首页 | 本学科首页   官方微博 | 高级检索  
相似文献
 共查询到20条相似文献,搜索用时 15 毫秒
1.
This paper addresses the issue of competition in dual banking markets by analyzing the determinants of deposit rates in Islamic and conventional banks. Using a sample of 20 countries with dual banking systems over the 2000–2014 period, our results show significant differences in the drivers of Islamic and conventional banks' pricing behavior. Conventional banks with stronger market power set lower deposit rates but market power is not significant for Islamic banks. In predominantly Muslim environments, conventional banks set higher deposit rates and further higher when their market power is lower. Whereas conventional banks are influenced by the competitiveness of Islamic banks, Islamic banks are only affected by their peers in predominantly Muslim countries. Our findings have important implications regarding competition and bank stability in dual banking markets.  相似文献   

2.
Market Structure and Risk Taking in the Banking Industry   总被引:1,自引:0,他引:1  
We demonstrate that the common view according to which an increase in competition leads banks to increased risk taking fails to hold in an environment where homogeneous loss averse consumers can choose in which bank to make a deposit based on their knowledge of the riskiness incorporated in the banks outstanding loan portfolios. With an exclusive focus on imperfect competition we find that banks incentives for risk taking are invariant to a change in the banking market structure from duopoly to monopoly. Finally, we show that deposit insurance would eliminate the gains from bank competition when banks use asset quality as a strategic instrument.revised version received October 15, 2003  相似文献   

3.
朱波  杨文华  卢露 《财经研究》2016,(12):96-107
文章基于不完全信息动态博弈模型,对信息披露、存款保险制度与系统性风险之间的作用机制进行了理论分析,并使用2006-2014年24个国家137家上市商业银行的面板数据进行了实证考察。研究发现,提高银行的信息披露程度,有助于降低融资成本和存款保险缴费费率,引导其减小银行间资产的相关性,从而降低系统性风险;存款保险的金融稳定效应不明显,提高信息披露程度有效缓解了存款保险制度的道德风险,两者在降低银行系统性风险方面存在协同效应。设计合理的存款保险制度、经验丰富的监管当局和严格的监管体系有助于发挥市场约束作用,限制存款保险的道德风险,从而维护金融体系的稳定。因此,在我国正式实施存款保险制度的背景下,监管部门应加强银行信息披露和优化存款保险设计,以更好地防范我国金融体系的系统性风险。  相似文献   

4.
This study investigates the behavioral aspects of Islamic bank depositors in a dual banking system. By categorizing depositors into groups based on the amount of their deposited funds, we estimate the responses of these groups to interest rate changes. We take the findings of conventional banks as a comparative baseline and investigate the extent to which the changes in different Islamic depositor groups differ from conventional depositor groups. The findings show that depositors in both Islamic and conventional banks respond to interest rate changes. The analysis indicates that Islamic bank depositors are more responsive when their deposit sizes are larger. When Islamic bank depositors’ opportunity costs rise due to a rise in the interest rate, they do not hesitate to withdraw deposits. The relation between interest rate changes and deposits is more robust in Islamic banks than in conventional banks.  相似文献   

5.
In this paper, we perform a non-linear assessment of Islamic rate – conventional rate relations for the case of Malaysia. Using monthly data covering the period January 1999 to November 2016, we find strong evidence supporting non-linear reactions of the Islamic investment rates to conventional rates in the long run and/or short-run for all matched maturities. More precisely, the Islamic investment rates exhibit faster upward movement (slower downward movement) in responses to conventional deposit rate increases (decreases). The asymmetric pricing behaviour of Islamic banks however tends to weaken as maturity lengthens. Accordingly, we infer that Islamic banks do not rigidly peg their investment deposit rates to conventional deposit rates as some have claimed in questioning the Islamicity of Islamic banks.  相似文献   

