中国金融机构的使命

2006年11月中非合作论坛北京峰会上,胡锦涛主席宣布了对非合作八项重大举措,赢得了全场经久不息的掌声,建立中非发展基金便是其中的一项.不过半年多时间,今年6月26日,由国家开发银行出资并承办的中非发展基金有限公司在京正式开业.     

金融机构的资金管理

金融机构必须在整合服务提供商与需要向客户提供广泛服务两者之间取得平衡. 金融机构在选择服务提供商时,应当考虑其他资金管理工具不仅是基本的存放国外同业账户(nostro)的服务提供及其相关成本.     

Spillovers in risk of financial institutions

ABSTRACT

We analyse the total and directional spillovers across a set of financial institution systemic risk state variables: credit risk, real estate market risk, interest rate risk, interbank liquidity risk and overall market risk. We examine the response of the spillover levels, within the set of systemic risk state variables, to a number of events in the financial markets and to initiatives undertaken by the European Central Bank and the Bank of England. The relationship between the time-varying spillovers and policy-related events is analysed using a multiple structural break estimation procedure and looking at the temporary increases in the spillover indices. Our sample includes five European Union countries: core countries France and Germany, periphery countries Spain and Italy, and a reference country, the UK. We show that national stock markets and real estate markets have a leading role in shock transmission across selected state variables. However, the role of the other variables reverses over the course of the crisis. We document that the total and net spillover indices react strongly to the events relating to financial assistance packages in Europe.     

全球金融机构重新排名

始于去年爆发的次贷危机已经给全球金融机构带来了重大的影响,此危机尚还未结束,仍然像幽灵一样纠缠着全球的金融机构     

Customer service quality and financial performance among Australian retail financial institutions

This paper seeks to explore empirically the relationship between customer service quality and financial performance among a representative cross-section of Australian banks and credit unions by correlating customer service quality scores from a sample of retail customers with financial performance measures over a five-year period.Results show that all financial performance measures (interest margin, expense/income, return on assets and capital adequacy) are positively correlated with customer service quality scores. They also show that the credit unions strongly out-perform the banks in customer service quality and also for some measures of financial performance (interest margin and return on assets). The positive link between financial performance and customer service is thus supported in this study. Implications for the three groups of institutions are also discussed.     

Diversification at financial institutions and systemic crises

It is widely believed that diversification at financial institutions benefits the stability of the financial system. This paper shows that it also entails a cost: even though diversification reduces each institution’s individual probability of failure, it makes systemic crises more likely. When systemic crises induce additional costs (over and above individual failures), full diversification is no longer desirable as a result and the optimal degree of diversification may be arbitrarily low. We show that the analysis can be extended beyond diversification, such as to interbank insurance and financial integration.     

Capital management in mutual financial institutions

Capital management by mutual financial institutions (such as credit unions) provides a valuable testing ground for assessing the impact of capital regulation and theories of managerial behaviour in financial institutions. Limited access to external equity capital means that capital accumulation must be met primarily by reliance on retained earnings. To deal with shocks to the capital position and avoid breaching regulatory requirements, managers will aim to have a buffer of capital in excess of the regulatory minimum. Moreover, mutual governance arrangements and an absence of capital market discipline mean that managers have discretion to set target capital ratios which differ significantly from industry averages. This paper develops a formal model of capital management and risk management in mutual financial institutions such as credit unions which reflects these industry characteristics. The model is tested using data from larger credit unions in Australia, which have been subject to the Basel Accord Risk Weighted Capital Requirements since 1993. The data supports the hypothesis that credit unions manage their capital position by setting a short term target profit rate (return on assets) which is positively related to asset growth and which is aimed at gradually removing discrepancies between the actual and desired capital ratio. Desired capital ratios vary significantly across credit unions. There is little evidence of short run adjustments to the risk of the asset portfolio to achieve a desired capital position.     

Restoring confidence in troubled financial institutions after a financial crisis

After an unprecedented number of banks suspended operations in the during Panic of 1893, the head regulator of banks chartered by the United States government allowed about 100 banks to reopen after certifying their solvency. We evaluate whether actions by bank owners to change management, contract with depositors to extend liability maturity structure, write off bad assets, and/or inject capital affected bank survival and deposit retention. This historical episode is particularly informative because there was no expectation of government intervention. We find that contracting with depositors provided short-term benefits while dealing with bad assets was key for long-run viability.     

Board composition and operational risk events of financial institutions

We investigate the relation between board composition and operational risk events of financial institutions in the period from 1996 to 2010. Drawing from corporate governance literature, we consider the impact of board characteristics on the likelihood of operational risk events. Overall, our findings suggest that board size is negatively and non-linearly associated with the possibility of operational risk events. For the event types of “Clients, Products, and Business Practices,” and “Internal Fraud and External Fraud,” firms with a higher proportion of independent directors are less likely to suffer from fraud or failure to comply with professional obligations to clients. Our results on age and tenure heterogeneity also indicate that having a more diverse board can have an adverse impact on the board monitoring function. These results can shed new light on board demographics and operational risk management in financial institutions.     

