Federal Home Loan Bank Advances and Commercial Bank Portfolio Composition

Federal Home Loan Bank (FHLB) advances are a source of government‐sponsored liquidity intended to encourage housing finance, although “community financial institutions” may use such funds more generally. Because money is fungible, it is an empirical question as to how advances are actually employed. Using panel‐vector autoregression techniques, we estimate dynamic responses of U.S. commercial bank portfolios to: FHLB advance shocks, bank lending shocks, and macroeconomic shocks. We find that FHLB advances: (i) are used as a general source of liquidity by U.S. commercial banks of all sizes and (ii) dampen the sensitivity of mortgage lending to macroeconomic shocks at small banks.     

商业银行住房抵押贷款证券化可行性研究

住房抵押贷款证券化是1970年代在美国开始兴起的一种新兴金融工具,其意义不仅在于使更多的居民买得起住房而推动房地产业的发展,同时能降低金融风险,为资本市场提供一种新型的金融工具而推动金融市场的稳健发展.在我国现行资本条件下,住房抵押贷款证券化亦具有可行性.     

所有权、产业政策指导与银行贷款利率

以上市公司披露的银行信贷数据为样本,实证分析产业政策指导对企业贷款利率的影响。结果表明:产业政策指导中的重点支持类企业和一般支持类企业往往获得了银行贷款的利率优惠,商业银行较好地落实了国家的产业政策;相比于民营企业,与政府有密切关系的国有企业获得了较低的贷款利率,商业银行的信贷决策表现出一定程度的所有权金融歧视。     

年报风险信息披露与银行贷款利率

既有文献较少从银行视角关注年报风险信息披露的经济后果。银行更有能力解读年度风险信息,银行利益也更直接受到年报风险信息的影响,银行贷款利率更能体现年报风险信息披露的经济后果。本文基于2008-2017年单笔银行贷款利率数据的研究发现:总体上我国年报风险信息披露降低了银行贷款利率,说明我国年报风险信息披露更符合趋同观假说。中介效应检验发现:我国年报风险信息披露通过提高信息透明度,降低银行风险感知水平进而降低了银行贷款利率,即信息质量和风险是我国年报风险信息披露影响银行贷款利率的不完全中介。进一步分析发现:我国年报风险信息披露与银行贷款利率的负相关关系主要体现在货币政策紧缩组、非国有企业组以及公司治理水平较高组。本文首次研究银行贷款利率与年报风险信息披露的关系,有助于丰富风险信息披露文献和银行贷款文献。     

商业银行信用风险控制在助学贷款中的运用

实行助学贷款是发展教育的一项重要政策，但在实施的过程中却出现了“银行有钱贷不出”和“学生没钱贷不到”的尴尬局面，这引起了人们对这项政策的再思考。通过对产生这种现象的内在原因的分析和对银行和学生二者之间预期效用的比较分析，以及对银行和学生行为选择的分析，认为缺乏有效的抵押担保机制和良好的社会信用体系是导致这种现象的重要原因，最后从制度约束和道德约束两方面思考，减少信息不对称现象，增加学生不还贷成本，降低银行风险，不断完善助学贷款制度。     

Do Federal Home Loan Bank membership and advances increase bank risk-taking?

Since the early 1990s, commercial banks have turned to Federal Home Loan Bank (FHLBank) advances to plug the gap between loan and deposit growth. Is this trend worrisome? On the one hand, advances implicitly encourage risk by insulating borrowers from market discipline. On the other, advances give borrowers greater flexibility to managing interest rate and liquidity risk. And access to FHLBank funding encourages members to reshape their balance sheets in ways that could lower credit risk. Using quarterly financial and supervisory data for banks from 1992 to 2005, we assess the effect of FHLBank membership and advances on risk. The evidence suggests liquidity and leverage risks rose modestly, but interest-rate risk declined somewhat. Credit risk and overall failure risk were largely unaffected. Although the evidence suggest FHLBank membership and advances have had, at best, only a modest impact on bank risk, we caution that our sample period constitutes one observation and that moral hazard could be pronounced if leverage ratios revert to historical norms.     

商业银行贷款承诺业务国际比较分析

贷款承诺是国际商业银行的重要表外业务之一,本文系统介绍了贷款承诺使用目的、费率体系、条款设计等特点;论述了贷款承诺产品的供求特性;讨论了贷款承诺理论定价和实际价格影响因素;分析了贷款承诺对银行的风险影响及其规避办法。文末对国内贷款承诺业务现状进行了分析。     

The Federal Home Loan Bank system: Cause or cure for disintermediation?

The Federal Home Loan Bank (FHLB) system issues bonds in order to obtain funds for savings and loan associations during periods of disintermediation. A question has arisen as to whether the FHLB actually causes additional disintermediation by its bond issues. Although this concern has been examined before statistically, with a connection found between FHLB borrowing and disintermediation, no explicit attention has been devoted to the possibility that such a statistical relationship may reflect a causality relationship in which disintermediation is the cause and FHLB borrowing the effect rather than the reverse. This study utilizes a simultaneous equation model and estimator to examine such two-way causality and finds it exists but that substantial disintermediation is caused by FHLB borrowing even after correcting for simultaneous equation bias.     