6.
Islamic banking is one of the fastest growing segments of the financial sector in developing countries. Rapid growth of this segment is accompanied with claims about its relative resilience to financial crises as compared to conventional banking. However, little empirical evidence is available to support such claims. Using data from Pakistan, where Islamic and conventional banks co‐exist, we compare the behaviour of Islamic and conventional banks during a financial panic. Our results show that Islamic bank branches are less prone to deposit withdrawals during financial panics, both unconditionally and after controlling for bank characteristics. The Islamic branches of banks that have both Islamic and conventional operations tend to attract (rather than lose) deposits during panics, which suggests a role for religious branding. We also find that Islamic bank branches grant more loans during financial panics and that their lending decisions are less sensitive to changes in deposits. Our findings suggest that greater financial inclusion of faith‐based groups may enhance the stability of the banking system.  相似文献   

7.
We study the international transmission of bank liquidity shocks from multinational, Islamic, bank-holding companies to their subsidiaries. Based on a total sample of 120 Islamic and conventional bank subsidiaries, we test whether foreign bank lending for Islamic and conventional banks is determined by different factors. We estimate a model that includes subsidiary and parent bank characteristics as well as host and home country variables. Our empirical findings show that lending is negatively affected by the fragility of conventional parent banks' subsidiaries. Nevertheless, we show that parent Islamic banks do not significantly affect lending by subsidiaries. Finally, we examine the market discipline regarding the transmission of liquidity shocks. We also find that reduction in foreign Islamic bank lending is stronger for those that are dependent on the interbank market. We establish that the depositors react to a deterioration of bank performance and punish their institutions by withdrawing their money. We show that market discipline has a more important role for Islamic banks, whereas liquidity needs determine the change in conventional banks.  相似文献   

8.
The last decade witnessed a wide expansion of Islamic finance in Middle Eastern and Southeast Asian countries. Sukuk issues, which are Islamic financial instruments structured to replicate the cash flows of conventional bonds, have notably proliferated, fuelling the debate on the similarity between Islamic and conventional finance. Using an event study methodology on a sample of Malaysian listed companies, we investigate whether stock market investors react differently to the announcements of sukuk and conventional bond issues. We find that the stock market is neutral to announcements of conventional bond issues, but it reacts negatively to announcements of sukuk issues. We attribute this finding to the excess demand for Islamic investment certificates and to an adverse selection mechanism that favors sukuk issuance by lower-quality debtor companies.  相似文献   

9.
This article provides a scenario-based analysis of how the European Union proposal for a new funding model for deposit insurance systems (DISs) would affect the Spanish banking sector. We examine the risk profiles of commercial banks, savings banks and credit cooperatives over the period 2007 to 2011 and compare the contributions to the deposit insurance fund (DIF) under the current flat-rate regime with those that would have occurred under the new risk-sensitive system. We find that a risk-based scheme could provide an incentive for sound management by reducing the premiums for credit institutions with better risk profiles. We also conclude that the proposed reform may help to mitigate the moral hazard associated with larger credit institutions.  相似文献   

10.
The nexus between Islamic banks’ returns on term deposits (participation accounts) and conventional banks’ (CBs) interest rates on term deposits is one of the controversies with regard to Islamic finance. The obvious correlation between two sides is considered a convergence of Islamic banking to the conventional mode and the breach of the ‘risk sharing’, the underlying principle of Islamic finance. The aim of this study is to econometrically investigate the long-term relationship between CBs’ term-deposit rates (TDRs) and participation banks’ (PBs) TDR in Turkey. We undertake an elaborate analysis of the dependency of each PBs in Turkey on interest rates utilizing the most recent econometric techniques including Maki cointegration tests with multiple breaks and frequency domain causality tests. Findings show that TDRs of three PBs are significantly cointegrated with those of CBs, while one is not. In addition, permanent causality is found from CBs to all PBs.  相似文献   

