共查询到20条相似文献,搜索用时 46 毫秒
1.
Edward J. Kane 《Atlantic Economic Journal》2007,35(4):399-409
Basel II consists of supervisory guidelines negotiated by representatives of central banks and national regulatory commissions
that were members of the Basel committee on Banking Supervision (BCBS). The BCBS is itself a regulatory response to globalization,
which is connecting national safety nets in market-driven ways. A country’s financial safety net is a social contract established
by short-lived agents for principals in long-lived economic sectors. Restraints placed on the authority of the BCBS members
to contract for their principals by domestic politics explains: why Basel II authorizes individual countries to implement
the agreement in markedly different ways; why US implementation of Basel II ran into so much doubt, controversy, and delay;
and how the implementation debate set small and large banks and the Federal Reserve and other federal regulators against one
another.
相似文献
Edward J. KaneEmail: |
2.
Richard J. Herring 《Atlantic Economic Journal》2007,35(4):411-429
This paper contends that the problems US officials have encountered in their efforts to implement Basel II reflect inherent
weaknesses in the structure of the approach. It begins with a brief overview of the original Basel Accord on Capital Adequacy
(Basel I) and a summary of the Basel II approach, with emphasis on the Pillar I weights for credit risk. Next an analysis
of the Fed’s bifurcated approach to implementation of Basel II is followed by an examination of three unanticipated obstacles:
(1) perceived competitive inequities within the USA; (2) the surprisingly lower and variable capital charges revealed in the
fourth quantitative impact study; and (3) the request by four leading banks for permission to implement the simpler, Standardized
Approach rather than the Advanced Internal Ratings Approach (A-IRB). These reflect the erosion of several crucial predeal
understandings as described by Kane (J Financ Serv Res 32(1):39–53, 2007a). The paper concludes with a consideration of whether
it may have been possible to achieve equivalent improvements in risk management with lower compliance costs and less uncertainty
about the impact on financial stability.
相似文献
Richard J. HerringEmail: |
3.
Martyn Andrews Lutz Bellmann Thorsten Schank Richard Upward 《Review of World Economics》2009,145(2):293-317
We provide the first estimates of the effect of foreign ownership on wages in Germany, controlling for the observed and unobserved
characteristics of workers and plants. We also test whether the wage gains from joining a foreign-owned firm are subsequently
lost when leaving that firm, and we examine whether wage gains vary across the sample. We find large selection effects in
terms of worker and plant components of wages. Once the selection effect is taken into account, the takeover effect is small
and in some cases insignificantly different from zero.
相似文献
Richard UpwardEmail: |
4.
Within a two-sector-two-country model of trade with aggregate scale economies and unionisation, a more generous welfare state
in one country increases welfare in that country and can have positive spillover effects on the other. Furthermore, synchronised
expansions of social security are more welfare enhancing than unilateral ones. Our results counter the fears that a race to
the bottom in social standards may result from the ‘shrinking-tax-base’ entailed by international capital mobility. While
affecting trade patterns and income distribution, capital mobility interacts with welfare state policies in increasing welfare,
even when capital flows out of the country that initiates the shock.
相似文献
Catia MontagnaEmail: |
5.
Kyoji Fukao Kiyohiko G. Nishimura Qing-Yuan Sui Masayo Tomiyama 《International Economics and Economic Policy》2005,2(4):337-362
We construct an index measure that quantitatively describes the monitoring activities of Japanese banks. Using micro data
on Japanese banks and borrower firms, we examine the effects of bank monitoring on the profitability of borrower firms. We
find significant positive effects in the periods 1986–1991 and 1992–1996, although there is no significant effect in the period
1981–1985. We also examine how banks’ monitoring affects borrowers. The results show that the positive effects of banks’ monitoring on borrowers’ profitability
are mostly caused by screening effects, not performance-improving effects.
相似文献
Masayo TomiyamaEmail: |
6.
Katrin Ullrich 《Open Economies Review》2007,18(3):239-262
With an increasing number of independent central banks, accountability of central banks is also getting more attention. This
paper analyses the possibility of introducing instruments of central bank accountability in a monetary union. In our model,
monetary policy is influenced by the governments of the member states according to the degree of independence granted to the
central bank. Instruments of democratic accountability are introduced which generate different expected losses for a government.
The amount of the expected loss will determine the approval of a government to the implementation of a particular mechanism.
We show that the agreement between the governments will only be unanimous for the definition of the inflation target of the
central bank.
相似文献
Katrin UllrichEmail: |
7.
We describe a simple model in which banks’ prudential efforts and public regulation can reduce the probability of bankruptcy.
