Are all financial crises created equal? Wholesale funding and two financial crises

We use financial information on banks from Asia, Europe, North America and Oceania to examine the role of wholesale funding on the transmission of financial crises to bank lending, as well as to study the response of financial institutions in different regions during the crises. We consider the role of wholesale funding during the Global Financial Crisis (GFC) and Asian Financial Crisis (AFC). Our results suggest that during the GFC, wholesale funding dependence had a negative effect on loans growth across regions, but with substantial regional heterogeneity. The growth of loans from financial institutions in Asia and Europe was consistently sensitive to wholesale funding dependence. Although wholesale funding did not play a significant role in the transmission mechanism of the AFC, a subsample of financial institutions in Asia, who depended more heavily on wholesale funding, experienced a faster loan growth and may have been able to better withstand the crisis.     

商业银行财务绩效评价指标体系研究

运用因子分析法,检验了国际上185家上市银行的财务绩效.结果表明,盈利绩效、管理绩效和风险绩效三类主因子,可以衡量和解释商业银行的财务绩效水平,以此为基础,可以根据评价得分对现有商业银行进行绩效检验和排序.     

Bank loan versus financial lease: how do traditional and innovative approaches within the banking sector influence economic growth? A comparative analysis between the US and China

ABSTRACT

The argument over the effects of financial structures on economic growth remains unsettled. This study, therefore, compares the dynamic correlation and lead–lag relationship between the different financial approaches within the banking sector (that is, traditional bank loans versus innovative financial leasing) and economic growth. We employ a continuous wavelet analysis using time-series data from 1982–2017 from the US (the world’s largest developed country) and China (the world’s largest developing country). The empirical results show that (1) episodes of significant correlation usually emerge during periods of reform, crisis or policy implementation; and (2) in China, traditional banking promotes economic growth in the long term, while the real economy only imputes the evolution of banks during critical economic reforms in the short term. Meanwhile, financial leasing could only promote the development of the real economy under suitable regulation; and (3) in the US, before the crises, the irrational growth of the real economy could increase bank assets, while during the crises, the traditional banking approach harms economic growth, and after the crises, financial leases play an important role in recovery. Therefore, we suggest that policymakers should establish adequate policies and regulations to solve the situation.     

金融压力、所有制结构与银行风险承担——基于中国影子银行活动的实证研究*

2008年金融危机之后，监测与防范系统性金融风险、维护金融稳定成为各国监管机构的工作重点。本文构建了一个反映我国系统性金融风险的中国金融压力指数（FSIC）。基于此，本文研究不同所有制结构的商业银行将如何调整影子银行业务以应对系统性金融风险。实证结果表明，当金融压力上升时，相较于国有银行，非国有银行的风险承担水平显著上升。进一步研究发现，这一差异与两类银行对影子银行这一风险业务的调整有关。当金融压力上升时，国有银行会显著减少影子银行业务，而非国有银行的影子银行业务不会减少。本文提出了国有银行的双重职能这一观点来解释实证研究的发现。本文的研究结论对于指导我国金融市场化改革和防范系统性金融风险具有重要启示。     

我国商业银行投资银行业务的创新与发展

加入WTO之后,国外金融集团利用其在人才、产品及混业经营等方面的优势,为国内客户提供综合性的金融服务,给国内商业银行带来了激烈的竞争。面对国外混业经营的强烈冲击和严峻挑战,发展我国商业银行投资银行业务势在必行,如何寻求投资银行的业务发展模式并取得的突破,这是摆在我国各商业银行面前的一个共同问题。     

Beliefs, Bailouts and Spread of Bank Panics

This article highlights the spread of bank panics across countries, as the public reassesses governments' propensity to bailouts. Policymakers decide whether to save collapsing banking systems by weighing social costs of crises against the costs associated with raising taxes to finance rescue packages. Policymakers know those social costs of bank liquidation whereas the public does not. In this setup, financial crises may result from the public's self‐fulfilling prophecies about equilibrium outcomes, as lenders' expectations impinge on the taxation cost of bailouts. It follows that a banking crisis in a country leads creditors to reexamine policymakers' willingness to bailouts in other countries, which eventually makes their banks more vulnerable to self‐confirming depositors' runs.     

The financial and economic performance of social banks

ABSTRACT

The financial crisis of 2008 provides evidence for the instability of the conventional banking system. Social banks may present a viable alternative for conventional banks. This article analyses the performance of social banks related to the bank business model, economic efficiency, asset quality, and stability by comparing social banks with banks where the difference is likely to be large, namely with the 30 global systemically important banks (G-SIBs) of the Financial Stability Board over the period 2000–2014. We also analyse the relative impact of the global financial crisis on the bank performance. The performance of social banks and G-SIBs is surprisingly similar.     