11.
In this article we estimate the effect of concentration on intermediation margins in Gulf Cooperation Council's (GCC) Islamic and conventional banking under the assumption that margins are uncertain. The empirical model, which we formally derive from an expected utility maximization problem, allows us to test for risk aversion as well as competitive conduct in loan and the deposit markets. The model also yields an expression showing that the effect of concentration on margins is the sum of its respective effects on market power, marginal cost of intermediation and marginal cost of uncertainty. The expression allows us to test whether concentration is welfare enhancing, reducing or neutral. We find Islamic banks to be risk-averse and conventional banks to be risk-neutral. We also find that concentration is welfare-neutral in Islamic loans and deposits, welfare-enhancing in conventional loans and welfare-neutral in conventional deposits. We used Nonlinear Two-Stage Least Squares (N2SLS) and Nonlinear Three-Stage Least Squares (N3SLS) to check for robustness.  相似文献   

12.
We assess the performance and productivity of Islamic and conventional banks using financial ratios, a two- and a four-component meta-frontier Malmquist productivity index (MPI). We focus on the relatively homogenous GCC region over the 2006–2012 period that covers the global financial crisis. We find that Islamic banks exhibit worse cost and profit performance but are on a par with regards to revenue performance compared to the conventional ones. The components of the meta-frontier MPI suggest that the technology of conventional banks improves markedly in years leading to the financial crisis and declines thereafter. Islamic banks show a similar but more muted pattern. By contrast, the pronounced within-Islamic bank group variation in technical efficiency and technology suggests that Islamic banks are quite heterogeneous as a group. Overall, the MPI analysis suggests that the two bank types are more aligned following the global financial crisis. Policy makers should be wary of the important variations within the Islamic banking industry when implementing bank regulations.  相似文献   

13.

This paper investigates the cost efficiency levels of the banking sectors of the Gulf Cooperation Council (GCC) countries for the period from 2001 to 2015 and provides a comparison of conventional and Islamic banks. We obtain measures of efficiency using a stochastic frontier model and the meta-frontier approach. The evidence demonstrates that Islamic banks are less efficient and have a weaker level of production technology than conventional banks. The cost efficiency of banks varies significantly across the six Gulf countries and over time. We adopt the results drawn from the meta-frontier model that allow to take into account the differences between the studied countries, and empirically examine the bank-specific, financial, macroeconomic, and political determinants of banking efficiency. The results provide evidence of the differential effects of the selected variables on the efficiency of conventional and Islamic banks. These variables affect the performance of the two types of banks in different ways and with different magnitudes.

  相似文献   

14.
We utilize the translog stochastic frontier model to estimate the cost-efficiency levels for conventional and Islamic, Cooperation Council (GCC) and non-GCC banks in the Middle East and North African (MENA) countries. The estimated cost-efficiency averages around 77% for those MENA banks, but with slight changes in this score for the individual countries. The results also show that the banks in the GCC countries are the most efficient in the region and the efficiency scores for the conventional and Islamic banks are similar. Finally, the recent financial crisis seems to have a slight impact on the observed efficiency scores of those banks.  相似文献   

15.
The paper studies bank lending behaviour over the business cycle in a dual banking system, Malaysia, with the objective of ascertaining whether Islamic banks have a role in stabilizing credit. The study makes use of unbalanced panel data of 21 conventional banks and 16 Islamic banks covering mostly the period 2001–2013. Applying dynamic GMM estimators, we find the aggregate loans by banks to be pro-cyclical in conformity with existing studies. However, when we segregate the lending/financing behaviour of conventional and Islamic banks, the cyclicality of bank lending seems to be true only for conventional banks. As for the Islamic banks, the business cycle does not seem to affect their financing decisions. Indeed, there is indication that the Islamic banks in general and the full-fledged Islamic banks in particular can even be counter-cyclical in their financing decisions. This conclusion is fairly robust to a different loan measure, alternative model specifications, and to an alternative business cycle measure. Hence, our results provide further support to the “stability” view of the Islamic banks in that they have the ability to stabilize credit.  相似文献   

