Dissertations / Theses: 'Banking intermediation'

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Foote, Elizabeth Ellen. "Essays in financial intermediation and banking." Thesis, London School of Economics and Political Science (University of London), 2011. http://etheses.lse.ac.uk/396/.

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Banks' role as intermediaries between short term investors and long term borrow- ers has dominated the literature. Whilst this is an important feature, there are many other characteristics of banks. Each chapter in this PhD explores a different aspect of banking, from other forms of lending to banks' role in payment services. The first, and principal, chapter considers credit lines: `commitments' to lend if required. These remain off the bank's balance sheet until drawn upon. As off-balance sheet items, unused commitments face low capital charges under existing capital regulation. I ex- plore how this regulatory feature incentivises banks to build up exposure to these lines. This may lead to a suboptimal allocation of credit, ex post, following a market shock, as high drawdowns cause the balance sheet to balloon and the capital requirement to bind. In the second chapter, I consider banks as agents in large-value payment systems. In choosing the optimal time to settle a payment, banks trade off delay costs against the risk of having insuffcient liquidity to make future payments. With banks participating in multiple systems, I show how default in one system may spill over into another, through the strategic behaviour of multi-system participants. I explore how this risk varies with the degree of information asymmetry between agents in different systems. The third chapter focuses on retail banking. In joint work, we examine how the provision of consumer credit, either through current account overdrafts, or through credit card credit lines, affects the way in which debit and credit card networks com- pete. We find that, even when debit and credit cards compete, there are elements of complementarity between them. Banks providing debit cards and current accounts benefit when the consumer delays withdrawal of funds from her current account by using a credit card. This leads to surprisingly high debit merchant fees.

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Asaftei, Gabriel. "Essays on financial intermediation." Diss., Online access via UMI:, 2004. http://wwwlib.umi.com/dissertations/fullcit/3153766.

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Ray, Chaudhuri Ranajoy. "Three Essays on Financial Intermediation and Growth." The Ohio State University, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=osu1338394730.

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Booth, di Giovanni Heather. "External financial intermediation and the composition of the money stock." Thesis, University of Bristol, 1991. http://hdl.handle.net/1983/583ef499-1217-4b7e-865c-a3ce8562f1f1.

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This thesis is intended as a contribution to the literature referred to as the "optimum currency area literature". The purpose of the analysis developed in the thesis is to gain an understanding of the monetary and financial implications of the actual currency area structure of the international economy. The analysis can then be used for the purpose of assessing whether changes in this currency area structure might be desirable. The theoretical material falls into three parts. Cross-country data are used in the theoretical chapters to assess the explanatory value of the ideas. The theoretical analysis is then applied to the historical experience of an individual country, Argentina. Time series data are offered for the application to the Argentine case. The first theoretical section of the thesis is concerned with the structure of the money supply in an economy as between its imported and domestic components. A central tenet of the thesis is that there are cross-country differences in the size of the imported share of the money supply which is required for monetary and exchange rate stability, and that these cross-country differences can be related to structural characteristics of an economy. It is shown that the structure of incremental money demand has important balance of payments implications. A theoretical framework for the analysis of the structure of the money supply is developed. This framework is then used to argue that an economy which makes more extensive use of external financial intermediation will require a larger share of foreign exchange reserves in the monetary base. The second part of the theoretical analysis studies some relationships between the currency area structure of the international economy and patterns of international financial intermediation. It is argued that we can identify certain structural features of a currency area which would give rise to a tendency for residents to make use offoreign financial centres. The theoretical considerations lead to an explanation, in terms of currency area structure, of certain crosscountry differences in financial development. In the third theoretical section, the analytical framework which was developed in previous chapters is used to address three specific questions. These questions serve to bring out some answers to the more general question of what are the implications for an economy of using an imported money supply. The analysis yields some new perspectives on the monetary and financial implications of import substitution industrialization policies, as well as on other problems and policy issues

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Chirozva, Gift. "Financial intermediation and economic performance in Zimbabwe." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2001. https://ro.ecu.edu.au/theses/1081.

