银行业的集中、竞争与绩效

以传统产业组织理论分析银行业往往存在偏差。银行业的集中程度与金融体系的构成有关。在以金融市场为基础的金融体系中,银行业的产业组织具有相对分散的特征;在以银行为基础的金融体系中,银行业则具有相对集中的特征。从理论和经验角度看,分散型的银行组织结构并不具有绩效优势。另外,银行业本身的特点决定了它不可能达到理论意义上的完全竞争组织结构     

银行业集中、竞争与稳定的研究述评

传统的观点认为银行业的集中有助于系统的稳定,这导致众多国家采取各种监管政策来限制竞争。但是,对于银行系统的竞争与集中对稳定性的影响,理论分析与实证研究均给出模糊的结论。本文分析各种度量竞争与稳定的方法,并在对1990~2010年间有关竞争、集中与稳定性的文献进行综述的基础上,提出了相应的政策建议,以期为我国银行业的监管提供启示和借鉴。     

欧盟银行业市场的集中与竞争

自第二银行指令颁布实施之后,欧盟银行业的并购重组风起云涌,银行业市场结构发生了深刻的变化,突出表现在银行机构数量减少,市场集中度日益提高。但实证的数据与检验显示,欧盟银行业的市场竞争度并没有降低,这与传统产业组织理论的论断是相背离的,值得我们做深入的研究。本文尝试运用现代产业组织经济学的市场可竞争性理论,对欧盟银行业市场集中与竞争的内在动因进行分析。     

金融危机后的印度银行业

近年来，金砖国家从概念转为影响全球政治经济格局的重要力量。在2014年，金砖国家开发银行和应急储备安排正在进入实施阶段。金砖国家的金融合作正在走向深入。为此，我们很有必要了解其他金砖国家的银行业情况，我们拟陆续推出对这些国家银行业情况的介绍文章。作为开篇，我们从印度开始。     

金融危机后私人银行业的新动向

国际私人银行纷纷针对新的形势作出调整,包括扩大在新兴市场国家的市场份额,调整产品结构安排,削减成本以及探索全新的商业模式国际私人银行监管与经营的新变化国际金融危机之后,国际私人银行纷纷针对新的形势作出调整,主要集中在五个方面。一是由于金融危机的深度以及各地区     

金融危机后韩国银行业的改革与现状

1997年亚洲金融危机过后,韩国政府大力推进金融改革和经济改革,在受到金融危机影响的国家和地区中,韩国最早走出了危机的影响。自1997年底接受IM F资金援助后,政府投入大量公共资金,改革与银行相关的法律,出台一系列改革方案,并以5家银行退出、引入外资股东为始进行银行结构调整。近年来以稳定外资,有偿增资为主进行结构改革、补充,整顿过去的改革措施,积极推进银行的治理,在银行改革方面颇有建树,其金融改革的核心是重组与发展。     

金融危机后国际银行业发展趋势研究

美国和欧洲银行在金融危机后受到了巨大的打击,其长期在国际金融市场上占据的主导地位遭受了动摇,但是一些新兴市场银行却没有受到影响,反而出现了增长趋势。本文从金融危机后国际银行业资本变化;金融危机后国际银行业资产规模变化;金融危机后国际银行业竞争格局变化等方面就金融危机后国际银行业发展趋势进行了深入的研究,提出了自己的建议和见解,具有一定的参考价值。     

金融危机后国际银行业发展趋势研究

本文分析了危机后的国际银行业的最新发展趋势。由于全球经济缓慢复苏,国际银行业利润有所改善,但仍低于危机前水平;新兴市场国家尤其是亚洲国家银行业经营绩效继续领先,由美国和欧洲银行业占主导地位的传统银行业竞争格局发生变化,国际银行业竞争格局将由西向东转移。     

金融危机后的泰国银行业公司治理

本文在简要回顾1997年东南亚金融危机爆发后泰国政府和银行业为加强银行公司治理而采取的措施基础上,分析了泰国银行业公司治理的现状与不足,并应用制度经济学的相关理论对泰国银行业公司治理的改革前景进行了展望。     

危机十年后的日本银行业

日本银行业能够从10年前的危机状况恢复到如今具有健全的金融机能,是宏观经济向好、公共当局的支持和银行自身努力的结果。目前日本银行业正采取多种经营措施,强化收益能力和竞争力水平。     

The effect on competition of banking sector consolidation following the financial crisis of 2008

Consolidation of the Spanish banking sector after the financial crisis of 2008 raises concerns about potential negative effects on competition. I use structural econometric methods to examine these anti-competitive concerns in the Spanish mortgage market. I estimate a mixed-logit model of mortgage demand and recover bank-level cost information with a strategic model of price competition. Counterfactual experiments reveal that the observed increase in concentration is associated only with small variations in mortgage rates and market shares, staying far from collusive levels. This moderate change in industry conduct implies a small direct effect of consolidation on bank exposures to mortgage risk.     

