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Author: Dan Wang
Publisher:
ISBN:
Category : Banks and banking, American
Languages : en
Pages : 171
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Book Description
This dissertation addresses the issues around the technology and cost structure in commercial banking industries in both industrialized economy (US) and transitional economy (China). In addition, internal and external factors that affect bank performance, in terms of technical change, technical efficiency and total factor productivity, are examined to provide policy and business implications to regulatory authorities and banking managers.
Author: Dan Wang
Publisher:
ISBN:
Category : Banks and banking, American
Languages : en
Pages : 171
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Book Description
This dissertation addresses the issues around the technology and cost structure in commercial banking industries in both industrialized economy (US) and transitional economy (China). In addition, internal and external factors that affect bank performance, in terms of technical change, technical efficiency and total factor productivity, are examined to provide policy and business implications to regulatory authorities and banking managers.
Author: Yuan Yuan
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 294
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Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 790
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Author: Yi-Kai Chen
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 410
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Author: Iva Cecchin
Publisher:
ISBN:
Category :
Languages : en
Pages : 123
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Author: Jorge Guillen
Publisher:
ISBN: 9780549171201
Category :
Languages : en
Pages : 116
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Author: Lulei Song
Publisher:
ISBN:
Category :
Languages : en
Pages : 145
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Book Description
My dissertation covers three loosely connected topics in Macroeconomics and Banking. The first chapter, titled Effect of Failed Bank Mergers During the Crisis on Cost Efficiency, examines the effect of merging with failed banks during the crisis period on the acquiring banks' cost X-efficiency. Between December 31, 2006, and Decem- ber 31, 2010, the number of U.S. commercial banks and savings institutions declined significantly because of failures. The majority of failed banks were acquired by the existing banks. I utilize the Fourier flexible cost function form to estimate the cost X-efficiency, and find out that merging with failed banks does negatively affect the cost X-efficiency of the acquiring bank. Although the local market concentration does not change much after the merger, the decrease in cost X-efficiency may still indicate the increase of market power for acquiring banks. With the evolving technology, the cost of obtaining banking service from distant providers fell a lot compared with 30 or 40 years ago. Local market concentration may no longer be a good measure of market competitiveness, and the FDIC may need to develop other more relevant measures regarding merger regulations. The second chapter, titled Financial Regulation and Stability of the Banking System, builds a dynamic stochastic general equilibrium model which includes both regulated and unregulated banks to study the effect of the capital requirement, which is imposed only on regulated banks, on the stability of the financial system. One of the most distinctive features of the recent financial crisis is the turmoil of the financial market. Financial institutions with high leverage were the first to bear the brunt, and the chain effect caused by their bankruptcy led the economy into a prolonged depression. In order to stabilize the financial market and prevent financial institutions from taking excessive risks, the government imposed capital requirements on the regulated banks. However, a large number of financial institutions, which perform similar functions as regulated banks, are not under government regulation. In this paper, I build a model which includes both regulated banks, referred to as commercial banks, and unregulated banks, referred to as shadow banks, to study and quantify the effects of capital requirements on the stability of the financial system. I find that when the capital requirement is high enough to help commercial banks to survive the bank runs, it does help to alleviate the negative impact of the crisis. However, if the capital requirement is not high enough, increasing capital requirements only causes decreased net output but does not help to stabilize consumption and capital price during the crisis. The third chapter is titled The Effect of Monetary Policy on Asset Price Volatility: Evidence from Time-Varying Parameter Vector Autoregression Approach. The great financial recession in 2007 - 2009 reactivated the discussion of the effect and the focus of monetary policies. Some researchers argue that whether the monetary authority should take action to fight against the asset price bubbles prior to 2007 aside from targeting inflation and GDP gap. However, one important fact that often get ne- glected is that the volatility of the financial market is also closely related to monetary policy shocks, and it has an important impact on economic output and unemployment in the economy. This paper utilizes two empirical methods, constant parameter structural vector auto-regression and time-varying parameter vector auto-regression, to study the relationship between monetary policy and financial market volatility. I find that under these two different methods, the financial market volatility responds differently to the monetary policy shocks.
Author:
Publisher:
ISBN:
Category : Dissertation abstracts
Languages : en
Pages : 776
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Author: Jason Lee
Publisher:
ISBN:
Category : Bank deposits
Languages : en
Pages : 0
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This dissertation is comprised of three essays that study topics in financial economics. The first and second chapters explore degrees of bank market power. The last chapter examines loan pricing among fintech lenders. In the first essay, I explore how to measure the degrees of bank deposit market power. Using the unique characteristics of bank deposits, I propose that bank deposit market power can be measured by the gap between insured deposit rates and risk-free rates, in which the gap represents the Lerner index for bank deposit products. With the deposit Lerner index, I examine the cross-sectional distribution of bank deposit market power using granular branch-level deposit rate data. While there is a large across-bank dispersion in market power, banks do not differentiate deposit rates across region within their own branch network. In addition, I explore why deposit market power shrinks for all banks in a low interest rate environment. In the second essay, building on the deposit Lerner index, I critically evaluate the validity of the commonly used concentration method. Out of more than five thousand banks in the U.S., the four largest banks have a combined market share of 35 percent of outstanding deposits. Yet, the way market power is typically measured implies they have less than median levels of market power. What explains this counter-intuitive result? This chapter shows that this puzzle stems from the way we commonly measure market power, which relies on the degree of local market concentration. I show that the concentration approach is critically inaccurate. On average, the concentration measure predicts market power negatively in the cross-section. Examining bank mergers also confirms that changes in local concentration have minimal impact in determining bank market power. All in all, assessing bank deposit market power can, and should, be based on the price information directly rather than from market concentration. In the third essay, coauthored with Itzhak Ben-David, Mark Johnson, and Vincent Yao, we explore fintech lenders' pricing on consumer loans. Fintech lenders are known for the use of alternative data and sophisticated technologies in delivering financial services. However, based on the pricing and performance of over two million unsecured personal fintech loans, pricing appears rather simplistic and does not necessarily correspond to default likelihoods. For instance, pricing is oversensitive to credit score bins, including a substantial interest rate jump for nonprime loans wherein borrowers just below FICO 660 pay rates that are 9.4 percentage points higher than nearly identical prime borrowers. In contrast, pricing is insensitive to known predictors of default (e.g., affordability measures and location) which effectively leads to borrower cross-subsidization. We present evidence that these pricing patterns are heavily influenced by institutional factors, such as lack of competition from banks, originators' incentives (originate-to-distribute business model) and the lack of demand for risky securities related to regulations.
Author: Emilia Bonaccorsi di Patti
Publisher:
ISBN:
Category :
Languages : en
Pages : 326
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