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Financial literature is replete with theoretical and empirical evidence suggesting financial development has a causal effect on economic growth. Yet there is no consensus on the finance-growth nexus. The direction of causality is still controversial In fact, classical economists argue that financial factors are neutral and hence cannot have real effects. Critics argue the traditional methods of identifying long run economic relationships fail to address the methodological conflict between equilibrium implied by theory and the disequilibria in the data. The rise of new representation techniques such as the General Methods of Moments (GMM) and vector autoregression [VAR] brought with them empirical flexibility, which facilitates the re-examination of several theories. VAR characterization permits the economic system to determine the behavior of macroeconomic variables simultaneously. The endogenous growth theoretical literature gives credibility to system-wide V AR financial models. This research is both critical (in its search for a common framework to inform debate on Zimbabwe) and positive (to the extent it undertakes an empirical investigation.) Empirically, the study examines the nature and intensity of links between financial intermediation and economic performance in a small developing economy. A Vector Autoregressive [VAR] framework is applied to model and estimate the temporal and dynamic relationships between financial aggregates and economic activity. Cointegration among the variables is examined to determine the degree of heterogeneity and coevolution. The general impulse response function [GIRF] and variance decomposition [VDC] analytical techniques are applied to throw light on the speed and direction of the causal links and the persistence of shocks over time. Branches of financial theory, e.g. agency risk, corporate governance and information asymmetry have taught us economic activity does not take place in a vacuum or perfect market. To put this research into perspective, the study critically examines the evolution of Zimbabwean institutional structures in search of a new conceptual framework with potential to inform debate. The works of Levine (1997, 1998) LaPorta, Lopez-de-Silanes, Shleifer and Vishny (1997, 1998, 2000), Beck, Levine and Loayza (2000), Kane (1981, 1983, 2000) Jensen and Meckling (1976) and Stiglitz (1989) give considerable prominence to governance and institutional design. Allen and Gale(1994, p10) emphasized that institutional settings underlie the process of financial innovation. In fact, Schumpeter (1954, p12) exalts history, statistics and "theory" as the three pillars of economic analysis. Stiglitz (1989, p199) agrees that particular localized historical events could have permanent effects. More recently, Beck, Demirgüç-Kunt and Levine (2001) summarized the theory and provided an empirical examination of the links between laws, politics and finance.

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Rivero, Leiva David. "Three essays on financial intermediation." Doctoral thesis, Universitat Autònoma de Barcelona, 2017. http://hdl.handle.net/10803/454815.

