Weitere Kapitel dieses Buchs durch Wischen aufrufen
Does the banking sector’s structure affect bank lending and its sensitivity to the capital ratio? Looking at banks operating in over 60 countries in the years 2000–2011, this chapter aims to resolve this puzzle. Its goal is also to find out whether country development and capital account openness, and inclusion in the Central and Eastern Europe (CEE) region explain the potential diversity of the banking sector structure and lending nexus. To resolve this problem we apply a two-step generalized method of moments (GMM) robust estimator. We find that an increase in concentration of the banking sector results in reduced bank lending and that concentration seems to affect the link between lending and the capital ratio. This effect is particularly strong in CEE.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Allen, F., & Gale, D. (2000). Comparing financial systems. Cambridge, MA: MIT Press.
Allen, F., & Gale, D. (2004). Competition and financial stability. Journal of Money, Credit and Banking, 36(2), 453–480. CrossRef
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277–297. CrossRef
Beatty, A., & Liao, S. (2011). Do delays in expected loss recognition affect banks’ willingness to lend? Journal of Accounting and Economics, 52, 1–20. CrossRef
Beatty, A., & Liao, S. (2014). Financial accounting in the banking industry: A review of the empirical literature. Journal of Accounting and Economics, 58, 339–383. CrossRef
Beck, T. (2008). Bank competition and financial stability: Friends or foes? Policy research working paper s eries, 4656, The World Bank.
Beck, T., De Jonghe, O., & Schepens, G. (2013). Bank competition and stability: Cross-country heterogeneity. Journal of Financial Intermediation, 22, 218–244. CrossRef
Beck, T., Demirgüç-Kunt, A., & Levine, R. (2006). Bank concentration, competition, and crises: First results. Journal of Banking & Finance, 30, 1581–1603. CrossRef
Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2004). Bank competition and access to finance: International evidence. Journal of Money, Credit and Banking, 36(3), 627–648. CrossRef
Berger, A. N., Klapper, L. F., & Turk-Ariss, R. (2009). Bank competition and financial stability. Journal of Financial Services Research, 35, 99–118. CrossRef
Bernanke, B., & Blinder, A. S. (1992). The federal fund rate and the channels of monetary transmission. The American Economic Review, 82, 901–921.
Bernanke, B., & Gertler, M. (1995). Inside the black box: The credit channel of monetary policy transmission. Journal of Economic Perspectives, 9, 27–48. CrossRef
Bernanke, B. S., & Lown, C. S. (1991). The credit crunch. Brookings Papers on Economic Activity, 2, 205–248. CrossRef
Berrospide, J. M., & Edge, R. M. (2010). The effects of bank capital on lending: What do we know? And what does it mean? International Journal of Central Banking, December, 2010, 5–54.
Besanko, D., & Thakor, A. (1993). Relationship banking, deposit insurance and bank portfolio choice. In C. Mayer & X. Vives (Eds.), Capital markets and financial intermediation. Cambridge: Cambridge University Press.
Bikker, J. A., & Metzemakers, P. A. J. (2005). Bank provisioning behavior and procyclicality. Journal of International Financial Markets, Institutions and Money, 15, 141–157. CrossRef
Blaes, B. (2011). Bank-related loan supply factors during the crisis: An analysis based on the German bank lending survey. Discussion paper series 1: Economic studies, 31.
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data model. Journal of Econometrics, 87, 115–143. CrossRef
Borio, C., & Zhu, V. H. (2012). Capital regulation, risk-taking, and monetary policy: A missing link in the transmission mechanism ? Journal of Financial Stability, 8, 236–251.
Bouvatier, V., Lopez-Villavicencio, A., & Mignon, V. (2012). Does the banking structure matter for credit procyclicality. Economic Modelling, 29, 1035–1044. CrossRef
Boyd, J. H., & De Nicoló, G. (2005). The theory of bank risk taking and competition revisited. Journal of Finance, 60, 1329–1343. CrossRef
Boyd, J. H., De Nicoló, G., & Jalal, A. (2006). Bank risk taking and competition: New theory, new empirics. IMF working paper, 06/297.
Boyd, J.H., De Nicoló, G., & Jalal, A. (2009). Bank competition, risk and asset allocation . IMF working papers, WP/09/13.
Bretschger L., Kappel V., Werner T. (2012) Market concentration and the likelihood of financial crises. Journal of Banking and Finance 36(12), 3336–3345.
Bridges, J., Gregory, D., Nielsen, M., Pezzini, S., Radia A., & Spaltro M. (2014). The impact of capital requirements on bank lending. Bank of England working paper, No. 486.
Carletti, E., & Hartmann, P. (2003). Competition and financial stability. What’s special about banking? In P. Mizen (Ed.), Monetary history, exchange rates and financial markets: Essays in honor of Charles Goodhart, Vol. 2. Cheltenham: Edward Elgar.
Carlson, M., Shan, H., & Warusawitharana, M. (2013). Capital ratios and bank lending: A matched bank approach. Journal of Financial Intermediation, 22, 663–687. CrossRef
Cetorelli, N., & Peretto, P.F. (2000). Oligopoly banking and capital accumulation. Federal Reserve Bank of Chicago working paper, No. 2000-12.
