The importance of the development banks for the financial infrastructure

In literature and practice the term “development bank” is commonly applied to investment banks for the financing of private projects which deserve to be promoted on general economic grounds. Their salient task is usually to provide medium- and long-term funds. Complementary consultative functions are occasionally performed as well while other bank transactions, especially of a short-term nature, and debit business were, as a rule, not considered. This concept of the purpose of a development bank has proved too narrow, too normative and too general.     

Credit risk and bank competition in Sub-Saharan Africa

This paper investigates the relationship between bank competition and stability in Sub-Saharan Africa. Using financial statements on 221 banks from 33 countries over the period 2000–15, we provide evidence for a U-shaped relationship between bank competition and credit risk. Up to a certain threshold, higher levels of bank competition are associated with lower credit risk. Above this threshold, more competition increases credit risks as the positive effects of competition are outweighed by the adverse effects of rising competition. The optimal threshold appears to be higher for African banks compared to banks from developed countries. We also find that credit risk in Sub-Saharan Africa is not only related to macroeconomic determinants, such as growth, public debt, economic concentration and financial development, but also to the business and regulatory environment. In particular, bank risks appear to be lower in countries where credit registry coverage is higher and the tenure of supervisors is shorter.     

中国民营银行公司治理的现状与对策--基于民生银行的案例分析

民营银行公司治理关系着民营银行股东价值最大化目标的实现,以及民营银行乃至整个金融业与国民经济的健康发展。本文以中国民生银行为例,对我国民营银行治理现状进行了分析,分析结果表明,现阶段中国民营银行股权高度集中,流动性较差,而且在外部治理中过度依赖政府监管,公司治理结构还很不完善。本文认为,完善与改进我国民营银行的公司治理结构应该分别从民营银行公司治理的内外两个层次入手,有的放矢地采取相应的政策措施。     

Out of Africa: The role of institutional distance and host-home colonial tie in South African Firms’ post-acquisition performance in developed economies

The colonial ties and institutional distance affect the cross-border acquisition performance of internationalizing South African firms who acquire targets in developed economies. Along with these main effects, this paper examines the moderating effect of the colonial tie on the effects of institutional distance on post-acquisition long-term operating performance. Using data on South African acquisitions in developed economies, this study finds that the colonial tie has a negative impact on the long-term operating performance of South African acquirers. Yet, the colonial tie also moderates the effects of institutional distance. This work contributes to the discussion on host-home country institutional distance and its impact on post-acquisition long-term operating performance and how colonial past can influence the performance of acquirers from South Africa and other such countries with colonial history.     

Regulation,ownership and bank performance in the MENA region: Evidence for Islamic and conventional banks

This paper investigates the impact of regulation and ownership on the performance of banks in 19 countries in the Middle East and North Africa (MENA) region. We test the hypothesis that the effect of regulation on bank profitability depends on the type of ownership structure. The public and private views of bank regulation are also tested along with the interaction of bank regulation and ownership. We find regulation measures to have a strong influence on bank profitability, whereas ownership structure seems to play a limited role in explaining bank performance in the MENA region. The results support the private view of bank regulation and suggest that capital requirements and private monitoring when interacted with ownership concentration exert a strong influence on bank profitability. When the analysis is done separately for conventional and Islamic banks, we find that the impact of bank regulations though strongly significant, does not depend on the type of ownership structure prevailing in conventional banks. In contrast, regulatory effects seem to be important drivers of profitability of Islamic banks. Therefore, it is very important for policy makers in these countries not to treat the two types of banks identically when setting up and implementing bank regulations especially during the COVID-19 pandemic.     

Public bank lending in Africa in times of crisis

This paper examines State-owned bank lending in Africa in times of crisis. We exploit a sample of 112 banks, including 24 State-owned banks, operating in 8 West African countries over the period 2000–2019. We focus on how bank ownership affects lending, during and after crises. Results indicate that, contrary to domestic-private banks, public banks continue to lend at the same rate during and slightly increase their lending after a crisis. The main explanation of the previous finding is the stability of State-owned bank resources. Finally, the countercyclicality of public banks does not affect their profitability or portfolio quality.     