Identifying systemically important financial institutions in Turkey

This paper examines the systemic risk of financial firms in Turkey. Using Component Expected Shortfall, we provide estimates of systemic risk in Turkey using daily data from 2005 to 2018 and a comprehensive data set encompassing 54 financial firms. Empirical results show that the preponderance of systemic risk in the sample in Turkey is due to large commercial banks. Top ten systemically important financial institutions dominate systemic risk measures in Turkey and account for more than 90 % of total risk over the sample. Consequently, the risk in the Turkish financial system is concentrated in specific financial institutions and makes close monitoring of the top firms essential. Historical incidence of systemic risk in the sample shows elevated levels of systemic risk correspond to well-known external events. Finally, a bivariate VAR model shows that systemic risk is correlated with measures of global financial risks and has significant negative effects on the real economy particularly on industrial production. This is important from a financial stability point of view in that close monitoring of the systemic risk is important in maintaining a healthy financial system and a well- functioning market economy.     

美国金融监管机构新说

从表面上看,美国联邦监管体系是层层设防,壁垒森严,对资本市场的各种坏人坏事严防死守。但这套看似固若金汤的防线实际上是形同虚设,完全是骗人的假象     

On executives of financial institutions as outside directors

We find that the presence of commercial bankers on the board is positively related to aggregate firm debt. Separating by type of debt, the presence of commercial bankers on the board is positively related to short-term, long-term, and total bank debt. We also find that while the presence of unaffiliated commercial bankers on the board is positively related to bank borrowing, the presence of affiliated commercial bankers on the board is not. The results are consistent with the theory that commercial bankers supply bank debt market expertise, but not with the theory that they sit on boards to monitor lending relationships.     

新建金融机构信息化建设策略

本文作者于1999年11月负责组建中国东方资产管理公司信息科技部，以自己的实践经验和切身体会阐述了新建金融机构信息化建设策略问题，为处于起步阶段、正在进行IT规划的金融机构提供参考。本文还提出了关于信息技术资源共享、信息系统集中程度、IT外包尺度以及软件需求质量等困扰金融机构信息化建设的问题，以期引起业内人士共同探讨。[编者按]     

International financial institutions and the new global managerial order

This article is a contribution to the continuing debate within critical accounting and broader critical theory circles about the nature of capitalism in a globalized economic order. It argues that the contemporary economic environment cannot be adequately explained by traditional critical theories of imperialism. Through an analysis of the emergence of Mittal Steel Corporation as the world's largest steel producer, I document how international financial institutions encouraged the success of this new type of transnational corporation that is culturally grounded but not geographically bound to a hegemonic nation-state. The Mittal example suggests that globalization is fundamentally altering the relationship between international capital and the nation-state, and heralding the rise of international financial institutions (IFIs) as key actors in structuring a global, elite-driven order. The IFIs operate outside democratic control and scrutiny, and are able to impose their preferred economic solutions across the world.     

Measuring and testing for the systemically important financial institutions

This paper analyzes ΔCoVaR proposed by Adrian and Brunnermeier (2011) as a tool for identifying/ranking systemically important institutions. We develop a test of significance of ΔCoVaR that allows determining whether or not a financial institution can be classified as being systemically important on the basis of the estimated systemic risk contribution, as well as a test of dominance aimed at testing whether or not, according to ΔCoVaR, one financial institution is more systemically important than another. We provide an empirical application on a sample of 26 large European banks to show the importance of statistical testing when using ΔCoVaR, and more generally also other market-based systemic risk measures, in this context.     

构建区域型农村金融机构体系

与农户和农村微小型企业信贷需求特点相适应的农村金融机构,更多的应该具有地方性、区域性、小型化、草根性、非正式性等特点。因此,构建与之相应的农村金融机构体系是最佳选择。调研结论从调研样本区域农村金融供求两个角度的分析中,可以得到基本结论:从县域层次考察,金融机构多元化状况基本形成,但从与农户金融服务的提供、从乡域层次角度考察,金融机构的多元化严重不足。中国农村领域不缺大型金融机构,但缺乏离农民较近、     

地方中小金融机构发展情况研究——以吉林省松原市为例

地方中小金融机构主要以农村信用社和村镇银行的发展为主。截至2011年末,农村信用社在国家政策扶持下,资金实力不断增强,历史包袱得到一定化解,信贷规模大幅上升,有力支持了农村经济发展,发挥了农村金融主力军和联系农民的金融纽带的作用。村镇银行成立以来,存贷款增长较快,各项业务发展迅速,成为农村金融市场有益补充,但这些地方中小金融机构在经营发展过程中,仍存在诸多问题,值得关注。本文旨在通过剖析地方中小金融机构发展中存在的问题,提出促进地方中小金融机构长期发展的合理化建议,为地方中小金融机构的健康发展提供理论支撑。