贷款技术、设立取址与村镇银行小微企业贷款

本文选取东中西部六个省份200家村镇银行作为研究样本,实证分析了村镇银行贷款技术、设立取址与小微企业贷款发放量之间的关系。研究结果表明：（1）经济发达地区村镇银行小微企业贷款发放量明显低于经济欠发达地区;（2）村镇银行在发放小微企业贷款时,更倾向于使用关系型贷款技术。随着地区金融基础设施的完善,村镇银行所使用的贷款技术中交易型贷款技术的比例逐渐增加,且小微企业贷款发放量也呈递增趋势;（3）当主发起人为农村金融机构时,村镇银行的小微企业贷款发放量明显高于主发起人为非农金融机构的村镇银行。因此,为了进一步缓解小微企业融资难,政府应当采取积极措施鼓励村镇银行更多的设立在能发挥其小微企业贷款比较优势的欠发达地区,尤其是当主发起人为农村金融机构时;同时,应当努力完善地区金融基础设施,以方便贷款技术的创新与应用。     

多元利益驱动下地方政府对企业信贷的干预机制研究

地方政府干预企业信贷体现了多元利益驱动下地方政府对金融资源的竞争。本文首次同时结合财政激励、晋升激励以及腐败考察了政府利益对企业信贷规模、成本以及期限结构的影响。研究表明，政府利益会对企业贷款特征产生u型影响，其中财政激励对企业贷款特征的影响范围和程度最大，晋升激励和腐败的影响范围和程度相对较弱。进一步检验发现，政府利益给予国有控股企业的信贷优势表现在：财政激励会降低贷款利率和延长贷款期限，晋升激励会设定隐含的贷款利率上限，官员腐败程度的加深会引致贷款规模、贷款利率以及贷款期限先于非国企达到最值。基于金融危机的外生冲击分析表明，危机后地方政府较少因晋升激励和腐败干预企业信贷决策。     

中小企业贷款利率偏高的理论解释与经验证据

现有贷款定价理论一般认为商业银行应该对中小企业贷款实行高定价以实现当期收益最大化,却对中小企业后续业务价值缺乏考虑。本文认为后续业务价值可以用期权收益表示,进而利用期权定价方法构建了同时考虑当期收益和期权收益的贷款定价模型,并以广东省某股份制商业银行2011年中小企业贷款数据为基础进行了实证应用与比较。分析结果表明,当前市场条件下商业银行没有综合考虑中小企业贷款后期权风险与价值的合理匹配,商业银行对中小企业短期贷款利率水平偏高,而长期贷款又过度集中于传统行业并有定价偏低迹象。总体而言,商业银行高估了中小企业短期贷款风险制定了较高贷款利率,这可能超过了中小企业融资负担承受能力,并进一步阻碍中小企业发展壮大与商业银行后续业务拓展。     

Serial defaults, serial profits: Returns to sovereign lending in Habsburg Spain, 1566–1600

Philip II of Spain accumulated debts equivalent to 60% of GDP. He also defaulted four times on his short-term loans, thus becoming the first serial defaulter in history. Contrary to a common view in the literature, we show that lending to the king was profitable even under worst-case scenario assumptions. Lenders maintained long-term relationships with the crown. Losses sustained during defaults were more than compensated by profits in normal times. Defaults were not catastrophic events. In effect, short-term lending acted as an insurance mechanism, allowing the king to reduce his payments in harsh times in exchange for paying a premium in tranquil periods.     

