funding cost nexus leads to the systematical and significant underestimation of the impact of shocks on bank capital ratios.     

银行危机过程中的道德风险及其对银行危机成本的影响

本文从理论和实证的角度分析了处于危机状态的银行，为什么会产生严重的道德风险问题，以及道德风险是如何影响危机处理成本的，并提出我国中小金融体系重建必须重视先从根本上克服存在的问题。     

Insights on endogenous money and the liquidity preference theory of interest

It is argued that the debate between “structuralist” and “horizontalist” has long been obscured because of inadequate treatment, in both approaches, of the credit-money supply and of the total money supply. As a result, endogenous money models still have serious limitations today. On the one hand, the bank loan markup and the loan interest rate are exogenous in the horizontalist model, which supposes that they do not depend on the money/liquidity market conditions (as if bank loans did not compete with the existing liquidity). On the other hand, although interest rates are endogenous in the structuralist model, they result from inappropriate treatment of the loan supply and money/liquidity supply. This article aims to remove these shortcomings. It offers a theoretical framework and formal modeling where the creditworthy demand for loans determines the bank loan supply, given the central bank refinancing interest rate, while the total supply and demand for liquidity-money determines the markup and the market rate of interest in accordance with Keynes’s liquidity preference theory. In this framework, the post Keynesian theory of endogenous money and Keynes’s “verticalist” view prove to be analytically complementary.     

激励与约束:国有商业银行信贷管理制度分析

对于银行而言,其经营中所面临的道德风险不仅来源于借款企业,更重要、更直接的是其信贷人员的“财德行为”问题。我国国有商业银行传统的信贷管理制度未能对信贷人员的代理行为形成有效的约束,从而导致了大量银行坏帐的产生。现有的信贷管理制度又过度强调了对风险的防范,从而又在很大程度上约束了银行的开拓经营和整修宏观经济的平稳快速发展。本文对此运用契约经济理论分析了我国国有商业银行传统及现有信贷管理制度对信贷人员所做的契约安排及其存在的问题,在此基础上尝试性的提出了一种新的制度改进方案。     

信贷扩张、资产价格泡沫及在中国的经验分析

资产价格泡沫源自信贷扩张,信贷扩张对资产价格的作用机制是借款人的风险转移行为.从经验证据上分析了我国信贷扩张对房地产价格存在的因果关系及商业银行中长期存在流动风险和结构不合理等问题.     

基本养老保险基金投资运营模式构建——以基金所有权为视角

在通胀压力渐增与银行利率走低的经济背景下,基本养老保险基金保值增值目标已难以实现,"养老金入市"已提上日程。以基金所有权与信托原理检审我国现有养老金投资运营模式可知,现有模式存在所有权主体混淆、功能错位等缺陷,因此,基本养老保险基金的投资运营并不能照搬现有模式。在构建基本养老保险基金投资运营模式过程中,应以厘定基本养老保险基金所有权人为前提、以信托原理为指导,重构基本养老保险法律关系主体体系;以倾斜保护为原则,构建基本养老保险基金所有权人特殊保护机制。     

Information sharing and the volume of private credit in transition: Evidence from Ukrainian bank-level panel data

The effect of lenders' information sharing on the volume of credit is ambiguous in theory and underexplored empirically. Departing from the scant existing literature, which draws on country-level aggregate data, we study the impact of information sharing on the volume of private credit by examining unique bank-level panel data from Ukraine, a transition economy where information sharing among banks is only a recent phenomenon. Employing the fixed-effects framework and dynamic panel methods to address endogeneity due to the non-exogenous nature of banks' choice to participate in information sharing, we find no credit volume effect of information sharing when information sharing takes place through the central bank-administered public credit registry. In contrast, information sharing through private credit bureaus is associated with an increase in the volume of bank lending, in particular when a bank is partner of multiple private credit bureaus. This effect is robust and non-negligible in magnitude.