Search results for "BANKING"
showing 10 items of 282 documents
Il conto corrente di base tra inclusione finanziaria e controllo della circolazione della ricchezza
2014
Lo scritto prende spunto dalle disposizioni del d.l. 6 dicembre 2011, n. 201, conv. con l. n. 214/2011, introduttive del "contro corrente di base", per ricostruire l'evoluzione, anche su scala sovranazionale, delle politiche di inclusione finanziaria. Esamina quindi le modalità del loro ingresso nel contesto italiano e sottolinea le ambiguità e le insufficienze della neo-introdotta normativa. The essay was inspired by the provisions of Legislative Decree 6 December 2011, n. 201 (conv. in Law Nr. 214/2011), that has introduced tha "basic banking account", and traces the evolution, even on a supranational scale, of the policies on the so-called financial inclusion. The paper then examines the…
Banking Competition, Collateral Constraints and Optimal Monetary Policy
2013
We analyze optimal monetary policy in a model with two distinct financial frictions. First, borrowing is subject to collateral constraints. Second, credit flows are intermediated by monopolistically competitive banks, thus giving rise to endogenous lending spreads. We show that, up to a second order approximation, welfare maximization is equivalent to stabilization of four goals: inflation, output gap, the consumption gap between constrained and unconstrained agents, and the distribution of the collateralizable asset between both groups. Following both financial and non-financial shocks, the optimal monetary policy commitment implies a short-run trade-off between stabilization goals. Such p…
Cross-country comparisons of competition and pricing power in European banking
2009
Abstract Studies of banking competition and competitive behavior both within and across countries typically utilise only one of the few measures that are available. In trying to assess the relative competitive position of banking markets in 14 European countries, existing indicators of competition are found to give conflicting predictions across countries, within countries, and over time. This is because indicators of competition tend to measure different things and are additionally influenced by cross-country differences in cost efficiency, fee income levels, real economic growth and inflation. We attempt to separate bank pricing power from these embodied influences and derive more consist…
Unconventional monetary policy reaction functions: evidence from the US
2020
Abstract We specify unconventional monetary policy reaction functions for the Fed using linear and nonlinear econometric frameworks. We find that nonstandard policy measures are largely driven by the dynamics of inflation and the output gap, with the effect being particularly strong during QE rounds. Moreover, we uncover the presence of asymmetry and regime dependence in central bank’s actions since the global financial crisis, especially concerning the response of the term spread and the shadow short rate to the growth rate of central bank reserves. From a policy perspective and given the lack of a systematic response of monetary policy to asset price growth in nonstandard times, our findi…
How does monetary policy respond to the dynamics of the shadow banking sector?
2020
We investigate the response of the central bank to the change in size of non-bank financial intermediaries. Using quarterly data for the U.S. over the period 1946:Q1-2016Q4, we find that when faced with an increase in the asset growth of the securities' brokers and dealers and the shadow banking sector, the monetary authority reacts by raising the short-term nominal interest rate. This response is stronger in the case of sharp variation in the size of the balance sheet of nonbank financial intermediaries. From a policy perspective, our study suggests that an extended version of the original Taylor rule - embedding both price stability and financial stability concerns – provides a good chara…
Quantum macroeconomics: A tribute to Bernard Schmitt
2016
Bernard Schmitt, the founder of quantum macroeconomics, died on 26 March 2014. His legacy concerns the discovery of the logical laws of monetary macroeconomics and extends to the explanation of the origin and nature of economic and financial crises. Starting from a novel conception of bank money, he was able to show that economics is founded on true macroeconomic laws, which take the form of logical identities. This paper is a brief and necessarily incomplete introduction to the main themes of Schmitt's macroeconomic analysis. It ranges from the distinction between money and income that lies at the hearth of his theory of the circuit, to the investigation of inflation and unemployment as pa…
Bank Stability: The Case of Nordic and Non-Nordic Banks in Latvia
2018
The banking industry is facing huge challenges due to technology-enabled innovation, to changes in customer preferences, to bank de-risking and to new regulatory initiatives. To go through all these changes, banks need to be stable. The present study contributes to the empirical literature by identifying the determinants of stability of banks in the Latvian Banking Industry. This study covers both bank-specific (endogenous) factors and macroeconomic (exogenous) factors that impact the stability of banks. The data set used in this study is the annual financial statements of Latvian banks operated in the period 2003-2016. Using multivariate regression analysis techniques, we found evidence th…
Efficiency analysis in banking firms: An international comparison
1997
The intensive process of financial European integration, together with the profound transformation and deregulation that has taken place in the Spanish Banking System, justifies the evaluation of its efficiency in comparison with that of other banking systems. In this context, the aim of this study is to analyze the productivity, efficiency and differences in technology of several banking systems. Using a non-parametric approach together with the Malmquist index, we compare the efficiency, productivity and differences in technology of different European and US banking systems for the year 1992. Finally, for a subsample of banks belonging to the same group of countries, using real as opposed…
Intellectual capital information in sustainability reports: an analysis of Italian banking sector
2014
In a knowledge-based economy Intellectual Capital is a main source for companies to gain competitive advantage. This study focuses on banking sector, which is one of the most knowledge-intensive industries. The aim of this paper is to examine empirically the level and the extent of Intellectual Capital (IC) information in the sustainability reports over the years 2006 and 2012. Several empirical studies have examined the quantity and the nature of IC information disclosure in annual reports in different industries and countries, but few studies have analyzed the ICD in the financial sector. Banks policies regarding how they contribute to the conservation of energy and natural resources and …
Impact of interest rate risk on the Spanish banking sector
2010
This paper examines the exposure of the Spanish banking sector to interest rate risk. With that aim, a univariate GARCH-M model, which takes into account not only the impact of interest rate changes but also the effect of their volatility on the distribution of bank stock returns, is used. The results show that both changes and volatility of interest rates have a negative and significant impact on the stock returns of the Spanish banking industry. Moreover, there seems to be a direct relationship between the size of banking firms and their degree of interest rate sensitivity.