The Bank Lending Channel in the Netherlands: The Impact of Monetary Policy on Households and Firms

This paper presents empirical evidence of the existence of a bank lending channel in the Netherlands by analyzing the responses of different borrower groups to a contraction of monetary policy. It is found that corporate loans are depressed only after a lapse of over a year, whereas household loans decrease almost instantly due to an interest rate rise. However, since the latter reaction is not accompanied by a fall in consumer expenditure, the bank lending channel is probably not very important for the transmission of monetary policy in the Netherlands. It appears that households, as well as banks and firms, tend to buffer monetary policy shocks through adjustments in liquid financial instruments.We would like to thank the managing editor, two anonymous referees as well as R. Lensink (University of Groningen), E. Sterken (University of Groningen), P. Vermeulen (ECB) for their comments, and J. Kakes (the Netherlands Bank) for his research assistance     

Microdata Evidence on the Bank Lending Channel in the Netherlands

This study contributes to the empirical evidence on the lending channel in the Netherlands using individual bank data. The main conclusion is that a lending channel is operative in the Netherlands. However, it is only operative for unsecured lending and not for secured lending, possibly because loans with government guarantees get special treatment by banks. Effects of monetary tightening on unsecured lending are more negative for smaller, less liquid and less capitalised banks, in line with the lending channel theory. The contribution of this study is that it gives evidence that the monetary policy impact on bank lending also depends on the market segment in which a bank is active. The evidence suggests that the policy impact is weaker on credit to households than it is on lending to firms.     

Do lenders who redline make more money than lenders who don’t?

While it is widely recognized that racial minorities and residents of distressed urban communities experience relatively greater difficulty in obtaining mortgage loans, there is little consensus on the causes of such lending patterns. This study examines the relationship between lender profitability and the percentage of their loans and loan dollars that are invested in Milwaukee’s central city and to racial minorities throughout the metropolitan area. Findings suggest that to understand broader industry-wide patterns, it is important to focus on the characteristics of lending institutions themselves, particularly those that yield discriminatory lending patterns, and not solely on the income, credit rating, and other socioeconomic characteristics pertaining to the risk and profitability associated with various population groups and community areas. Policy and research implications that will lead to a more comprehensive understanding of, and more effective solutions for, urban credit availability or redlining problems are discussed.     

Going multilateral? Financial markets' access and the League of Nations loans, 1923–8

Why are international financial institutions important? This article reassesses the role of the loans issued with the support of the League of Nations. These long‐term loans constituted the financial basis of the League's strategy to restore the productive basis of countries in central and eastern Europe in the aftermath of the First World War. In this article, it is argued that the League's loans accomplished the task for which they were conceived because they allowed countries in financial distress to access capital markets. The League adopted an innovative system of funds management and monitoring that ensured the compliance of borrowing countries with its programmes. Empirical evidence is provided to show that financial markets had a positive view of the League's role as an external, multilateral agent, solving the credibility problem of borrowing countries and allowing them to engage in economic and institutional reforms. This success was achieved despite the League's own lack of lending resources. It is also demonstrated that this multilateral solution performed better than the bilateral arrangements adopted by other governments in eastern Europe because of its lower borrowing and transaction costs.     

Why do commercial banks hold government bonds? The case of Japan

We investigate the determinants of the demand for Japanese government bonds (JGBs) by commercial banks in Japan. In particular, by estimating portfolio equations for JGB demand and bank loans, based on a panel data set from the late 1990s to the 2000s, we rigorously test the popular assertion that the long stagnation of the real economy caused a shift in the portfolios of commercial banks from bank lending to JGBs. We find that the popular assertion is not empirically supported. Rather, the portfolio shift from loans to JGBs has been caused by a fall in the ratio of the loan rate to unit lending costs, or the bank’s price–cost margin for lending.     

Monetary policy transmission through the bank lending channel in Thailand

This paper investigates the strength of the bank lending channel in the transmission of monetary policy in Thailand. Bank behavior is captured by quarterly balance sheet data for ten commercial banks of diverse size for the period 2007-2016. Based on a flexible form profit function, bank supply and demand equations are estimated that capture lending and funding choices. The estimation results are used to derive time-dependent supply and demand elasticities which are then combined with estimates of pass-through from the policy rate to retail rates to simulate the dynamic impact of a monetary tightening on bank portfolio allocations. Due to pass-through differentials among retail interest rates, an increase in the policy rate is shown to raise the cost of loan-production relative to the return on loans, thereby motivating banks to contract their lending. Small banks show a greater degree of loan contraction than large banks because large banks are better able to fund continued lending through debt issuance. Because the Thai economy relies heavily on bank loans, these findings suggest that the bank lending channel is an important conduit for the transmission of monetary policy in Thailand.     