国际贷款损失准备金制度的最新发展及其对我国的启示

本文以巴塞尔新资本协议有关资本监管的内容为背景,总结了发达国家贷款损失准备金政策的最新发展,从准备金的分类、资本与准备金的关系等五个方面对发达国家的贷款损失准备金政策进行了比较分析。最后,对完善我国贷款损失准备金制度提出了若干看法与建议。     

Federal Home Loan Bank Lending to Community Banks: Are Targeted Subsidies Desirable?

The Gramm-Leach-Bliley Act of 1999 amended the lending authority of the Federal Home Loan Banks to include advances secured by small enterprise loans of community financial institutions. Three reasons for the extension of this selective credit subsidy to community banks and thrifts are examined, including the possible need to: subsidize community depository institutions, stabilize the Federal Home Loan Banks, and address a market failure in rural markets for small enterprise loans. We empirically investigate whether funding constraints impact the small-business lending decision by rural community banks. We estimate static and dynamic models of small-business lending by community banks. The data reject the hypothesis that access to increased funds will increase the amount of small-business loans made by community banks.     

Congress and the Federal Reserve

We examine legislative activity to determine when Congress threatens the Fed and whether this pressure affects monetary policy. By the late‐1980s Congress shifted from threatening when unemployment was high to threatening when inflation was high. We use the Romer and Romer monetary shocks to isolate changes in the federal funds rate that cannot be explained by economic conditions and ask whether these shocks respond to pressure. In the 1970s, the Fed responded to bills credibly threatening Fed powers by lowering the federal funds target below that prescribed by current and forecast economic conditions. However, this accommodation ceased in the mid‐1980s.     

美国联邦储备体系的性质、功能和治理结构

联储体系依据美国国会通过的法律成立,作为美国的中央银行行使包括制定和执行货币政策、监管金融机构、维护支付体系运行等公共职能,代表公共利益,具有公共机构性质。联储体系理事会属联邦机构性质;各联储行兼具联邦机构、公司和银行性质,但以联邦机构性质为主,公司色彩较淡,是银行的银行和政府的银行。     

商业银行与担保公司贷款担保业务合作风险及防控

商业银行与担保公司在贷款担保方面的合作,对解决中小企业融资难的问题起到了积极的促进作用,但在合作过程中也产生了不少问题。除了担保公司虚假出资、抽逃资本金或恶意逃废债等行为导致担保公司将担保风险转嫁到银行外,银行自身认识和管理的不到位也是导致银行贷款风险发生的重要原因。     

Statement no.134 a proposal for privatization of the Federal Home Loan Bank system

Statement no.134 a proposal for privatization of the Federal Home Loan Bank systemMay 6, 1996     

美国银行贷款损失准备计提制度研究及其启示

本文研究了美国银行贷款损失准备金制度发展的历程,以及美国会计界、银行监管部门和税务部门在贷款损失准备金政策上曾经存在的冲突和协调完善的进展情况,并分析了我国现阶段同样存在的一些问题。在此基础上,本文认为贷款损失准备对银行抵御风险、真实反映资产和经营业绩都具有重要作用。会计界、银行监管部门和税务部门应该加强协调,完善法规,指导银行合理计提贷款损失准备金,尽快健全我国银行的计提贷款损失准备金制度。     

中央银行介入资产证券化业务及其会计核算规则研究*--以美联储为例

介入资产证券化业务在次贷危机爆发后成为美联储实施非常规货币政策的工具。本文研究美联储介入资产证券化业务的历程、动因、方式和范围,分析美联储对持有资产证券化产品和对特殊目的实体进行会计报表合并的核算规则,指出我国中央银行要研究建立与资产证券化业务相配套的风险监控机制、救助应急机制、市场沟通机制和会计核算机制。     

我国商业银行贷款集中度的测算及效应分析

近年来,商业银行信贷集中问题逐渐显现,正确认识信贷集中度及其影响对我国经济和金融业的稳定具有重要意义。本文用行业集中度、地区集中度、客户集中度三个指标来衡量我国商业银行的贷款集中度,以15家上市银行为研究样本进行了测算,在此基础上,将其分为三组同质同类银行,采用时间序列截面数据分别建立回归模型,考察了各组同质同类银行的贷款集中度对收益及风险的影响。     

中美商业银行贷款利率市场化程度的比较分析

在经济对外开放程度不断深化的今天,中国的银行系统却还未完全走向市场化,尤其是目前各商业银行贷款定价能力较弱,多数按照央行规定的基准利率定价,导致商业银行等机构不能与国外同行在同等水平上竞争.针对这种现实,本文通过分析比较中美商业银行贷款利率的现状,旨在强调国内商业银行还有很大潜力与动力来加快贷款利率走向完全市场化的步伐.