论民营银行市场准入压抑问题

在经济转轨时期,我国金融领域存在着明显的民营银行市场准入压抑问题。民营银行市场准入压抑的形成机理在于:决策层顾虑发展民营银行会削弱国家对金融资源的控制,降低金融宏观调控效果,影响国有企业改革等。然而,随着经济和金融环境的变化,尤其是民营经济的快速发展,民营银行市场准入压抑催生的金融问题日益凸现。在国家综合经济实力的增强,金融调控和监管机制的不断完善的条件下,逐步解除民营银行市场准入压抑,应成为深化金融体制改革的理性选择。     

Too-Big-To-Fail: Why Megabanks Have Not Become Smaller Since the Global Financial Crisis?

ABSTRACT

More than ten years after the global financial crisis, what has happened to the ‘too-big-to-fail’ (TBTF) banks whose reckless behavior was among its preconditions, but which received public support and guarantees in the midst of that crisis? Insofar as this too-big-to-fail status helped create the crisis and then imposed costs on the rest of society, we would expect these banks to have shrunk. We investigate the evolution of 31 global-TBTF banks and find that their overall size has hardly recorded any substantial change. However, there is no sense of urgency in the flourishing post-crisis literature on TBTF banks about the need to contain their size; the prevalent view therein is that if properly regulated, the risks that arise from a financial system dominated by TBTF banks are manageable. This view rests on the same overly narrow theoretical underpinnings whose flaws were exposed in the crisis. We argue that too-big-to-fail banking is embedded in a set of self-reinforcing policies—consolidation, balance-sheet support through quantitative easing, favorable regulations, bank lobbying, and geo-economic and geo-political considerations—which explain why these banks have not shrunk and why they remain a threat to financial stability, well after the lessons of the crisis should have been learned.     

金融危机、货币政策与信贷供给*——基于公司层面银行信贷数据的经验研究

不同的银行特征会对金融危机和货币政策传导的银行信贷渠道产生异质性影响。本文运用2001-2015年公司层面银行信贷数据实证检验了我国货币政策传导的银行信贷渠道,随后进一步研究金融危机对不同特征银行信贷供给的影响差异。经验研究发现：我国货币政策银行信贷渠道主要通过非国有控股银行传导,并引起不同资产负债表特征银行信贷供给的异质性反应。银行规模越大、流动性越强、资本充足率越高,银行信贷供给对货币政策越不敏感。金融危机期间,银行信贷渠道的传导效率显著降低,高资本充足水平的银行和国有控股银行受金融危机的冲击较小,并且宽松的货币政策对国有控股银行信贷供给调控的效率更高。     

Tipping the (Im)balance: Capital inflows,financial market structure,and banking crises

An emerging consensus among scholars and policy‐makers identifies foreign capital inflows as one of the primary determinants of banking crises in developed countries. We challenge this view by arguing that external imbalances are destabilizing only when banks face substantial competition from securities markets in the process of financial intermediation. We assemble a dataset of banking crises covering the advanced industrialized countries from 1976 to 2011 and find evidence of a conditional relationship between capital inflows, a well‐developed securities market, and the incidence of banking crises. We further explore the impact of capital inflows on banks’ actual risk taking as indicated by their capital adequacy levels and measures of insolvency risk. Our results demonstrate that prudential capital cushions tend to decline with the combination of capital inflows and prominent securities markets. We highlight the political decisions—often made during the early days of a country's financial development—that determine the relative prominence of banks vs. non‐bank financial institutions and conclude with policy recommendations.     

利益相关者与公司财务治理探析

利益相关者理论认为,企业的每一个利益相关者都应有平等的机会来享有企业剩余索取权和控制权,企业的财权不应归股东和经营者所有,其他利益相关者也可以参与到企业财务治理中。商业银行作为企业最大的债权人,是企业重要的利益相关者。银行参与企业财务治理,不仅能激发银行的投资热情,还可以有效地监督经营者的行为,抑制内部人控制,防范企业财务风险,促进企业债务资金的有效利用,最终形成良性、互动的银企关系。     