The global financial crisis and integration in European retail banking

The aim of this paper is twofold. Firstly, to investigate the integration process within the European Union retail banking sector by analysing deposit and lending rates to the household sector during the period 2003–2011. Secondly, to assess the impact of the 2008 global financial crisis on the banking integration process, an area that is yet unexplored. An important contribution of the paper is the application of the recently developed Phillips and Sul (2007a) panel convergence methodology which has not hitherto been employed in this area. This method analyses the degree as well as the speed of convergence, identifies the presence of club formation, and measures the behaviour of each country’s transition path relative to the panel average. The empirical results point to the presence of convergence in all deposit and lending rates to the household sector up to 2007. In sharp contrast, the null of convergence is rejected in all deposit and credit markets after the onset of the 2008 financial crisis. These results show that the global crisis has had a detrimental effect on the banking integration process. We find some convergence in a few sub-clusters of countries but the rate of convergence is typically slow and several countries are identified as diverging altogether. In addition, we find that the credit market, in general, is far more heterogeneous than the savings market.     

Economic value,competition and financial distress in the European banking system

In this paper we examine the impact of a large number of factors at the bank level (liquidity and credit risks, asset size, income diversification and market power), at the industry level (banking concentration) and macro-level (real GDP growth) on bank financial distress using an unbalanced panel of 308 European commercial banks between 1996 and 2009. The observations falling below a given threshold of the empirical distribution of the Shareholder Value Ratio proxy bank financial distress. We employ a panel probit regression and, given the presence of overlapping data giving rise to residual autocorrelation, we use the Bertschek and Lechner (1998) robust estimator of the covariance matrix of parameters. We show that credit risk, liquidity risk and bank market power are the most influential determinants of distressed Shareholder Value Ratio. Finally we evaluate the model out-sample forecasting performance over the 2008–2009 crisis period.     

Executive compensation and competition in the banking and financial sectors

This paper studies the effect of product market competition on the compensation packages that firms offer to their executives. We use a panel of US executives in the 1990s and exploit two deregulation episodes in the banking and financial sectors as quasi-natural experiments. We provide difference-in-differences estimates of their effect on (1) total pay, (2) estimated fixed pay and performance-pay sensitivities, and (3) the sensitivity of stock option grants. Our results indicate that the deregulations substantially changed the level and structure of compensation: the variable components of pay increased along with performance-pay sensitivities and, at the same time, the fixed component of pay fell. The overall effect on total pay was small.     

Capital movements,banking insolvency,and silent runs in the Asian financial crisis

This paper supplies an agency-cost and contestable-markets perspective on the financial policies that triggered the Asian financial crisis. The agency-cost analysis hypothesizes that individual-country regulators knew that politically directed loans had made their banks insolvent, but purposefully gambled that deregulation could allow the insolvent banks to grow their way out of trouble.The contestable-markets paradigm sets this gamble in the context of offshore innovations in financial technology and regulatory systems that made it progressively easier for worried Asian citizens to move funds to foreign institutions. These perspectives portray the simultaneous breakdown of repressive financial systems as a technology-led victory of market forces over longstanding government efforts to wall out foreign financial competition.     

Nontraditional banking activities and bank failures during the financial crisis

We test whether income from nontraditional banking activities contributed to the failures of hundreds of U.S. commercial banks during the financial crisis. Estimates from a multi-period logit model indicate that the probability of distressed bank failure declined with pure fee-based nontraditional activities such as securities brokerage and insurance sales, but increased with asset-based nontraditional activities such as venture capital, investment banking and asset securitization. Banks that engaged in risky nontraditional activities also tended to take risk in their traditional lines of business, suggesting that deregulation was neither a necessary nor a sufficient condition for bank failure during the crisis.     

国际金融危机中我国银行业的风险管控策略

随着社会主义市场经济的不断发展，银行业在国民经济运行中的核心地位日益显现，银行业健康运行与否已经关系到整个国民经济发展的大局。2007年，国内几家金融机构都先后发生了IT风险事件，这些问题不仅制约着银行业的健康发展，而且有可能危及经济发展和社会稳定的全局。银行业的风险管理和防范关系到国家的经济发展，     

Market power in CEE banking sectors and the impact of the global financial crisis

The aim of this study is to undertake an up-to-date assessment of market power in Central and Eastern European banking markets and explore how the global financial crisis has affected market power and what has been the impact of foreign ownership. Three main results emerge. First, while there is some convergence in country-level market power during the pre-crisis period, the onset of the global crisis has put an end to this process. Second, bank-level market power appears to vary significantly with respect to ownership characteristics. Third, asset quality and capitalization affect differently the margins in the pre-crisis and the crisis periods. While in the pre-crisis period the impacts are similar for all banks regardless of ownership status, in the crisis period non-performing loans have a negative effect and capitalization a positive effect only for domestically-owned banks.