Cetorelli, Nicola, and Michele Gambera( 2001). “Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data.” Journal of Finance 56, 617-648.
Chinn, M. D., & Ito, H. (2008). A new measure of financial openness. Journal of Comparative Policy Analysis, 10(3), 309–322. CrossRef
Cipollini A., Fiordelisi F. (2012) Economic value, competition and financial distress in the European banking system, Journal of Banking & Finance 36, 3101–3109.
Čihák, M., Demirgüç-Kunt, A., Feyen, E., & Levine, R. (2012). Benchmarking financial systems Around the world. World Bank Policy Research working paper, 6175.
Claessens, S., Ghosh, S.R., & Mihet, R. (2014). Macro-Prudential policies to mitigate financial system vulnerabilities. IMF working paper, WP/14/155.
De Nicoló, G., & Loukoianova, E. (2007). Bank ownership, market structure and risk. Unpublished manuscript.
De Nicoló, G., & Lucchetta, M. (2011). Bank competition and financial stability: A general equilibrium exposition. IMF working paper, WP/11/295.
De Nicoló, G., Bartholomew, P., Zaman, J., & Zephirin, M. (2004). Bank consolidation, internationalization and conglomeration: Trends and implications for financial risk. Financial Markets, Institutions and Instruments, 13, 173–217. CrossRef
Demirgüç-Kunt, A., Laeven, L., & Levine, R. (2004). Regulations, market structure, institutions, and the cost of financial intermediation. Journal of Money, Credit and Banking, 36(3), 593–622. CrossRef
Dick, A. (2006). Nationwide branching and its impact on market structure, quality and bank performance. Journal of Business, 79, 567–592. CrossRef
Dinç, S. I. (2000). Bank reputation, bank commitment, and the effects of competition in credit markets. Review of Financial Studies, 13, 781–812. CrossRef
Duwendag, D., Ketterer, K. H., Kösters, W., Pohl, R., & Simmert, D. B. (1996). Teoria pieniądza i polityka pieniężna. Warszawa: Poltext.
Fang, Y., Hasan, I., & Li, L. (2014). Banking reform, risk-taking, and earnings quality – Evidence from transition countries. BOFIT discussion papers, 19.
Farinha, L., & Marques, C.R. (2001). The bank lending channel of monetary policy: Identification and estimation using Portuguese Micro Bank Data. ECB working paper, No. 102.
Foos, D., Norden, L., & Weber, M. (2010). Loan growth and riskiness of banks. Journal of Banking & Finance, 34, 2929–2940. CrossRef
Fu et al. (2014), Fu X. (M.), Lin Y. (R.) and Molyneux P. (2014) Bank competition and financial stability in Asia Pacific, Journal of Banking and Finance 38, 64–77.
Gambacorta, L., Marqués-Ibáñez D. (2011). The bank lending channel. Lessons from the crisis. ECBworking paper series, No. 1335.
Gertler, M., & Gilchrist, S. (1994). Monetary policy, business cycles, and the behavior of small manufacturing firms. The Quarterly Journal of Economics, 109(2).
Gilchrist, S.G., Zakrajsek, E. (1995). The importance of credit for macroeconomic activity: Identification through heterogeneity. Federal Reserve Bank of Boston conference series, No. 39.
Guzman, M. G. (2000). Bank structure, capital accumulation and growth: A simple macroeconomic model. Economic Theory, 16, 421–455. CrossRef
Hancock, D., & Wilcox, J. A. (1994a). Bank capital and the credit crunch: The roles of risk-weighted and unweighted capital regulation. Journal of the American Real Estate and Urban Economics Association, 22, 59–94. CrossRef
Hancock, D., & Wilcox, J. A. (1994b). Bank capital, loan delinquencies, and real estate lending. Journal of Housing Economics, 3, 121–146. CrossRef
Hancock, D., & Wilcox, J. A. (1997). Bank capital, non-bank finance, and real estate activity. Journal of Housing Research, 8, 75–105.
Hancock, D., & Wilcox, J. A. (1998). The “credit crunch” and the availability of credit to small business. Journal of Banking and Finance, 22(6–8), 983–1014. CrossRef
Hellmann, T., Murdock, K., & Stiglitz, J. (2000). Liberalization, moral hazard in banking and prudential regulation: Are capital requirements enough? The American Economic Review, 90, 147–165. CrossRef
Jackson, P., Furfine, C., Groeneveld, H., Hancock, D., Jones, D., Perraudin, W., Radecki L., Yoneyama, M., 1999. Capital Requirements and Bank Behaviour: The Impact of The Basle Accord. Basle: Bank for International Settlements.
Jimenez, G., Lopez, J., & Salas, J.S. (2010). How competition impacts bank risk taking. Banco de Espana working paper, 1005.
Kamerschen, D. R., McKenzie, R. B., & Nardinelli, C. (1993). Ekonomia. Gdańsk: Fundacja gospodarcza NSZZ „Solidarność”.