中国政策性银行股份制改革战略选择——基于业务模式视角

2008年12月,国家开发银行股份有限公司正式挂牌成立,标志着其产权制度、组织模式成功转变。然而,股份制改革给政策性银行的筹资成本及业务开展等众多方面带来了较大影响。中国政策性银行作为金融资源配置体系重要的组成部分,股份制改革后其作为政策性银行的比较优势将逐步削弱,政府支持力度与竞争优势的减弱将对其筹资成本、业务开展乃至自身可持续发展造成深远影响。为更好地推动我国政策性银行股份制改革,应渐进式过渡,向低政策多元业务模式发展;完善公司治理结构,实现政府目标与市场业绩的统一,体现政府意志、国家利益、公众利益;兼顾政策性业务与商业性业务,实行分账经营。     

Origins,Growth and Concentration of Bank Capital in South Africa, 1860–92

This article quantifies the growth of banking capital and reserves in South Africa from the time of the arrival of the first London-based banks in 1860 to their total dominance of banking in the Cape Colony in 1892. Their better management was responsible for this development. Outside the Cape, in Natal and in the Orange Free State, local banks, favoured by their respective governments, continued to exist; but their capital was only a fraction of that employed in the Cape Colony. There was no local bank in the Transvaal before the discovery of gold in 1886. The rapid economic development triggered by the discovered of the Witwatersrand gold then enabled Kruger's government to set up a local bank in the Transvaal, though he was forced to rely on overseas capital to make it viable. At no time, however, did the bulk of the banking capital in South Africa come from overseas. Before 1870 it originated in the Cape Colony: after 1870 it came more and more from reserves of the imperial banks, which had been earned in the Cape, supplemented by share exchanges when local banks were taken over.     

‘No Arbitrary Discretion’: Specialisation in Short-Term Commercial Lending by Banks in Late Nineteenth-Century New England

In the late nineteenth century banks in New England embraced an increasingly specialised role in the economy, focusing on the provision of short-term loans to commercial borrowers and eschewing long-term relations with industrial enterprises. This drive to specialise resulted from a particular combination of circumstances: a tremendous expansion in the number of banks, and an equally dramatic rise in deposits as a source of lendable funds. The latter development incresed the interdependence of the banking system, making each institution vulnerable to runs provoked by the unsound practices of its competitors. The former made it difficult to regulate the lending practices of individual banks. By promoting strict standards for short-term commercial loans, bank reformers sought to increase the ablity of directors and stockholders to monitor the decisions of their banks' managers and, at the same time, to limit the damage to the system that unscrupulous bankers could inflict. Similar problems of control arose in the British banking system in the last few decades of the century, and may explain the simultaneous shift toward short-term commercial loans that occurred in that nation. By contrast, large German banks were able to limit the independence of their smaller competitors and hence the threat to the security of the banking system that they posed.     

South shore bank: Is it the model of success for community development banks?

South Shore Bank, the country's first community development bank, began in 1973 with the dual objectives of making a profit and improving conditions in the community of South Shore, Chicago. Although the bank has been hailed as a success, there has been little work on defining or measuring its performance against either objective. This article compares the bank's financial performance against comparable banks (holding companies) and the demographic changes in the South Shore community against changes in the contiguous communities. The results suggest that both the bank and the community exhibit worse relative performance. Additional research is needed to verify these results and to determine how to improve the effectiveness and efficiency of community development banks. © 1995 John Wiley & Sons, Inc.     

Cyclicality of lending in Africa: The influence of bank ownership

Ownership structure of banks has dramatically changed over the past two decades in African countries with privatization and foreign bank entry, including the expansion of Pan-African banks. The objective of this paper is to investigate how bank ownership influences cyclicality of lending in Africa. We are then able to assess how changes in bank ownership influence the economy. To this end, we measure the sensitivity of bank loan growth to GDP per capita growth of the host country with dynamic GMM estimations. We use panel data from 190 commercial banks covering 20 African countries spanning the period from 2002 to 2015. We find that lending of African banks is procyclical for all types of banks. However, we observe that Pan-African banks are the least procyclical banks, while no significant difference in procyclicality is observed between state-owned banks, domestic private banks, and other foreign banks. In addition, we find evidence that foreign banks are influenced by GDP per capita growth of their home country. Therefore, our findings support the view that the expansion of Pan-African banks contributes to reduce cyclicality of lending. However, foreign bank entry can enhance the transmission of external shocks.     

Strategic alliances and competitive edge: insights from Spanish and UK banking histories

This research assesses the success of collaboration agreements through changes in competitive strength rather than the longevity of the transactions or the formality and visible structure of the agreements. To establish competitive strength, as development and renewal of capabilities, the research proceeds through the review of the alliance between the Co-operative Permanent Building Society, the Co-operative Wholesaling Society, Scottish Co-operative Wholesaling Society and Co-operative Insurance Society (1943–65). This cooperative agreement allows insights into the strategy of non-banks and nonfinance participants aiming to enter British bank markets. The research also considers the rather different process at Spanish savings banks, with a particular focus on IT outsourcing (1977–95). Cases in the UK and Spain form an historical argument and are used to demonstrate how the implementation of strategy is as important as strategic visioning to achieve competitive advantage in bank markets.     

