Performance of Thailand banks after the 1997 East Asian financial crisis

The performance of commercial banks and government-owned specialized banks in Thailand is estimated after the 1997 East Asian financial crisis. Commercial banks exhibit increasing returns to scale, whereas government-owned specialized banks exhibit decreasing returns to scale, implying further increases in bank size and market concentration in the commercial bank sector but not for government specialized banks. Cost inefficiency varies by bank and is a function of the ratio of nonperforming loans (NPLs) to total loans, equity to total assets and liquid assets to total assets, as well as the number of branches. On average, banks with fewer NPLs, that are well capitalized and with adequate liquidity are efficient. Thus, stricter rules to regulate credit risk management and ensure capital and liquidity adequacy would enhance efficiency in the banking sector. Although estimated input substitutability appears to be low, labour and loanable fund are substitutes. However, labour and physical capital as well as physical and loanable funds are complements in commercial banks. All the three inputs of labour, physical capital and loanable funds are substitutes for the government specialized banks.     

银行与企业信用贷款博弈分析

本文以企业和银行的不完全信息动态博弈为基础,针对信用贷款过程以及当事人的策略和行动,重点分析了贷款和还款两个阶段的银行和企业的博弈策略。在对贷款过程进行一定的约简假设基础上,构建信贷博弈模型并对其进行求解,得出不同条件下企业和银行的最优策略选择。本文在计算银行和借款企业的支付成本时突出考虑了机会成本,摒弃了其它模型中的模糊数据成分,使得模型能够得到更为直观的结果。     

浅议信用卡交易的运作模式

本文试从分析信用卡组织及商业银行在从事信用卡业务过程中发生的成本与从该业务中获得的收益入手，逐步分析勾勒出信用卡运行体系的框架，说明信用卡交换费的制定在整个信用卡交易体系中处于中心位置，对整个体系的运作效率有着重要的影响。     

Deregulation, consolidation and banks efficiency in Singapore: Evidence from event study window approach and Tobit analysis

A three-year window analysis together with the Data Envelopment Analysis (DEA) approach is employed to investigate the effects of mergers and acquisitions on the Singapore banking groups’ efficiency. The results suggest that the merger has resulted in a higher Singapore banking groups’ mean overall efficiency. We do not find evidence of more efficient acquirers compared to the targets and that the acquiring banks’ mean overall efficiency tends to improve from the merger with a more efficient bank. The Tobit regression results suggest that bank profitability has positive impact on bank efficiency, whereas poor loan quality has negative influence on bank performance. (JEL: G21, D24) All findings, interpretations, and conclusions are solely those of the authors’ and do not necessarily represent the views of the institutions to which they belong. We would like to thank the anonymous referees for their comments and suggestions. The remaining errors are of our own.     

Beyond market failures: the market creating and shaping roles of state investment banks

The paper develops a typological framework of the roles of state investment banks (SIBs) in the economy. The typology identifies four different roles: countercyclical; developmental; venture capitalist; and challenge-led. The paper conceptually elaborates the typology by first providing a historical overview of SIBs, and then discussing how the mainstream “market failure theory” justifies them. It then advances a different conceptualization based on insights from heterodox economics, showing that all roles of SIBs are more about market creating/shaping rather than market-failure fixing. The paper concludes with a proposal of a new agenda for research on SIBs based on our typological framework.     

基于风险视角的商业银行资本结构研究

基于银行风险行为的异质性,以效用最大化为期望目标,通过推导商业银行资本约束曲线和效用曲线,建立资本－风险局部均衡模型,拓展资本监管效应理论分析框架,在资本监管强化背景下,运用该模型进一步分析商业银行的风险行为、经营行为对资本监管约束的差异性反应。建立的资本－风险均衡模型有别于前人的成果,具有较强的包容性和较高的解释能力。     

A model of money counterfeits

This note offers a game-theoretic analysis of the strategic interaction between a central bank and a counterfeiter. Counterfeit notes cause a potential loss for consumers because such notes are confiscated when detected. The central bank is assumed to choose a bank-note design that minimizes the sum of the production cost of the notes and of the expected loss to the noncounterfeiting part of the population. The counterfeiter maximizes his expected return. I find that this game has a pure-strategy subgame-perfect equilibrium, and this equilibrium is typically unique. Depending on parameter values (specifically on the face values of notes), there is either no counterfeiting or much counterfeiting in equilibrium. Intermediate cases are never an equilibrium.     

Timing of environmental inspections: survival of the compliant

Environmental inspection agencies have limited resources. A natural response to this shortage of resources is targeting and this targeting policy leads to higher compliance than random inspections. This paper uses individual inspection data on the inspection policy of the environmental agency for the textile industry in Flanders (Belgium). We distinguish between three types of inspections and use a survival model to show that the environmental agency inspects firms in a non-random way. Even though the agency solves most environmental problems, it can increase compliance by using the deterrence effect of more stringent inspections and sanctions.      

Knowledge combinations and the survival of financial services ventures

The paper investigates the role of knowledge in the evolution of new financial services ventures in Sweden between 1990 and 2002. Drawing upon economic theories of human capital and spin-out entrepreneurship, we investigate whether knowledge from prior employment in the financial and technological industries facilitates the survival of new entrepreneurial firms. Based on a database tracking the evolution of 1,077 financial services ventures, we find that firms with more extensive knowledge from the financial services and high-tech sectors have higher chances of survival than firms with more narrow knowledge bases. Our findings offer contributions to the emerging literature on spin-out entrepreneurship and to research on entrepreneurship in services.     

