Collusion and group lending with adverse selection

In an environment with correlated returns, this paper characterizes optimal lending contracts when the bank faces adverse selection and borrowers have limited liability. Group lending contracts are shown to be dominated by revelation mechanisms which do not use the ex post observability of the partners' performances. However, when collusion between borrowers under complete information is allowed, group lending contracts are optimal in the class of simple revelation mechanisms (which elicit only the borrower's own private information) and remain useful with extended revelation mechanisms.     

银团贷款在控制政府融资平台风险中的应用——基于模糊综合风险评价的分析

地方政府融资平台信息不透明、治理结构不健全等情况给金融机构信贷风险控制带来挑战.银团贷款因为能提高信息共享、遏制信贷欺诈、分散信贷风险,所以能对控制集团客户风险发挥积极作用.可以模糊综合评价模型为基础,分析政府融资平台引入银团贷款模式后的风险评价,为控制地方政府融资平台信贷风险提供思路.     

Bank lending channel in a dual banking system: Why are Islamic banks so responsive?

We examine the interest rate sensitivity of both deposits and credits at Islamic and conventional banks in Turkey. We find that the bank lending channel is especially operative for Islamic banks. Impulse responses for conventional and Islamic banks reveal that Islamic bank depositors’ sensitivity to policy rate changes is substantially larger than that of conventional bank depositors. Next to heavily dependence on deposit funding, we consider that inertia in Islamic bank deposit rates impedes these banks to keep those depositors who consider the opportunity cost of monetary policy rates is unbearable. On the lending side, we obtain similar results, implying that tight monetary policy leads to a larger contraction in Islamic bank credits. This finding is a reflection of the favourable attitude of Islamic banks towards small and medium‐sized enterprise (SME) financing. When similar relationships are analysed for currency and inflation shocks, we again find larger responses for Islamic banks showing the cyclical nature of SME credits.     

基于区块链技术的网络借贷风险治理研究

监管模式均是监管和创新的权衡,我国网络借贷经历了鼓励创新→风险累积→严格监管的发展历程。网络借贷的本质是信用风险交易,网络借贷因时空隔离、去中心化、交易主体有限理性等使信用风险不断累积,极易诱发系统性风险。而区块链技术能优化网络借贷运行机制,促进监管科技发展;区块链技术信息共享、可追溯、防篡改能降低信息不对称;区块链技术将数据转变成信息,信用转变成资产,有助于完善征信体系;区块链技术内嵌到监管法规中,可实现代码执法和监管执法自动化;信息共享机制推动监管机构和利益相关者共同监管和平等监管,有利于监管公平;用去中心化的监管科技监管去中心化的金融科技,有利于防范网络借贷系统性风险。     

政府股权与银行信贷行为的周期性特征研究——基于中国银行业的分析

基于2003²013年我国银行业年度数据和系统GMM模型,本文对银行信贷行为的周期性特征及政府股权对这种周期性特征的影响进行分析后得出结论:一方面,我国银行信贷行为整体呈逆周期性,体现我国政府对银行业的高度干预特点;另一方面,政府股权对信贷行为周期性特征的影响是异质,即政府直接持股会强化银行信贷的逆周期性,非政府直接持股银行则表现出较弱的顺周期特征。     

What Affects New and Established Firms’ Expansion? Evidence from Small Firms in Russia

Research on financial constraints of very small firms is scarce because it is difficult to observe and measure their transactions. Previous studies on small enterprises in post-communist countries have focused either on the effect of financing constraints on business growth (Budina et al., 2000, Economics of Transition 8(2), 453–475; Bratkowski et al., 2000, Economics of Transition 8(1), 101–116) or on the effect of property rights (Johnson et al., 2002, American Economic Review 92(5), 1335–1357). This paper provides evidence on both. It turns out that financing constraints and property rights considerations affects investment in firms of different age differently. Younger firms face higher information costs and their expansion is more dependent on the availability of internal funds than is the expansion of older firms. This paper also finds that while the financial sector did not channel funds to the most successful businesses, there is evidence that loans were given to firms that had more transparent transactions. Results also indicate that the security of property rights does not influence investment in young firms, which is interpreted to mean that only the most efficient entrepreneurs entered the market. In older small firms, investment is negatively influenced by the index of security of property rights suggesting that these firms might have “secured” their property rights by bribes. Improvements in the security of property rights, therefore, would help more micro enterprises to be born as well as decrease transaction cost of established enterprises.      

Home equity lines of credit and the unemployment rate: Have unemployed consumers borrowed themselves into the next financial crisis?

Some economists argue the recent recovery has been so meager because many consumers have lost their main source of income and maxed-out their home-equity borrowings. Further, banks that were able to make consumer loans did so with less security because home prices fell so dramatically. This paper argues that at least part of that recovery story is purely anecdotal and, in fact, incorrect. In spite of the precipitous decline in home prices, the original price increases were so large that many homeowners still have/had adequate equity in their homes to borrow. The paper presents evidence that the average quarterly increase in aggregate home equity line of credit (HELOC) lending after housing prices began their decline is, statistically, no different than the average quarterly increase in HELOC lending before housing prices began their downward trend. The evidence also suggests that increased HELOC lending during the recession is not correlated with higher unemployment.     

伦敦黄金市场的运行与监管模式

伦敦黄金市场不仅是地理意义上的概念,其主要指以电话或路透等电子交易系统联接起来的、向全球提供黄金和白银基准价格以及清算服务的全球交易网络。该文从伦敦黄金市场发展历程、交易与清算机制、会员管理、交易产品、英格兰银行在伦敦黄金市场中的作用,以及黄金市场的监管模式等方面,对其运行和监管情况进行了系统性介绍。