16.
We examine the optimal institutional allocation of bank regulation. We find that centralizing the lending of last resort and deposit insurance functions in a regulator leads to excessive forbearance. It also leads the bank to invest suboptimally in loans. Giving this regulator supervision improves on both problems, but it still does not lead to the efficient outcome. In the multi-regulator arrangement, we find that it is beneficial to give supervision to the deposit insurer. The choice between the unified-regulator arrangement and the multi-regulator arrangement involves a trade-off: The multi-regulator arrangement reduces the forbearance problem at high levels of liquidity shortage but may exacerbate it at low levels. These results assume the absence of information frictions. When banks are better informed than regulators, we show that regulators may have an incentive not to share private information, suggesting it is important to consider regulators’ informational advantages when deciding on the allocation of regulation.  相似文献   

17.
A number of recent studies compare the performance of Islamic and conventional banks with the use of individual financial ratios or efficiency frontier techniques. The present study extends this strand of the literature, by comparing Islamic banks, conventional banks, and banks with an Islamic window with the use of a bank overall financial strength index. This index is developed with a multicriteria methodology that allows us to aggregate various criteria capturing bank capital strength, asset quality, earnings, liquidity, and management quality in controlling expenses. We find that banks differ significantly in terms of individual financial ratios; however, the difference of the overall financial strength between Islamic and conventional banks is not statistically significant. This finding is confirmed with both univariate comparisons and in multivariate regression estimations. When we look at the bank financial strength within regions, we find that conventional banks outperform both the Islamic banks and the banks with Islamic window in the case of Asia and the Gulf Cooperation Council; however, Islamic banks perform better in the MENA and Senegal region. Second stage regressions also reveal that the bank overall financial strength index is influenced by various country-specific attributes. These include control of corruption, government effectiveness, and operation in one of the seven countries that are expected to drive the next big wave in Islamic finance.  相似文献   

18.
隐性保险体制下城市商业银行的市场约束行为   总被引:3,自引:1,他引:2  
许友传  何佳 《财经研究》2008,34(5):40-51
文章分别从价格约束、数量约束、外部环境对市场约束的影响等角度,研究了基于隐性保险体制下的我国城市商业银行的市场约束行为。研究发现:(1)我国地方城市商业银行的储蓄市场不存在显著的价格约束效应,但没有证据表明一定不存在数量约束效应。(2)政府隐性保险对银行债权人的价格决策和数量决策均有显著影响,且价格决策比数量决策、短期储蓄比长期储蓄受到政府隐性保险更大的影响。(3)省会城市城商行的市场约束力度要弱于非省会城市的城商行。  相似文献   

19.
基于Merton模型的存款保险定价研究   总被引:1,自引:0,他引:1  
林略  展雷艳 《技术经济》2010,29(3):86-89
存款保险制度的核心是存款保险费率的厘定。本文以Merton存款保险定价的看跌期权模型为基础,引入监管宽容和未保险存款的利率两个参数,给出了商业银行存款保险定价公式。选择不同的银行对其保险费率进行估算,所得的保险费率之间有一定的差距,表明不同银行的存款保险费率是不同的,中国不适合单一费率,而适合风险费率。本文对我国正在酝酿出台的存款保险制度具有一定的指导意义。  相似文献   

20.
Deposit insurance funds, especially the Federal Savings and Loan Insurance Corporation, are currently in visible trouble. Two central defects of the existing deposit insurance system are identified: (1) mispricing of the insurance premiums and (2) incentives for both the industry and the insurance agencies to postpone recognizing and realizing losses.
Insurance premiums are mispriced because they are assessed at the same rate for all institutions, which creates a bias for banks to take greater risks. Practical difficulties of setting an appropriate risk-based premium for each bank are real but not necessarily insurmountable. In particular, the sale by the bank of unsecured and uninsured debt could provide a market measure of default risk, under a given failure rule.
The choice of a failure rule is also a critical matter. Current failure rules are poorly defined and permit insolvent institutions to continue in operation. Specifying a market value test of insolvency in the statutes would be helpful, but it would have to be supported by market-value accounting requirements and stronger pressures on banking authorities not to defer action.  相似文献   

设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号