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1.
资本积累与最优银行规模   总被引:1,自引:0,他引:1  
徐高  林毅夫 《经济学》2008,(1):533-548
本文研究了一国的最优银行结构怎样随着经济中资本的积累而变化。我们证明了,经济增长过程中,随着资本的积累,最优银行结构所要求的银行规模越来越大。对这种银行结构的偏离会导致福利的严格下降,并有可能使经济中某些成员无法获得银行服务。本文的结论说明,我国作为一个发展中国家,由于资本的相对稀缺,更应该发展中小银行。这样可以促进经济的成长并提高福利。  相似文献   

2.
与工商企业相比,银行业的杠杆比例明显偏高.这种普遍存在的鲜明对比与经典的公司财务理论是矛盾的.本文从银行的本质特征分析银行资本结构的特殊性,考察商业银行市场均衡资本的形成、银行安全网、资本监管对银行资本结构的影响,并从经济资本、监管资本、会计资本的角度研究银行资本数量的确定.本文认为商业银行最优资本结构难以确定为具体的比例,可以大致地定义在一个合理区间里.  相似文献   

3.
赵鑫铖 《经济论坛》2014,(8):173-176
资本积累是经济增长的重要源泉。本文通过构建一个理论模型,分析了与最优经济增长相对应的最优物质资本和人力资本规模以及二者的比例关系问题。研究结果表明,物质资本和人力资本都存在最优规模,也存在过度积累的可能性;物质资本积累和人力资本积累的最优比例等于两种资本的产出弹性之比。  相似文献   

4.
随着金融全球化和中国资本市场对外开放的逐步推进,我国商业银行越来越多地参与国际资本市场活动,其资产负债的币种结构也出现多元化趋势,直接导致了银行货币错配.由于存在人民币升值预期,我国商业银行倾向于积累外汇空头,资产负债结构中的货币错配现象日趋明显,对我国银行稳定性存在潜在影响,如何有效地防范和化解银行货币错配风险成为本文研究的主要内容.  相似文献   

5.
已有的大量研究阐述了金融发展对经济增长的重要作用,而近期的部分研究集中于金融结构在促进产业成长方面扮演的重要角色。本文在对金融结构影响经济增长的传统观点综述基础上,重点分析金融结构与产业成长之间的互动机制,将其归纳为"相机作用观",而"协同演进观"则将银行体系和资本市场在促进产业成长过程中的角色归纳为互为基础,协同演进;最优产业结构理论强调从需求方研究金融结构问题,认为金融结构应服从于不同产业结构对金融服务的实际需求,并且随着要素禀赋结构的变化而动态变化。深入研究银行与市场的动态协调关系、最优金融结构的动态特性及其演化规律、最优金融结构的测度方法以及系统反思金融在现代经济中的定位,是未来研究需要重点关注的领域。  相似文献   

6.
随着金融全球化和中国资本市场对外开放的逐步推进,我国商业银行越来越多地参与国际资本市场活动,其资产负债的币种结构也出现多元化趋势,直接导致了银行货币错配。由于存在人民币升值预期,我国商业银行倾向于积累外汇空头,资产负债结构中的货币错配现象日趋明显,对我国银行稳定性存在潜在影响,如何有效地防范和化解银行货币错配风险成为本文研究的主要内容。  相似文献   

7.
企业家活动、品牌资本与经济增长   总被引:1,自引:0,他引:1  
文章在内生经济增长模式下将企业家生产性活动分解并把品牌资本纳入到代表性企业家生产函数中来探讨最优经济增长问题,从而一定程度上解释了发达经济体与落后经济体经济发展的差异。基本结论是:一个经济体的最优增长依赖于经济中企业家的比例,经济中企业家的密度越大,经济增长率就越高;企业家通过权衡两类劳动对经济贡献的大小来配置劳动和创新品牌,寻求企业家活动配置组合最优,以使福利极大化。  相似文献   

8.
宏观经济环境对农业上市公司资本结构的影响   总被引:2,自引:0,他引:2  
宏观经济环境是企业资本结构分析中不可缺少的因素。由于中国农业上市公司的资本结构存在着负债水平低、资本结构不合理的现象 ,所以本文从宏观经济环境 (包括金融市场主要是股票市场和银行体系、通货膨胀、经济增长和利率 )方面寻找原因。实证研究结果表明 ,尽管我国银行体系发展比股票市场更加完善 ,但是农业上市公司资本结构主要受股票市场活跃程度的影响 ,而银行体系的影响是次要的。通货膨胀和利率对农业上市公司的资本结构没有显著影响 ,但经济增长有一定影响  相似文献   

9.
实施逆周期资本缓冲的主要目的,是使银行可以在经济繁荣时积累逆周期资本,在经济恶化时释放逆周期资本。  相似文献   

10.
基于资产质量、资本和风险的我国银行规模经济测度研究   总被引:2,自引:0,他引:2  
本文认为存款在我国银行经营中主要起投入要素的作用;资本结构、资产质量和风险对国有控股银行、股份制银行和城市商业银行的规模经济效率的测度存在重大影响,并影响银行的排序;近年来,我国商业银行业整体规模经济;从1995年到2005年,我国银行规模经济系数变化趋势呈平缓的"U"型。  相似文献   

