Internal labour markets in the Australian banking industry: their nature prior to the Second World War and their recent decline

This paper uses evidence from late nineteenth-and early twentieth-century personnel records of two Australian banks to examine the nature of internal labour markets prior to the Second World War. It is argued that the industry possessed all the classic features of internal labour markets: limited ports of entry, internal promotion, long careers, and assignment of wages by well-defined rules. The paper then examines the reasons why banks adopted internal labour markets. Finally, the paper examines the recent decline of internal labour markets and examines the role of technological and social changes in this decline.     

货币政策传导的信贷渠道：理论与中国的现实

我国货币政策传导机制中,由于利率市场化程度不高、货币市场不发达等因素,制约了利率传导机制、资产价格机制、汇率传导机制的有效性。在回顾货币政策传导机制各种理论的基础上,分析我国货币政策的信贷渠道,并通过实证检验,揭示出目前信贷渠道仍然是我国货币政策传导的主要途径。     

Financial distress and the Malaysian dual baking system: A dynamic slacks approach

This paper presents an efficiency assessment of the Malaysian dual banking system using the Dynamic Slacks Based Model (DSBM) in order to assess the evolution of Malaysian Banks’ potential input–saving/output–increase from 2009 to 2013. More precisely, DSBM is used first in a two-stage approach to assess the relative efficiency of Malaysian Islamic and conventional banks by emulating the CAMEL rating systems. Then, in the second stage, Monte Carlo Markov Chain (MCMC) methods applied to generalized linear mixed models (GLMM) are combined with DSBM results as part of an attempt to produce a model for banking performance assessment with effective predictive ability. Results indicate higher inefficiency levels and slacks in Islamic banks when compared to conventional ones. Furthermore, when the scope of analysis is the group of Malaysian Islamic banks, the efficiency levels of foreign banks are lower compared to their national counterparts, suggesting regulatory and cultural barriers. Policy implications are derived.     

Power‐Sharing in Monetary Policy Committees: Evidence from the United Kingdom and Sweden

Committees may make better monetary policy decisions than individuals; however, the benefits of group decision making could be lost if committee members cede power to a chairman. We develop an econometric model to describe intracommittee power‐sharing across members. Estimation of the model permits us to classify monetary policy committees into the typology developed by Blinder ( 2004 , 2007 ). We estimate our model for the United Kingdom's Bank of England (BOE) and Sweden's Riksbank. Results for the BOE suggest that the Governor has little influence over other committee members, while those for the Riksbank indicate that the Governor is highly influential.     

从中小民营企业融资谈银企关系

中国的民营企业近几年得到迅猛发展,涌现了一大批优秀的企业,但其中占大多数的中小型企业的实力与发达国家相比差距很大。这其中有多方面的原因,银企合作未充分利用,中小企业融资难是一个重要原因,从而大部分企业是自生自灭,更谈不上做大做强,目前包括政府在内的社会各界都在呼吁,银企携手,建立良好的合作关系,开创双赢新局面。     

The Impact of House Prices on Consumer Credit: Evidence from an Internet Bank

This paper shows that house price fluctuations can have a significant impact on credit availability. Data from Prosper.com, a peer‐to‐peer lending site that matches borrowers and lenders to provide unsecured consumer loans, indicate that homeowners in states with declining house prices experience higher interest rates, greater credit rationing, and faster delinquency. We find especially large effects for subprime borrowers whose balance sheets are likely most exposed to asset price declines. This evidence suggests that asset price fluctuations can play an important role in determining credit conditions and are thus a potentially significant mechanism for propagating macroeconomic shocks.