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Esta tesis doctoral consiste en tres ensayos sobre intermediación financiera. La orientación principal de este trabajo es teórica. Los tres capítulos están conectados entre sí ya que tratan sobre aspectos relevantes relacionados con la literatura en banca. El capítulo 1 desarrolla un modelo de intermediación financiera para evaluar el impacto de la política monetaria sobre la calidad crediticia de los préstamos extendidos en una economía bancaria. Una lección importante de la llamada Gran Recesión de 2007-2009 es que el estado de la política monetaria puede fomentar el apetito por el riesgo de la industria bancaria. Basado en el paradigma de “verificación costosa de estados”, se presenta un modelo teórico con prestatarios heterogéneos y adquisición de información en el que la actividad de intermediación está supeditada a un “trade-off” entre procesar información antes o después de la concesión del préstamo. A través de cambios en el cuidado con el que los estándares de crédito se determinan, los bancos influyen sobre la probabilidad del estado en bancarrota y la composición de riesgo del conjunto de prestatarios. Bajo este escenario, una política monetaria más laxa reduce la diligencia con la que los intermediarios verifican la capacidad de repago de los prestatarios, aumentado el apalancamiento del sector no financiero y la probabilidad de impago de la economía. El capítulo 2 evalúa el rol de una mayor intermediación por parte del Banco Central en una crisis de solvencia para restaurar la localización eficiente del capital cuando el mercado interbancario no está operativo. Las tensiones originadas en los mercados financieros tras la quiebra de Lehman Brothers llevaron a una respuesta por parte de los Bancos Centrales que se alejaba de las medidas tradicionales. Para estudiar cómo las autoridades monetarias pueden reemplazar el rol del mercado para relocalizar eficientemente el capital durante una crisis sistémica, este capítulo explora la absorción del riesgo de crédito a través de una política de crédito. Cuando las tensiones en los mercados monetarios crecen debido a la incertidumbre sobre la solvencia bancaria de algunas entidades, la autoridad monetaria puede absorber el riesgo de crédito percibido en el mercado y subsidiar la asimetría en el coste marginal de financiación entre regiones. Un modelo sobre liquidez y miedo sobre quiebra bancaria es presentado en el capítulo 3, escrito conjuntamente con Hugo Rodríguez. En él se estudian los pánicos bancarios en un sistema moderno en el que contratos de depósito nominales son diseñados como medios de pago. En una economía expuesta a riesgos de liquidez puros con creación endógena de dinero, mostramos que la idea clásica sobre quiebra bancaria debido a pánicos entre los depositantes no ocurre. Una discusión relevante sobre estabilidad financiera es si los fallos de las instituciones bancarias están creados por pánicos repentinos que fuerzan la caída de bancos solventes, o si bien están causados por el deterioro fundamental sobre variables bancarias específicas. Basado en el problema de liquidez tradicional de Diamond y Dybvig (1983), nuestro modelo incorpora tres elementos a la literatura teórica sobre quiebra bancaria. Primero, la cadena de intermediación comienza cuando los prestatarios necesitan pedir prestado dinero para realizar pagos. Segundo, para reducir el riesgo de liquidez, los bancos controlan una demanda de reservas obtenida del Banco Central. Tercero, el desajuste de vencimientos entre el active y pasivo bancario es inherente a la creación de nuevos préstamos. Sobre este enfoque existe un mecanismo de precios que ajusta la demanda de consumo en cada periodo, haciendo que el valor real de los depósitos sea contingente al número de retirada de depósitos.
This Ph.D. thesis consists of three essays on financial intermediation. The main orientation of this dissertation is theoretical. All three essays are connected in that they deal with important features related to the literature on financial intermediation. Chapter 1 develops a model of financial intermediation to evaluate the impact of the monetary policy stance in the credit quality of loans extended in a bank-dependent economy. An important lesson from the Great Recession 2007-2009 is that the monetary policy stance may spur the risk appetite of the banking industry. Based on the costly state verification paradigm, I present a theoretical model with heterogeneous loan applicants and costly information acquisition in which financial intermediation activity is driven by a trade-off between processing information prior or after loan origination. Through changes in the diligence to determinate the credit standards, information processors shift the probability of the bankruptcy state and the riskiness in the composition of the pool of borrowers. Under this environment, a loose monetary policy decreases the diligence devoted by intermediaries to verify the creditworthiness of loan applicants, increasing the leverage of the non-financial sector. Moreover, it leads to a deterioration of the credit quality in the composition of the pool of borrowers which increases the likelihood of the bankruptcy state. Chapter 2 evaluates the role of Central Bank intermediation during solvency crises to restore the efficient allocation of capital in the economy when the interbank money market freezes. On the policy front, the tensions originated in financial markets after the bank run of Lehman Brothers required monetary authorities to go beyond conventional policy measures. To study how monetary authorities can replace the role of the extinguished interbank money market to allocate efficiently capital in the economy during systemic times, this chapter explores the subsidization of counterparty risk via credit policies. The basic idea is that Central Banks can intervene in the economy to reallocate savings to those banks with liquidity needs. When tensions in the money market arise due to the uncertainty about the solvency situation of specific counterparties, Central Banks can absorb the credit risk perceived in the market and subsidize the asymmetry in the marginal funding cost across regions. A model of liquidity and fears about bank runs is presented in chapter 3. In this chapter I, along with Hugo Rodríguez, study self-fulfilling panics in a modern banking system wherein nominal deposit arrangements are designed as means of payment. In an economy exposed to pure liquidity risk with endogeneous money creation, we show that classical bank runs caused by panics do not occur. A relevant discussion about financial instability is whether the failure of banking institutions is driven by sudden panics that force solvent banks to fail, or it is reflected by the fundamental deterioration in bank specific variables. Based on the traditional liquidity problem of Diamond and Dybvig (1983), our framework incorporates three elements into the theoretical literature of bank runs. First, the chain of intermediation starts when borrowers need money to make payments. Second, to offset liquidity risk, banks manage a demand for reserves from the central bank. Third, the maturity mismatch between banks assets and liabilities is inherent to the creation of new loans. Under such setting, there is a price mechanism that adjusts the demand for consumption each period, making the real value of deposit contracts contingent on the mass of withdrawals. This result does not support the self-fulfilling hypothesis of bank runs.