In the shadow of big tech lending

We investigate the impact of Big Tech lending on non-bank traditional lenders, which have a more overlapping clientele with Big Tech lenders than traditional banks. Our empirical methodology exploits geographical differences in Big Tech penetration ratios and adopts the instrumental variable (IV) approach using the FinTech payment adoption ratio and the distance to the Big Tech's headquarter. We find that the competition from Big Tech worsens the performance of branches facing stronger Big Tech competition by reducing the number of borrowers and the amount of loans. Moreover, branches in cities highly penetrated by Big Tech lending tighten the lending standard by reducing loan-to-value (LTV) ratios, measured as the approved loan amount per unit collateral value, while keeping the average collateral requirement unchanged. Our findings are consistent with the cream-skimming hypothesis that Big Techs possess better screening technology and reduce the quality of borrowers applying for traditional loans. Our results document novel changes in and responses of the non-bank traditional lending business in the Big Tech era.     

SBA regional loan distribution to minorities

Summary We have shown in this paper a great disparity in the lending activities of a number of Small Business Administration regional offices. There were considerable differences between these regions on their rates of increase and then decline of loans and loan dollars issued over the 1968-1976 period and on their loans and loan dollars per unit population, small businesses, and small business employees. This was found to be the case both for minorities and for the population at large. This, however, is especially disturbing in the context of minority lending activity since SBA lending was the chief vehicle of the federal government’s minority economic development efforts from 1968 to 1976. The economic well-being of a great many minorities with ties to the small business sector was to a large measure affected unequally by the differential SBA lending rates between regions. In fact, insofar as the measures we have selected can be related to “need,” the policy seems to have been counterproductive, having concentrated lending activity precisely in the regions where minority small business in terms of population, employment, and numbers of establishments was strongest and by implication the “need” was least!     

W. Artur Lewis Lecture: The Lewis model of “economic growth with unlimited supplies of labor”

The National Economic Association introduced the W. Arthur Lewis Distinguished Lecture series in December 1985. The Lewis Lecture is named in honor of the 1979 Nobel Laureate in Economics, much of whose research has been devoted to the problem of Third World economic development. A native of St. Lucia, in the former British West Indies, Arthur Lewis has risen to fame as the preeminent development economist of his generation. He is most famous for his 1954Manchester School paper on economic development with unlimited supplies of labor, but his contributions span the fields of industrial organization, public finance, and international trade. He was one of the first to explore in depth the evidence on movements on terms of trade between industrialized and developing countries and was the first to perform a regression analysis in empirical trade research. Lewis was an active advisor to various governments in West Africa, the Caribbean, and Southeast Asia during the development decades. He says that he conceived of the idea of unlimited supplies of labor while on mission in Bangkok, Thailand in 1952. This third lecture in the series, by Professor Charles Kindleberger, examines the broad applicability of the Lewis model.     

Does a large loss of bank capital cause Evergreening? Evidence from Japan

Using the real estate lending share of the bank’s loan portfolio at the peak of the land-price bubble as an instrument for bank capital, we identify the impact of capital adequacy on the allocation of bank lending under the Basel regulatory framework. We find that, in Japan, a large loss of bank capital caused by the regulator’s excessively tough stance towards banks not only induced the contraction of the bank lending supply but also the banks’ reallocation of their lending portfolios to financially unhealthy industries with a higher concentration of non-performing loans.     