Kashyap, A. K., Stein, J. C., & Wilcox, D. W. (1993). Monetary policy and credit conditions: Evidence from the composition of external finance. The American Economic Review, 83, 78–98.
Keeley, M. C. (1990). Deposit insurance, risk and market power in banking. The American Economic Review, No., 80, 1183–1200.
King, S. R. (1986). Monetary transmission: Through bank loans or bank liabilities?, Journal of Money, Credit and Banking, 18(3).
Labonne, C., & Lame, G. (2014). Credit growth and bank capital requirements: Binding or not? Working paper.
Lee, L.H., Chiang, Y.Y. (2012). Loan market competition and bank stability – A re-examination of banking competition and risk taking. Working paper, National Chengchi University.
Liu, H., Molyneux, P., & Wilson, J.O.S. (2010). Competition and stability in European Banking – A regional analysis. Bangor Business School working paper, BBSWP/10/019.
Marcus, A. J. (1984). Deregulation and bank policy. Journal of Banking and Finance, 8, 557–565. CrossRef
Marquez, R. (2002). Competition, adverse selection, and information dispersion in the banking industry. The Review of Financial Studies, 15, 265–301. CrossRef
Martinez-Miera, D., & Repullo, R. (2010). Does competition reduce the risk of bank failure? Review of Financial Studies, 23(10), 3638–3664. CrossRef
Mirzaei, A., Moore, T., & Liu, G. (2013). Does market structure matter on banks’ profitability and stability? Emerging versus advanced economies. Journal of Banking & Finance, 37, 2920–2937. CrossRef
Mishkin, F.S. (1996). The channels of monetary transmission: Lessons for monetary policy, NBER working paper series, No. 5464.
Muth, J. F. (1961). Rational expectations and the theory of price movements. Econometrica, 29(3), 315–335. CrossRef
Norden, L., Soian, A. (2013). Bank earnings management through loan-loss provisions: A double edged sword? De Nederlandsche Bank NV working paper, No. 404.
Noth, F. (2011). Banking competition and real sector stability: Does the risk shifting channel exist? Frankfurt: Goethe University.
Oliner, S.D., Rudebusch, G.D. (1996). Is there a broad credit channel for monetary policy?. Federal Reserve Bank of San Francisco Economic Review, 1.
Olszak, M., Pipień, M., Kowalska, I., & Roszkowska, S. (2014). The effects of capital on bank lending of large EU Banks? – The role of procyclicality, income smoothing, regulations and supervision. Faculty of Management working paper series, 5.
Olszak, M., Pipień, M., & Roszkowska, S. (2016). The impact of capital ratio on lending of EU banks – The role of bank specialization and capitalization. Quarterly Journal of Economics and Economic Policy, 11(1), 43–59.
Pagano, M. (1993). Financial markets and growth. An overview. European Economic Review, 37, 613–622. CrossRef
Peek, J., & Rosengren, E. (1995). The capital crunch: Neither a borrower nor a lender be. Journal of Money, Credit, and Banking, 27, 625–638. CrossRef
Petersen, M. A., & Rajan, R. (1995). The effect of credit market competition on lending relationships. Quarterly Journal of Economics, 110, 407–443. CrossRef
Ramey, V. (1993). How important is the credit channel for the transmission of monetary policy?, NBER working paper, No. 4285.
Repullo, R. (2004). Capital requirements, market power, and risk-taking in banking. Journal of Financial Intermediation, 13, 156–182. CrossRef
Roodman, D. (2009). Practitioners corner: A note on the theme of too many instruments. Oxford Bulletin of Economics and Statistics, 71, 135–156. CrossRef
Salas, V., & Saurina, J. (2003). Deregulation, market power and risk behavior in Spanish banks. European Economic Review, 47, 1061–1075. CrossRef
Schaeck, K., Cihák, M. (2010). Competition, efficiency and soundness in banking: An industrial organization perspective. Tilburg University European Banking Center discussion paper.
Schaeck, K., Cihák, M., & Wolfe, S. (2009). Are competitive banking systems more stable? Journal of Money, Credit, and Banking, 41, 711–734. CrossRef
Stiglitz, J., & Weiss, A. (1981). Credit rationing with imperfect information. American Economic Review, 71, 393–410.
Tabak, B. M., Fazio, D., & Cajueiro, D. O. (2012). The relationship between banking market competition and risk-taking: Do size and capitalization matter? Journal of Banking and Finance, 36(12), 3366–3381. CrossRef
Turk-Ariss, R. (2010). On the implications of market power in banking: Evidence from developing countries. Journal of Banking and Finance, 34(4), 765–775. CrossRef
Uhde, A., & Heimeshoff, U. (2009). Consolidation in banking and financial stability in Europe: Empirical evidence. Journal of Banking and Finance, 33, 1299–1311. CrossRef
- Does Banking Sector Structure Affect Bank Lending and Its Sensitivity to Capital Ratio? A Cross-country Study
microm, Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, Avaloq/© Avaloq Evolution AG, Avaloq/© Avaloq