管制、竞争与民营银行的发展

金融深化的基础是管制与竞争的均衡。计划体制下,国家对金融业一直采取国有控股或国家垄断,因而产生民营银行压抑现象。市场化改革显化了金融制度与经济制度的摩擦,因而民营银行发展在金融深化中具有现实性,也是金融基础设施建设的重要组成。从竞争的角度看,放松民营银行进入壁垒,有助于金融业适度竞争,同时也是国有银行改革的重要组成部分。当然,金融本身的脆弱性说明银行民营化过程也是管制重建的过程。     

How do mega-bank merger policy and regulations contribute to financial stability? Evidence from Australia and Canada

Although the role of financial regulatory failures in the global financial crisis (GFC) has been explored extensively in the post-GFC literature, our knowledge of the role of bank merger and takeover policy and regulation in reinforcing financial stability is limited. Based on an exploratory case study of Australia, which is examined in comparison to Canada, this article argues that competition policy and regulation contributed to financial stability by insulating the largest Australian and Canadian banks from domestic or foreign hostile takeover threats, and by limiting their asset size, and thus their internationalization and interconnections with the global banking community.     

Main banks’ influence on financial reporting quality in Japan

This study investigated main banks’ influence on the quality of accounting firms’ audits and corporate firms’ earnings, focusing on companies on Japan’s Nikkei 500 index. We posed three questions in this research study about main banks’ influence on corporate clients’ earnings management. First, does a weakened main bank relationship influence corporate clients’ financial reporting quality? Second, does Japan’s firewall deregulation influence firms’ earnings quality? Finally, does the relationship between accounting firms and main banks affect client firms’ earnings quality? Our main findings were that main banks are not related to client firms’ earnings management; however, main banks mitigate client firms’ earnings management after firewall deregulation. On the other hand, firewall deregulation does motivate firms to manipulate their earnings management. Finally, using Pong and Kita’s (2006) study as a framework, we found that main banks and client firms using the same accounting firms had no influence on earnings management. Based on these evidences presented, our findings suggest that the quality of corporate clients’ financial reporting changes before and after firewall deregulation.     

Natural or unnatural selection? The end of lending relationships for small businesses

We investigate the situation where small business borrowers and banks end their lending relationships. If credit allocation is efficient, banks terminate their relationships with risky borrowers. Alternatively, small business borrowers are more likely to end their relationships when they have poor investment opportunities and do not require borrowed funds. However, if the soft budget constraints of banks or credit crunches are a significant problem, banks are likely to continue their relationships with risky firms or end their relationships with nonrisky firms, which is representative of an unnatural credit allocation. Using Japanese firm-level data, we show empirically that these relationships end naturally, with natural credit allocation supported even during the recent global financial crisis.     

金融自由化、经济转轨与农民相对贫困的恶化

金融自由化通过如下机制影响农民相对收入水平:经济增长、金融服务、金融发展和金融危机。转轨经济的特殊性使上述4个渠道都使农民相对收入增长受到不利影响。经济增长的再分配效应是不确定的。在转轨过程中,国有经济和国有银行从农村地区大规模撤退,减少了农民的金融机会和金融服务。在金融发展过程中,农民分享经济增长和金融发展外部性的难度提高。金融危机的再分配效应更是不利于农民。综合效应是,伴随金融自由化的推进,农民金融机会集合变窄,城乡收入差距快速扩大。     

外资银行监管法律制度的完善

随着金融的国际化以及我国加入WTO后金融市场的逐步开放,外资银行大量抢滩国内市场,这对我国金融乃至整个经济运行将产生深远影响,并使加强对外资银行的监管显得尤为必要。为此,作者在分析对外资银行监管的必要性的基础上,针对我国外资银行监管法律制度的不足,借鉴国际经验,从监管目标入手,阐述了我国外资银行监管法律制度的完善。     

中国商业银行金融风险预警指标体系研究

当前,中国金融体制改革日益深化,商业银行的隐形风险也在日趋增加。根据2008—2010年中国商业银行的实证检验结果显示,中国商业虽然尚处于基本安全区域,但部分指标给出了风险信号。在中国金融市场不断与国际接轨的情况下应尽快建立全面的商业银行金融风险预警体系,并加强对商业银行金融风险的即时检测,以保证中国金融市场的安全。     

国有商业银行法人授权等级评价指标体系及财务综合评价模型

我国国有商业银行普遍实行了法人授权管理制度．但是．目前暴露出的最显著的问题是缺乏统一的法人授权等级评价制度。基于财务状况的国有商业银行法人授权等级评价体系可以解决这一粤题。本文以某国有商业银行的财务数据为基础，建立综合评价模型，从而为我国国有商业银行法人授权等级评价提供参考依据。