Focusing on the European example, we contrast the national case with an integrated banking market and find that banks will
exert, and public regulators will demand, greater prudential effort to monitor their bank’s activities. Thus, financial integration
may increase voluntary prudential behavior by banks, avoid a regulatory “race to the bottom,” and improve the soundness of
the financial system. Along similar lines, we show that the absence of a dedicated lender of last resort within the euro area
can reduce the probability of financial crisis. Despite these findings, the overall level of regulatory activity may remain
suboptimal from a European perspective. We also discuss incentives for European banks to organize their foreign holdings in
branches or subsidiaries.
相似文献
Carsten HefekerEmail: |
8.
Andrea Schertler Claudia M. Buch Natalja von Westernhagen 《International Economics and Economic Policy》2006,3(1):43-72
This paper investigates whether heterogeneity across firms and banks matters for the impact of domestic sectoral growth on
bank lending. We use several bank-level datasets provided by the Deutsche Bundesbank for the 1996–2002 period. Our results
show that firm heterogeneity and bank heterogeneity affect how lending responds to domestic sectoral growth. We document that
banks’ total lending to German firms reacts pro-cyclically to domestic sectoral growth, while lending exceeding a threshold
of €1.5 million to German and foreign firms does not. Moreover, we document that the response of lending depends on bank characteristics
such as the banking groups, the banks’ asset size, and the degree of sectoral specialization. We find that total domestic
lending by savings banks and credit cooperatives (including their regional institutions), smaller banks, and banks that are
highly specialized in specific sectors responds positively and, in relevant cases, more strongly to domestic sectoral growth.
相似文献
Andrea SchertlerEmail: |
9.
Fidel Ezeala-Harrison Glenda B. Glover Jane Shaw-Jackson 《The Review of Black Political Economy》2008,35(1):43-54
We apply a cross-regional probit analysis to examine the existence or otherwise of the discriminatory practice of “redlining”
in housing loan lending practices of banks in Mississippi. Data on loan denial rates across three Mississippi regions of Tri-County
Metro-Jackson, Southern Mississippi Corridor, and the Northern district are studied to determine the pattern of bank lending
activities regarding owner-occupied housing loan extensions to minority members of Mississippi's population. The purpose is
to determine the degree to which the banks have or have not observed fair and equitable lending practices toward minority
borrowers, relative to the members of the majority population. The results suggest that there is a consistently high denial
rates against minorities. The results indicate strong evidence of redlining practices in housing loan decisions, which contribute
to the growth of racial segregation in the state.
相似文献
Fidel Ezeala-HarrisonEmail: |
10.
This paper tests the relationship between foreign ownership and the innovative behaviour and performance of enterprises. The
analysis uses data from the Community Innovation Survey (CIS 3) for Austria. We employ a kernel-based matching approach as
a non-parametric test. After controlling for size, sectoral affiliation, export intensity and other variables that influence
innovative behaviour we find that the impact of foreign ownership on innovation input and outcome is not significant in most
variables. Membership in a multinational enterprise group, however, significantly helps to overcome different obstacles in
the innovation process, such as the lack of financial resources, the lack of technological and market information or organisational
problems. The nationality of the parent enterprise does not matter for innovative behaviour and performance except in the
case of Anglo-Saxon-owned enterprises.
相似文献
Bernhard DachsEmail: |
11.
Non-traded Goods,Technical Progress and Wages 总被引:2,自引:0,他引:2
We use a general equilibrium model of trade to show that technical improvement may indeed cause a fall in the wages of unskilled
workers. Under some modest conditions, the wages of skilled workers may go down too.
相似文献
Reza OladiEmail: |
12.
This paper contributes to the ongoing debate on the causes of international co-movements of macroeconomic variables. In particular,
existing real business cycle models predict cross-country consumption correlations to be higher than in the actual data, cross-country
output correlations to be lower than in the actual data, and cross-country consumption correlations to be relatively higher
than the output correlations. We show that cross-country correlations of consumption, investment, employment and output predicted
by a standard international real business cycle model are highly sensitive to the share of capital goods in total trade. Our
calibrated model shows that when capital goods account for a share of total traded goods greater than 50%, the apparent discrepancy
between the data and the simulations is resolved.
相似文献
Thomas P. BarbieroEmail: |
13.
This paper estimates forward-looking and forecast-based Taylor rules for France, Germany, Italy, and the euro area. Performing
extensive tests for over-identifying restrictions and instrument relevance, we find that asset prices can be highly relevant
as instruments in policy rules. While asset prices improve Taylor rule estimates, different assets prove most relevant across
countries and this result could be seen as complicating the tasks of the European Central Bank. Encompassing tests show that
forecast-based outperform forward-looking Taylor rules. A policy implication is that central banks ought to release their
own forecasts and the basis upon which they are generated.
相似文献
Martin T. BohlEmail: |
14.