商业银行操作风险影响性评级模型研究

目前商业银行风险可以分为信用风险、市场风险和操作风险,操作风险已经成为与市场风险和信用风险同等重要的风险。介绍了操作风险的界定及构成因素,从其构成要素及特征指出商业银行操作风险影响性评级指标模型的设计原则,并设计其基本架构与计量模型。该计量模型采用定性分析和定量分析相结合、静态分析和动态分析相结合的方法,做到量化质化兼具、主观客观并存,综合运用层次分析法、模糊评价法及专家评判法。     

Long-run determinants of pollution: A robustness analysis

This paper examines how robust economic, political, and demographic variables are related to water and air pollution. Employing Bayesian Averaging of Classical Estimates (BACE) for a cross section of 47 countries, 34 variables and 3 proxies for air and water pollution over a period from 1980 to 2000 we confirm the environmental Kuznets curve hypothesis and highlight the relevance of variables that are not directly related to production.     

基于因子分析法对我国商业银行绩效评价的研究

2008年金融风暴给全球的金融市场带来很大的冲击,商业银行在艰难发展中越来越重视绩效管理。以2011年度我国四大国有控股商业银行和十三家全国性股份制商业银行的12个财务指标数据样本,运用因子分析法对各家商业银行的绩效情况进行分析和排序,并在此基础上针对我国商业银行的现状提出合理化的建议。     

Pharmacoeconomic analysis of paricalcitol and calcitriol in the treatment of secondary hyperparathyroidism in haemodialysis: impact of hospitalisations and survival

Summary

The objective of this study was to evaluate the cost effectiveness of paricalcitol injection compared with calcitriol injection when used to reduce parathyroid hormone levels in patients undergoing haemodialysis. A decision tree was developed to model the 1-year costs and outcomes of therapy for secondary hyperparathyroidism from a US government payer's perspective (2005 US$). Probabilities of hospitalisations and survival with paricalcitol and calcitriol were obtained from published observational studies.

When only drug costs and survival were considered, the incremental cost effectiveness of paricalcitol over calcitriol was $9,900 per life saved. When utilities were included, the incremental cost-effectiveness ratio for paricalcitol compared with calcitriol was $13,200 per quality-adjusted life year. When both drug and hospitalisation costs were included in a cost analysis, paricalcitol treatment was cost saving compared with calcitriol, and when hospitalisation costs were included in both the cost-effectiveness analysis and cost-utility analysis paricalcitol demonstrated first-order dominance, cost savings and cost effectiveness.

This decision analysis demonstrated that paricalcitol injection is both cost effective and cost saving compared with calcitriol injection.     

中外银行竞争力实证分析

改革开放以来 ,我国银行业经历了渐进开放和探索的过程 ,己基本形成以中央银行为核心 ,国有商业银行为骨干 ,中小股份制银行并存的局面。加入WTO以来 ,银行业作为我国重点开放行业已经开始受到冲击 ,中外资银行展开了全方位的竞争。由于竞争优势的不同 ,我国银行业将面临巨大的压力和挑战。本文将从实证的角度分析我国商业银行的综合竞争能力并与国外同业加以合理比较 ,寻找差距 ,并提出相关政策建议。     

我国银行再造实施关键成功因素的实证研究

在对美国企业和银行再造文献中关于成功因素量表进行调整的基础上,对我国银行再造进行了分析.通过因子分析法将影响我国银行再造的指标标量综合简化,甄别主要影响因素.对这些主要因素的研究表明:政府对我国银行再造的支持作用不容忽视,也暗示出股份制银行率先实施再造的原因.     

中国商业银行效率影响因素及评价研究

采用两种综合评价方法,对我国14家商业银行的经营效率进行评价和比较.运用单因素指标分析法,将商业银行的财务数据分三个方面进行比较,从不同侧面对商业银行的经营效率进行分析.运用DEA分析法,对商业银行的效率进行综合评价,比较国有商业银行、股份制商业银行和上市银行之间效率的差异．两种评价方法都得出了一个共同的结论：即中国目前股份制商业银行,尤其是股份制银行中的5家上市银行的经营效率要明显好于国有商业银行。最后,提出提升银行经营效率的对策。     

A behavioural analysis of the subsistence standard of living

Subsistence is analysed as an endogenous variable, contraryto its conventional exogenous treatment. It is postulated thatthe subsistence-livers perceive their own standard of subsistence,direct their earnings behaviour towards attaining, maintainingor exceeding this standard and, thus, reveal the standard throughthis behaviour. The labour supply function of the working poor,which displays a forward-falling segment at low wages and anupward-rising segment at higher wages, is hypothesised to offermeasures of subsistence and survival standards. The conceptsare rationalised using Sen's concept of ‘freedom of choice’and Arrow's concept of ‘freedom as flexibility’.It is argued that at below-subsistence living, individuals lackfreedom of flexibility in choosing their preferences and thussuffer the loss of freedom of choice—while subsistenceoffers a reasonable minimum of this freedom, the freedom iscompletely lost at the lowest survival standard.     

Determinants of firm survival: a duration analysis using the generalized gamma distribution

We use parametric duration analysis to study the survival of Austrian firms. We find that hazard rates in both manufacturing and services initially increase, reach a peak after the first year of operation and then decrease with age. The maximum hazard rate is higher in services. We also find differences in hazard rates among different types of manufacturing industries distinguished by the nature of their sunk costs, their reliance on human resources and inputs from external services. Finally, we find that larger initial size and higher market growth, and at the same time lower net entry and declining market concentration prolong the life of an entrant.

房地产融资渠道多元化探析--基于我国金融信贷与房地产融资的实证分析

房地产业的发展是我国经济增长的稳定器。本文从研究目前我国房地产金融调控措施出发，通过回归和关联分析阐述金融信贷对房地产业发展的互动关系，并探析房地产融资的多元化渠道，进而提出完善建议，对促进房地产业健康发展具有重要意义。