Microcredit on a Large Scale: Appraising the Thailand Village Fund

The Thailand village fund (VF) is the second‐largest microcredit scheme in the world. Nearly 80 000 elected local VF committees administer loans that reach 30 percent of all households. The value of VF loans has remained steady since 2006, even without new infusions of government funds, and loans go disproportionately to the poor. Based mainly on a custom‐built survey of over 3000 local VFs conducted in 2010, we evaluate the performance of the VF. As expected, profit rates are hard to model, but our regression analysis shows that loan recovery rates, total lending and the proportion of loans going to the poor are all higher when a VF borrows additional funds from a formal bank and on‐lends to households, as done by one in five VFs. An economic analysis suggests, tentatively, that VF benefits exceed the costs. A financial analysis shows that VFs more than break even, with receipts covering their cash costs. Most VFs are social rather than financial intermediaries; they have little incentive to take risks or to innovate, which explains why VF lending has not kept pace with the growth of the Thai economy.     

Discrimination in hire‐purchase lending by retailers of consumer durables in apartheid South Africa

A double‐hurdle partial observability model of hire‐purchase lending is specified and estimated to test for racial discrimination by retailers of consumer durables during apartheid. ‘Discrimination’ is defined as supplying no loans or less desirable loans to certain borrowers, who do not differ from more successful borrowers with respect to creditworthiness but who do differ with respect to race. There is strong evidence of discrimination. In particular, black households are 13 percentage points more likely to desire a hire‐purchase loan but not to have one supplied to them than are other households equivalent in all ways except race. Although the statistical test cannot determine whether race affected lending because lenders were bigoted or because race is correlated with unobserved characteristics correlated in turn with creditworthiness, increased access to formal loans for all South Africans could be promoted by relaxing the Usury Act and by removing from loan applications information that could reveal an applicant's race.     

“人人贷”的法律监管分析——兼谈中国的影子银行问题

P2P网络贷款是影子银行体系的一个组成部分,它是依托互联网而产生的一种新的融资形式.同其他影子银行类型一样,对它的研究和监管都基本处于空白状态,P2P贷款的发展也面临着诸多争议.文章在借鉴美国监管经验的基础上,从金融脱媒以及个人贷款的角度对其进行了研究,指出影子银行体系的发展暴露了我国金融监管体制中存在的市场的割裂和不完备.并认为应当反思我国金融理论,通过立法的方式制定系统、综合的金融体系现代化方案.     

国外中小企业关系式贷款研究综述

国外对关系式融资的研究主要集中在以下几个方面:①关系式贷款存在对企业价值的影响;②关系式贷款存在对资金可获得性、贷款利率以及担保要求的影响;③银企关系状况对贷款获得的影响;④银行业市场结构对关系式贷款的影响;⑤关系式贷款对银行效率的影响。     

Bank Lending and Economic Growth of Chinese Cities

Using a city-level dataset over the period 2004-2006,the present study investigates the relationship between bank lending and the economic growth of Chinese cities.Unlike past studies,we divide bank lending into loans from three types of banks:foreign banks,city banks and other banks.Our findings are threefold.First,the lending of foreign banks exhibits a strong and positive association with the economic growth of Chinese cities. Second,foreign direct investment in the sampled cities enhances the lending effects of foreign banks,but reduces the lending effects of other banks on the economy of Chinese cities.Third, the effects of city competitiveness are similar to those of foreign direct investment;that is,city competitiveness augments the lending effects of foreign banks but reduces the lending effects of other banks.     

The Impact of Lending to Women on Household Vulnerability and Women’s Empowerment: Evidence from India

Impact evaluation studies routinely find that lending to women benefits their households. However, a number of them also find that this may not empower the women concerned. This seemingly paradoxical conclusion is confirmed by our study with respect to a lending program in rural India. We investigate this result by examining a combination of loan-use data and borrower-testimonies. We find that loans procured by women are often diverted into enhancing household’s assets and incomes. This combined with woman’s lack of co-ownership of family’s productive assets, we conclude, results in her disempowerment. If empowering women is a crucial objective, then the patriarchal hold on productive assets must be challenged.