国外商业银行信贷资本配置功能理论综述——基于原理、机制与制度的视角

信贷配置是银行的基本功能。具体看,银行能促进信贷资本配置于长期项目、高科技项目和高效益项目。比较看,银行的配置功能优于股票市场而劣于公司债券。金融规制、金融制度等制度因素影响银行经理行为从而也影响银行的信贷资本配置效率。     

价值链视角下城市商业银行战略成本管理研究

城市商业银行异军突起,成为银行业发展最快的新生力量。为寻求长远发展,城市商业银行应进行战略成本管理。由于价值链分析是战略成本管理的核心,城市商业银行价值链中的战略环节包括研究开发、市场营销和客户服务环节,所以战略成本管理应围绕服务中小企业、实施金融产品差异化、开发战略联盟和发展网络银行四个方面进行。     

Network interlocks: The connected emergence of chambers of commerce and provincial banks in the British Isles, 1767–1823

Interlocking between the earliest 20 chambers of commerce in the British Isles and the partners of local provincial banks relied on similar needs for networks and trust. Two-thirds of banks and 40% of bank partners were members of their local chambers. Bank partners formed 8% of chamber memberships, and 39% held offices, indicating strong interlocking directorates. The interlocks provided a number of potential mutual benefits, influencing chamber services and lobby activity, and offering mutual signalling of brand and status. Interlocks with chartered banks were often also strong through managerial staff and some bank branches. Despite the general pattern, there were important exceptions (chiefly Manchester, Newcastle and Cork) where banks were less connected with early chambers.     

民营化、国有化与中国国有银行改革

国有银行自上世纪70年代中期以来出现了民营化的国际趋势,一些国家因此发生了银行危机.而此前全球曾有过国有化浪潮.虽然国有银行效率比民营银行低,但经验研究却表明,国有银行与银行危机之间没有或很少有因果关系;而且由于有政府信誉担保不易发生挤兑.中国国有银行改革过程实际上是政府逐步放弃控制权的过程,但切不可因效率而忽视金融稳定;简单地依靠所有权变更无法解决国有银行脆弱性问题;而且,与境外战略投资者合作时要谨防金融主权失控风险.     

Efficiency in banking services: a comparative analysis of Internet-primary and branching banks in the US

This paper investigates the provision of financial services by banks as a two-stage production process involving three different basic activities. The first stage includes service activities, while the second stage comprises both investment-related and risk management activities. Financial services performance is assessed in terms of service efficiency and investment and risk management efficiency for years 2002–2010. The major empirical findings are that the Internet-primary bank is more efficient than most branching banks in deposit-raising activities, but with regard to investment and risk management activities, there are many brick-and-mortar banks that match the online bank performance.     

Sustainable market orientation: a competitive strategic tool in an emerging economy context

The purpose of this research is to test the effect of sustainable market orientation (SMO) as a strategic tool on banks’ sustainable balanced firm performance (SBFP) in an emerging economy. The research data was collected via the survey approach through self-administered questionnaires to 445 bank employees. Exploratory Factor Analysis was employed to establish the dimensionality of the research constructs, whereas multiple linear regressions were utilised to test the research hypotheses. Results suggest that SMO is positively and significantly related to sustainable balanced performance of banks. The study confirms the SMO concept promulgated in prior studies. Employees’ opinions on bank Managers incorporating sustainability management variables into market orientation as a strategy are encouraged by scholars to engender SBFP. Strategic approaches of this kind leads to balance performance of organisations and the larger society which is central to all stakeholders. This study may be the initial quantitative investigation into SMO and SBFP in the strategic marketing literature.     

村镇银行对湘西州经济发展影响的实证分析——以湘西长沙银行村镇银行为例

依据湘西长沙银行2011、2012年以及2013年大部分数据探究村镇银行对当地经济发展影响,结果显示:村镇银行金融发展与湘西州经济增长之间存在长期稳定关系,并呈现出对当地经济增长具有一定的促进作用;且金融发展规模的提高会促进经济的增长。但经济增长在显著水平上没有拒绝原假设,说明湘西州经济增长不是金融发展规模扩大、金融结构优化、金融效率提升的原因;甚至村镇银行金融效率对当地经济增长还会产生负面影响。村镇银行的金融结构亟待优化,金融效率亟待提升。届时,不断扩大的金融发展规模才能更好地促进湘西州经济增长。     

Transaction costs of early modern multinational enterprise: measuring the transatlantic information lag of the British Royal African Company and its successor, 1680–1818

There is extensive previous research on the early modern chartered multinational corporations, their development and how they dealt with the various challenges they faced. This article attempts to contribute to this field of research by estimating quantitatively the information lag in early modern multinational enterprise, studying the case of the British Royal African Company and its successor the Company of Merchants Trading to Africa. The results show that the transatlantic information lag decreased somewhat during the second half of the eighteenth century. The decrease was however quite modest, and far less striking than has been claimed in some previous research. During the period, this information lag therefore still posed a major constraint on the development of multinational enterprise.