金融压力、所有制结构与银行风险承担——基于中国影子银行活动的实证研究

2008年金融危机之后,监测与防范系统性金融风险、维护金融稳定成为各国监管机构的工作重点。本文构建了一个反映我国系统性金融风险的中国金融压力指数(FSIC)。基于此,本文研究不同所有制结构的商业银行将如何调整影子银行业务以应对系统性金融风险。实证结果表明,当金融压力上升时,相较于国有银行,非国有银行的风险承担水平显著上升。进一步研究发现,这一差异与两类银行对影子银行这一风险业务的调整有关。当金融压力上升时,国有银行会显著减少影子银行业务,而非国有银行的影子银行业务不会减少。本文提出了国有银行的双重职能这一观点来解释实证研究的发现。本文的研究结论对于指导我国金融市场化改革和防范系统性金融风险具有重要启示。     

A new approach to measuring universal banking

Noninterest income is widely used in the literature to account for the degree of the universal business model by banks. This paper proposes a novel measure of universal banking constructed using the relative contribution of each operating segment to total assets using an entropy approach. We here propose a novel dataset containing the Universal Banking Index (UBI) at both country and bank levels. Using a sample of international banks, we evaluate the extent to which our proposed metric affects banks’ profitability, stability, liquidity and capitalisation. Results suggest that a higher degree of diversification is associated with increased stability. In addition, banks that feature a more diversified business model, as proxied by the UBI, are also better capitalised, as opposed to banks with high noninterest income share. Our results suggest that regulatory-induced restriction on universal banking may indeed reduce the benefits of risk sharing across operating segments, exposing banks to heightened risks.     

Banking System Reform in China: The Challenges to Improving Its Efficiency in Serving the Real Economy

The Chinese banking system reform since the country's accession to the World Trade Organization has yielded remarkable success. The major listed commercial banks have improved their operational performance significantly. However, there are some signs of changes in their financial results recently. The expanding debt of non‐profitable enterprises and local governments raises a question on the achievements of the previous reform. Considering that the competition among banks will become severer with financial liberalization under slower economic growth, the banks and supervisory authorities must continue to make greater efforts towards further reform in order to improve the banks' corporate governance and the risk management system.     

Does Islamic banking performance vary across regions? A new puzzle

This article investigates the performance of Islamic banks (IBs) across four different regions (Egypt, the Gulf, the UK and the US) in the aftermath of the subprime crisis. Using daily data and two performance ratio proxies (ROA (Return on Asset) and Tobin Q), we show that the performance of IBs varies significantly from one region to another, with the highest level for regions in the West. This result suggests a new puzzle as application of the same Sharia Board rules and sales of similar products should normally provide comparable performance outcomes for IBs.     

Evaluating monetary policy with financial stability objective: rules vs. discretion

This article explores whether adding the goal of financial stability to the more traditional goals of output and price stability could improve optimality of monetary policy. A Dynamic Stochastic General Equilibrium model that endogenously incorporates financial frictions is used to derive optimality conditions across rule-based and discretionary monetary policy environments. The results indicate that it is optimal for the Central Bank to keep output below the potential level in the short term so as to dampen the inflationary effects arising from supply and financial shocks. When the economy is exposed to a financial shock, both leverage and credit spread rise significantly, thereby tipping the economy into a financial crisis and raising the probability of macroeconomic risk.     

New European Banking Governance and Crisis of Democracy: Bank Restructuring and Privatization in Slovenia

ABSTRACT

The paper makes three contributions to the understanding of the post-crisis European banking governance. First, it offers a more comprehensive approach to banking governance, beyond the Banking Union, through its concept of ‘New European Banking Governance’ (NEBG) that incorporates EU state aid rules and fiscal regulations. Second, it considers the impact of NEBG on democratic institutions and processes in EU member states, an under-researched topic in the literature on European banking governance. Finally, through its in-depth case study of Slovenia it considers the NEBG in relation to peripheral Eurozone states. It argues that the post-crisis banking governance framework of the EU not only severely constrained the Slovenian state in its policy choices but rearranged its policy-making institutions in a way that restricted and continues to restrict democratic banking policy formation.     

中国影子银行文献评述

中国经济目前处于"三期"叠加阶段,经济下行压力加大。随着2013年6月的银行同业"钱荒"以及2014年以来的一些信托产品违约问题的出现,中国影子银行受到了前所未有的关注。然而,关于中国的影子银行,各种观点对其内涵、范畴、影响以及监管等莫衷一是。文章通过全面梳理有关中国影子银行的各种观点发现,中国的影子银行与国外有着比较大的差异,影子银行的范畴并不存在通行口径。同时,影子银行是一个中性的概念,它的发展有利有弊,不能简单地与风险划等号。对于影子银行蕴含的风险,要疏堵结合,在规范中谋求长远发展。     

Consumption and communication perspectives of IT in a developing economy

Technological innovations are important sources of competitive advantage when there is a balanced rate of adoption that helps organisations maintain or improve performance levels. This paper synthesises and builds on efforts to conceptualise the adoption and implementation of technologically induced customer services in developing countries. Its point of departure is recent advances in computer-mediated marketing environments (CMMEs). It assesses relationships between customer services and evolving technologies in the provision of services in the banking sector. Using phenomenological hermeneutics and a case study approach, we iteratively engaged with data that emerged to identify core values and community-based values. These facets were further developed into seven main issues (core values: quality, education and reach, and community-based values: efficiency, usability, control and security). The paper offers practical steps by which companies and institutions may counter these issues and the theoretical implications for wider considerations are discussed.     

Role of gender differences on individuals’ responses to electronic word-of-mouth in social interactions

Considering the significant effects of electronic Word-of-Mouth (eWOM), this research explores how individuals respond to eWOM and whether gender differences exist in their perceptions. To do so, by employing the perspective of social interactions, we examine the proposed relationships are different between genders. We collected data using a survey and tested the hypotheses via path analysis. The results indicate that, gender differences were found specific to search effort, product involvement, and information credibility. Women with strong online ties had a tendency to be more involved in the product information and to find the information more credible. In addition, when women had an increased search effort, they were more likely to have intention spread eWOM. This research provides insights to further research related to gender differences in eWOM by discussing implications for research and practice.     

A hierarchical model of the determinants of non-performing assets in banks: an ISM and MICMAC approach

The banking systems of emerging economies in general and India in particular are facing sustained impairment due to mounting non-performing assets (NPAs). In the absence of stringent policies and their implementation, the results will be detrimental and may eventually lead to an economic crisis. Thus, it is imperative to unearth the causal factors and mitigate the risks involved with rising NPAs. The study attempts to identify the determinants of NPAs from the existing literature and subsequently, explore the interlinkages between the identified factors. A model of these factors is developed using Interpretive Structural Modeling (ISM) and MICMAC approach. Key managerial insights were obtained by the suggested model, specific to the Indian context. The hierarchical model provides a clearer perspective about the relationship between the factors and suggests that economic conditions and political factors are the key drivers which impact the ownership pattern and adherence to the regulatory framework; these further impact the internal factors related to the banks and borrowers’ capacity to repay. The study will act as a scaffolding for policymakers and bankers. Based on these findings, better instruments and mechanisms for recovery/management of NPAs can be put in place.