11.
We analyse credit allocation when limited-liable banks can engage in costly information production about borrowers. When perfectly diversified credit portfolios cannot be constructed, we show that credit allocation depends on bank capital and the number of banks that can operate in the same market. A concentrated banking industry, one where bank capital is held by few banks, is shown to lead to credit allocation closer to the social optimum. Moreover, in the absence of banking industry consolidation, we find that the removal of intra-state entry barriers reduces welfare and not all independent banking organizations that were viable in formerly protected markets remain so when markets are integrated.  相似文献   

12.
The paper presents a model of a small open economy with a fragile banking sector and imperfect international capital mobility. In this model, increased international integration of the market for bank deposits makes bank runs more likely, resulting in a welfare loss for the business sector. Bank depositors may gain or lose depending on the parameters. When depositors gain, whether the gains exceed the losses to the business sector depends on the size of the holdings of foreign assets relative to the deadweight costs of bank runs. Thus, limited international financial integration may not be desirable.  相似文献   

13.
新巴塞尔协议对银行业的冲击   总被引:1,自引:0,他引:1  
彭晓燕 《经济与管理》2004,18(12):76-78
新巴塞尔协议对银行风险的监管更加全面 ,对资本套利、资本适足率与银行的偿债能力标准等问题提出新的指标和规定 ,对包括中国在内的各国银行业产生强大的冲击。  相似文献   

14.
The call options theory of corporate security valuation is applied to narrow-banking contingent claims of one bank, while the cap options theory is applied to synergy-banking contingent claims of another bank. This article investigates efficiency gains specified as equities of scope associated with the likelihood of the two banks involved in merger under capital regulation. We find that merger incentives are encouraged when the narrowing banking is conducted by the consolidated bank, whereas discouraged when the synergy banking is conducted. Raising bank capital requirement leads to an increased interest margin of the consolidated bank with the narrow banking valuation; however, to a decreased margin of the consolidated bank with the synergy banking valuation. An increase in the capital regulation reduces the merger incentives in the narrow banking valuation whereas increases the merger disincentive in the synergy banking valuation. These findings are consistent with the organizational theory that predicts a comparative advantage of narrow banking proposals in bank mergers.  相似文献   

15.
A retrenchment in crossborder credit is under way, the product of both market forces and political pressure on international banks to lend at home (Economist, 2009). In addition, banks, particularly the largest, have also dramatically expanded their retail banking operations over the past few years (Hirtle and Stiroh, 2007). Our goal, in this article, is to study the effects of default risk on equity returns through bank interest margin management under a renewed focus on domestic retail banking, a trend often attributed to the stability of banking activities. Specifically, this article explores the determinants of optimal bank interest margins based on an option-based firm-theoretical model with multiple sources of structural breaks due to political pressure. The model demonstrates how capital regulation and political pressure on foreign lending return and risk conditions jointly determine the optimal bank interest margin decision. We show that a more stringent capital requirement is linked with lower equity return, but higher default risk of the bank in the return to domestic retail banking. An increased focus on the political pressure on foreign lending return is linked with higher equity return and default risk of the bank. It is also showed that an increased focus on the political pressure on foreign lending risk decreases the bank's equity return and default risk. We conclude that the return to domestic retail banking may be a relatively stable activity when the political pressure decision impacts only the expected risk of the bank's foreign lending and not the return.  相似文献   

16.
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。  相似文献   

17.
We build on our earlier model of money in which bank liabilities circulate as a medium of exchange. We investigate optimal bank behavior and the resulting provision of liquidity under a range of central bank regulations. In our model, banks issue inside money under fractional reserves, facing the possibility of excess redemptions. Banks consider the float resulting from money creation and make reserve‐management decisions that affect aggregate liquidity conditions. Numerical examples demonstrate positive bank failure rates when returns to banking are low. Central bank interventions may improve banks' returns and welfare through a reduction in bank failure.  相似文献   

18.
This paper examines the optimal bank interest margin under capital regulation when the bank's preference admits an additive call-option representation including both the like of higher equity return and the dislike of higher equity risk. In the call-option utility maximization, an increase in the capital requirement results in an increased amount of loans held by a bank at a reduced margin when loan quality is in distress. We also show that the impact on the bank interest margin from an increase in the capital requirement which ignores the dislike, that we call such behavior call-option equity maximization, leads to significant underestimation. Our results cast doubt on the effectiveness of capital regulation to exert a risk-reducing and return-increasing effect on the bank in particular where loan quality becomes worse, thereby adversely affecting the stability of the banking system.  相似文献   

19.
本文研究在资本账户自由化下,信贷扩张与资本流入对于系统性银行危机风险的影响。利用89个国家1973—2016年的长面板数据,并控制影响银行危机风险多项因素后,研究发现资本账户自由化有助于降低银行危机风险。进一步研究发现,FDI流入能显著降低银行危机风险;适量的股权投资流入有助于增强银行业稳定性;但当股权投资大量流入时,伴随着信贷过度扩张和资产泡沫,银行危机风险急剧增加;较低的债权投资流入对银行业稳定性无显著影响,但当超过一定规模时,银行危机风险显著增加。  相似文献   

20.
转轨经济中的银行监管代理关系与监管者自利   总被引:1,自引:0,他引:1  
由于历史方面的原因,转轨经济中的银行监管具有某些特殊性,这些特殊性表现在市场结构、监管体制和监管者偏好等方面,同时也决定了转轨经济中的最优监管策略可能有别于发达国家所面临的情形,尤其是当监管者存在自利倾向时,监管行为可能偏离社会福利最大化的目标,偏离的程度受到交替关系临界值、声誉权重、审查成本和社会福利权重等因素的影响。  相似文献   

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