Shocks to Terms of Trade and Risk-premium in an Intertemporal Model: The Dutch Disease and a Dutch Party 总被引:1,自引:1,他引:0
In this paper, we analyze the impact of terms of trade and risk-premium shocks on a small open economy in an intertemporal
Dutch disease model, with international capital mobility. Given that an improvement in the terms of trade is associated with
a decrease in the risk-premium on lending to this economy, we find that this can lead to a Dutch party (rather than Dutch
disease) in which real exchange rate appreciation is associated with an expansion of the capital-intensive traded sector,
hence, pro-industrialization. The economy also accumulates more debt in the long-run in response to the lower borrowing costs.
相似文献
David Vines (Corresponding author)Email: |
15.
Santiago Budría 《Atlantic Economic Journal》2008,36(3):261-274
This paper explores asset returns in a production economy with habit forming households. We show that a model with capital
adjustment costs and relative habits is consistent with salient financial facts, such as the equity premium, the market price
of risk, and the riskfree interest rate. These predictions are not at odds with good business cycle predictions. In the model,
economy investment is strongly procyclical and more volatile than output, which in turn is more volatile than consumption.
Moreover, consumption growth is positively autocorrelated and negatively (positively) correlated with future (past) stock
returns.
相似文献
Santiago BudríaEmail: |
16.
It is often claimed that one contributing factor to Japan's weak economic performance over the past decade is that Japanese
banks have continued to provide financial support for highly inefficient, debt-ridden companies, commonly referred to as ‘zombie’
firms. Such poor banking practices in turn prevent more productive companies from gaining market share, strangling a potentially
important source of productivity gains for the overall economy. To explore further the zombie-firm hypothesis, we use industry-
and firm-level Japanese data and find evidence that productivity growth is low in industries reputed to have heavy concentrations
of zombie firms. We also find that the reallocation of market share is going in the wrong direction in these industries, adding
to already weak productivity performance. In addition, we find evidence that financial support from Japanese banks may have
played a role in sustaining this perverse reallocation of market share.
相似文献
Naoki ShinadaEmail: |
17.
This paper compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by
developing countries. Overall, empirical results support precautionary motives; in particular, a more liberal capital account
regime increases international reserves. Theoretically, large precautionary demand for international reserves arises as a
self-insurance to avoid costly liquidation of long-term projects when the economy is susceptible to sudden stops. The welfare
gain from the optimal management of international reserves is of a first-order magnitude, reducing the welfare cost of liquidity
shocks from a first-order to a second-order magnitude.
相似文献
Jaewoo Lee (Corresponding author)Email: |
18.
Foreign Transfers and Real Exchange Rate Adjustments in a Financially Constrained Dependent Economy 总被引:2,自引:2,他引:0
This paper investigates the role of the real exchange rate in determining the effects of foreign transfers. If capital is
perfectly mobile between sectors, a pure transfer has no long-run impact on the real exchange rate. A decline in the traded
sector occurs because the transfer, being denominated in traded output, substitutes for exports in financing imports. While
a pure transfer causes short-run real exchange appreciation, this response is temporary and negligibly small. Transfers allocated
to productivity enhancement do generate permanent real exchange rate adjustments in response to the sectoral reallocation
of productive factors. The analysis, which employs extensive numerical simulations, emphasizes the tradeoffs between real
exchange adjustments, long-run capital accumulation, and economic welfare, associated with alternative forms of transfers.
相似文献
Stephen J. TurnovskyEmail: |
19.
Policy coordination in East Asia and across the Pacific 总被引:1,自引:1,他引:0
In this paper, we construct a macro-econometric model that describes the economic activity in the Asia-Pacific area and provide
quantitative insights into the recent policy debates on monetary and currency coordination among the East Asian economies.
The model includes a wide variety of monetary and currency policy rules that the East Asian economies adopt and allows for
one country's policymaking to have substantial effects on foreign countries. We apply the model to three current policy issues:
(1) the desirability of currency basket pegs in East Asia, (2) the anticipated effects of China's currency policy reform,
and (3) the non-negativity constraint on Japanese nominal interest rates. The simulation analyses show the external economy
effects of policy rules quantitatively and suggest the difficulty of monetary and currency policy coordination among the East
Asian economies.
相似文献
Koichiro Kamada (Corresponding author)Email: |
Izumi TakagawaEmail: |
20.
We examine the relation between a firm’s campaign contributions and lobbying expenditures and its Tobin’s q. We follow other studies that use q to measure the value of the firm’s intangible capital (e.g., the value of advertising, R&D, or environmental performance).
Researchers have found a positive and significant relation between intangible assets and q. If political capital exists, it is an intangible asset. However, we find little relation between q and political contributions, suggesting that campaign contributions may not have long term effects on political markets.
This is consistent with the view that contributions are done by firms as a response to a short term opportunity not as a way
of building long-term political capital.
相似文献
Christopher PopeEmail: |