If You’re Going Through Hell,Keep Going: Nonlinear Effects of Financial Liberalization in Transition Economies

Did increasing the level and pace of financial liberalization during transition expose countries to crises? And if a crisis did strike, did liberalization do more harm or good? Using a database of 28 transition economies over 22 years, this article examines these questions across a host of economic outcomes, including savings and the size of the private sector. The results provide evidence that, while liberalization may initially increase the probability of a crisis, the prospect of a crisis drops dramatically at higher levels of financial openness. Moreover, the benefits of liberalization across several metrics outweigh the risks of these intermediate stages.     

银行业在中小企业融资服务领域的经验及启示——以成都市为例

本文立足银行信贷视角,结合全球金融危机以及成都市西部金融中心建设背景,分析成都市中小企业面临的金融环境;然后总结成都市银行业在中小企业融资服务领域的经验;最后,本文从政策性银行作用的发挥、信贷风险控制、金融机构市场定位、银行业发展战略等四方面提出了启示。     

银行效率DEA分析的可信度检验

近年来涌现出大量基于DEA方法的银行效率这一热点问题的研究成果,但是由于DEA方法自身的局限性,诸如对效率值的估计偏低且离散程度较大,以及不能方便地检验结果的显著性等等问题,使其研究的结果受到影响;而Bootstrap技术是基于对经验数据及其相关估计的重复抽样来提高估计置信区间和临界值精度的统计技术,可有效地克服DEA方法结果可信度的这种内在依赖性。本文给出了基于Boot-strap技术的DEA方法来计量银行效率的手段,提高了效率分析结果的可信度,并对我国四大国有商业银行的效率进行了对比性实证分析。     

Expansion and Efficiency in Banking: Evidence from Ghana

We use a translog functional form to estimate a stochastic frontier function of cost and profit efficiency (PE) of Ghanaian banks under the Battese–Coelli time‐varying decaying inefficiency parameterization for (unbalanced) panel data. We regressed efficiency estimates on a distance variable controlling for bank size, total cost, and profits. We find that Ghanaian bank PE is worsening, whereas cost efficiency is improving for the period analyzed. Our results show that PE is not related to distance, size, or cost and profitability ratios. Distance is however positively and significantly related to cost efficiency. Cost efficiency is however not influenced by size or cost and profit ratios. Copyright © 2011 John Wiley & Sons, Ltd.     

中国、越南的银行业改革比较研究

基于高度相似的改革背景,中国、越南的银行业改革呈现出了较多的相似性;同时,越南银行业改革在一些方面明显不同于中国的银行业改革,改革的力度更大,改革推进得更深入。     

The duration of new firms in banking: an application of Cox regression analysis

This paper studies the duration of two cohorts of entrants in the Italian financial intermediation industry. Using the Cox (1972) Proportional Hazards Model, it analyses the link between duration of each newborn firm and its start-up size, as well as a series of industry-specific characteristics. It emerges that not only did regulatory reform in 1990 result in a process of branch proliferation and industry concentration, but it also set in motion a pre-entry selection mechanism. Conversely, before completion of the regulatory reform, in 1989, entry was possible even for very small firms, and larger new entrants survived longer than their smaller counterparts, and this independently of the features of spatial and structural competition. First version received: Nov. 98/final version received: Oct. 99     

Evergreening in banking

In the dynamic model of banking, a bank's option to hide its loan losses by rolling over non-performing loans is shown to worsen moral hazard. Contrary to the classic theory, moral hazard may arise even when a bank cannot seek a correlated risk for its loans. The loans seem to be performing and the bank makes a profit although it is de facto insolvent. When the bank's balance sheet includes hidden non-performing loans, the bank may optimally shrink lending or gamble for resurrection by growing aggressively. To eliminate this type of moral hazard, which is broadly consistent with evidence from emerging economies, a few regulatory implications are suggested.     

香港、新加坡和上海国际金融中心的比较研究

本文以金融中心的功能定义为基准,以金融发展理论为基础,以金融系统功能分析为思路,对香港、新加坡和上海国际金融中心功能进行比较分析,探寻上海的比较优势和劣势。得出结论:从历史和现实来看,香港和新加坡在金融系统功能的诸多方面都超越上海,上海只是在商品期货方面处于领先地位;上海的最大优势之一是它和伦敦、纽约、东京一样有着强大的国家经济体作为后盾,近几年发展态势良好,有实现跨越式发展的能力:开放型、多功能是构建上海国际金融中心的趋势和方向。     

Banking deregulation and credit risk: Evidence from the EU

This paper studies the effect of banking deregulation on credit risk. Its theoretical model shows that a bank is willing to invest more resources in screening borrowers when there is an entry threat, even though loan rates are driven lower. Thus, deregulation may result in improved loan quality and lower credit risk. This result is tested using bank-level balance sheet data and macroeconomic data for the European Union. The data reveal that competition intensified after the completion of the Second Banking Directive, while loan quality improved in most markets. Evidence is found that the loan quality improvement is associated with lower interest margin.