The Macroeconomic Implications of Regulatory Capital Adequacy Requirements for Korean Banks

The capital adequacy requirement, combined with the flight to quality, contributed to a drastic credit slowdown and a sharp recession in Korea in the aftermath of the financial crisis. Since most banks were placed under the strengthened capital adequacy constraints, they reduced loans to firms with high credit risks. As a result, bank-dependent small and medium-sized enterprises (SMEs) were badly hit, and eventually demand for bank loans fell. The reduction in loans was most visible among banks with poor capital adequacy, yet the overall change in bank portfolios had a disproportionately large negative influence on financial conditions for SMEs. In conclusion, the banks' response to capital adequacy requirements resulted in changes in the loan/bond ratio which, in turn, reduced loans to SMEs and caused a sharp cut in production. The resulting contraction in SME production created a polarized industrial structure and a chronic depression in the traditional sectors of the economy. The introduction of capital adequacy requirements (CARs) in the wake of financial crisis worsened conditions for SMEs and weakened the validity of the CARs that were mainly necessitated by successive failures among larger firms.     

Re‐Examining the Technical Efficiency of Australian Banks: A Bootstrap DEA Approach

This study re‐examines both pure technical and scale efficiency of Australian banks using bootstrap data envelopment analysis (DEA). The aim is to improve the choice of variables of the core profit efficiency model which is commonly used in earlier Australian banking efficiency studies. After we introduce the “interest income” over “net interest income” variable in the core profit efficiency model, the proportion of fully pure technical efficient banks decreased to 23% which is significantly lower than 81% which was reported in a recent study. This research argues that the main issue that has contributed to this difference is that improving the choice of variables significantly increases the discriminatory power of efficiency estimates. Additionally, emphasising on statistical properties of efficiency estimates, this study employs bootstrap DEA to provide confidence intervals and bias corrected estimates of pure technical efficiency scores of the sample banks. The bootstrap results show the importance of incorporating sample variation and bias in estimating efficiency scores. Earlier Australian banking efficiency studies ignored such issues. The new findings from the sample banks could have important implications for the banking industry in Australia.     

中外资银行竞争焦点

<正>中国入世后外资银行将在某些重点领域和重点区域与中资银行展开激烈竞争……中国人世,人们最为担心的是弱不禁风、问题多多的金融业。但根据承诺,中国的银行服务市场不会立即开放。令人生畏     

Economies of Scale in Australian Banks 1978–1990

This paper examines economies of scale in Australian banks. A bank multi-product cost function is estimated using a translog functional form with data drawn from twelve banks spanning the period 1978 to 1990. Different formulations of the model are estimated. Results prove sensitive to estimation assumptions and data definitions however they support the presence of economies of scale for Australian banking in this period     

论资本充足率监管的经济学使命

资本结构理论认为，在无存款保险制度状态下存在资本充足率监管的特定无效性。因此，弥补存款保险制度的内在缺陷是资本充足率监管的经济学使命；同时，这一使命对国有银行资本结构市场化具有现实意义。     

资本充足率监管有效性的成本收益分析——基于我国四大商业银行的实证研究

本文采用监管成本与监管收益分析法,从资本充足率监管影响商业银行贷款、资本收益两方面入手,实证我国商业银行资本充足率监管的有效性。目的是验证《新巴塞尔协议》的指导意义;探讨适合我国国情的资本充足率的效率区间。文章最后就商业银行资本充足率监管问题提供一种方法。     

Capital Market Integration in Euroland: The Role of Banks

The introduction of the euro marks a milestone in the process of European financial market integration. This paper analyzes the implications of the euro for cross-border banking activities. A portfolio model is used which captures the role of banks as providers of informational and of risk-diversification services. By eliminating exchange rate risks, the euro enhances the incentives of banks to expand within Euroland. Yet, while the currency bias in bank portfolios will be eliminated, the home bias will remain. Implications of market integration for the risk-taking and the monitoring of banks are not clear-cut.     

中国资本充足监管框架的形成及其市场影响--兼论巴塞尔新资本协议与《商业银行资本充足率管理办法》的比较

从全球范围看,资本充足率要求已成为业内衡量银行综合经营能力和风险抵御能力的最重要指标之一,新巴塞尔资本协议的出台进一步强化了资本监管在全球金融市场的核心地位.为尽快实现与国际监管规则的接轨,中国银监会颁布了<商业银行资本充足率管理办法>.本文通过<办法>与巴塞尔新资本协议的比较,分析中国资本监管的发展趋势.     

我国商业银行资本金管理研究

资本金是银行经营活动的基础,随着银行信贷规模急剧扩张及金融监管不断加强,商业银行资本金瓶颈问题日益突出,制约了银行的发展。文章从我国商业银行资本金现状分析出发,探究造成银行资本金管理困境原因,并基于新巴塞尔协议对银行资本充足度管理的要求,提出相应对策。     

金融崛起对中国资本项目开放的影响

30年前中国曾经是一个缺少外汇和资本的金融弱国，30年后的今天，中国已经成为名副其实的对外金融大国。中国对外金融实力具体表现为：中国已经成为全球最大的外汇储备国、最大的资本净输出国和全球第二大对外债权国。本文将探讨我国金融实力变化对中国资本项目开放策略和政策的影响。研究表明，中国金融崛起不仅加快了资本项目开放的速度，而且改变了资本项目开放的重点和结构。     

The Australian Growth Experience, 1960–2000: Human Capital,R&D or Steady‐State Growth?

This article examines the sources of economic growth in Australia from 1960 to 2000 by adapting a framework developed in Jones (2002), whereby long‐run growth is driven by the global discovery of new ideas, which in turn is tied to world population growth. We find that, contrary to the conventional view as suggested by sustained growth rates and a stable capital–output ratio over the last several decades, Australia is clearly not on its steady–state balanced growth path. Australia has benefited from increases in educational attainment and research intensity: 42 per cent of Australian growth between 1960 and 2000 is attributable to the rise in educational attainment, about 20 to 40 per cent is attributable to increasing research intensity, while only 10 to 30 per cent is due to long‐run population growth in the idea‐producing countries.     

资本约束下我国商业银行业务发展模式

资本充足率是监管当局对商业银行最低资本金的要求,为了满足监管当局的资本金要求,我国商业银行要通过各种途径补充资本金.同时,在资本约束下,要重构业务发展模式,这是解决资本约束与业务发展矛盾的根本举措.要确立资产业务和中间业务并重、公司业务与个人金融业务并重的业务发展模式和盈利增长模式,保持我国商业银行持续、稳健发展.     

Australian Trade Policy in the Twenty‐First Century

In the 1980s and 1990s, Australia moved from a protectionist trade policy to very open trade policies. This paper analyses the evolution of these policies in the twenty‐first century: first signing bilateral agreements in the 2000s and then participating in negotiation of mega‐regional agreements (TPP/CPTPP and RCEP). To some extent these shifts have reflected stasis in the World Trade Organisation (WTO) and its inability to make agreements on new areas. Underlying drivers of Australia's beyond‐WTO trade agreements have been the fragmentation of trade along global value chains and the emergence of new trade technologies associated with the spread of the internet.     

弹性汇率制度下资本控制的经济效应——一个基于修正的Dornbusch“超调”模型的动态学分析

本文拓展了MichaelFrenkel和ChristianeNickel(2 0 0 1 )等人的研究 ,主要利用修正的Dornbusch“超调”模型 ,研究了一个具有微观结构的外汇市场在不同的资本控制及其不同的控制程度下系统的稳定性以及资本控制对主要宏观经济变量的影响 ;结果表明 :在一个投资者和投机者同时存在的外汇市场上 ,不同的资本控制以及不同的资本控制程度对系统稳定性的影响仅仅在于系统是鞍点稳定还是全局稳定 ;弹性汇率制度下放松对资本流动的限制将使经济由鞍点稳定转变为全局稳定 ,从而使系统变得更加稳定 ,这部分支持了 2 0世纪 90年代以来国际汇率制度“两极化”的发展趋势。