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Shirota, Ricardo. "Efficiency in Financial Intermediation: A Study of The Chilean Banking Industry /." The Ohio State University, 1996. http://catalog.hathitrust.org/api/volumes/oclc/38193785.html.

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Amidu, Mohammed. "Banking market structure and bank intermediation strategies in emerging markets : three essays." Thesis, University of Southampton, 2011. https://eprints.soton.ac.uk/188777/.

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This thesis focuses on bank market structure and the effect of changes to this structure on intermediation strategies using a dataset that covers many regions of the world. Employing different estimation techniques and methodologies, and using a novel approach to each line of research, this thesis provides the following robust results: first, increase banking competition weakens the effectiveness of monetary policy. This is because an increase in the degree of market power increases the response of bank lending to the monetary policy stance. Second, competition increases stability as banks diversify across and within their business activities. Third, the high net-interest margin and relatively low insolvency risk among banks in developing countries could be attributed to a high degree of market power and the use of internal capital financing. The thesis makes the following contributions to the literature: first, in order to gain new insights and provide new dimensions to the existing literature, each of the three core chapters employs an estimation strategy that is new in the literature and which offers more scope for investigation. For instance, the positive influence of revenue diversification on the competition-stability nexus is new in the literature. Second, this thesis is first in considering how various measures of market power and a variety of bank funding strategies impact on banks performance. Furthermore, considering the banking structure-risk-lending channel hypothesis in assessing banks’ response to monetary shocks is also new in the monetary policy transmission literature. In conclusion, this thesis gives rise to important public policy recommendations. First, the strong link between market imperfections and the effectiveness of monetary policy indicators requires regulation that can resolve and offset the adverse effects of further increases in the degree of bank market power on the effectiveness of monetary transmission. Second, given the results of the role of diversification on the competition-stability relationship, there is no evidence to support regulatory initiative that restricts banks diversification activities. The third and final recommendation is on the concept of market power: bank market power in itself is not detrimental to banking activities, but the level and the application of it could negatively affect bankinsolvency risk. Therefore, supervisory, regulatory and competition authorities should coordinate to put in place a comprehensive framework that allows banks to have a considerable amount of market power that is robust and consistent with any competition policy

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Rawat, Umang. "Essays on macroeconomic dynamics, credit intermediation and financial stability." Thesis, University of Cambridge, 2018. https://www.repository.cam.ac.uk/handle/1810/275970.

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This dissertation consists of three chapters. In the first chapter, we study the role of financial frictions on the demand side of the economy. In particular, we study the interaction between firm and household credit constraints over the business cycle. We construct a real business cycle model with explicit modeling of price and quantity side of housing. This allows us to include both firm and household financing frictions. The model is estimated for the U.S economy using quarterly data on key macroeconomic variables over the period 1970 - 2006. Household and firm financial accelerators operate primarily through movement in house and capital prices respectively. We find clear evidence of the operation of a financial accelerator mechanism, whereby shocks to the economy are amplified most in the presence of both types of frictions, as opposed to just firm or household frictions. Over the business cycle, total factor productivity shocks in the non-housing sector explain about half of the volatility of GDP and consumption. However, cyclical variations in housing investment and housing prices are predominantly explained by housing preference and housing technology shocks. Finally, spillovers from household financing frictions are mostly concentrated in consumption. However, they also affect business investment via its impact on the demand for capital and consequently its price. The second chapter focuses on financial frictions on the supply side. We study the role of bank capital in the transmission of shocks to the economy. Given the evolutionary change in the financial services industry and the growth of shadow banking in the decades prior to the global recession, we characterize credit intermediation with a heterogeneous banking sector comprised of traditional retail and shadow banking. We approach the shadow banking system from a regulation perspective wherein commercial banks have incentives to transfer loans from on- to off-balance sheet to gain regulatory relief. Since bank capital is costly, banks cover part of their funding needs by loan sale in the secondary market. Furthermore, these transferred loans are bundled together and converted into liquid asset backed securities. Commercial banks’ effective return is subject to their monitoring effort, which is unobservable and hence introduces a moral hazard problem in loan sale. This limits the amount of loan sold in the secondary market. We find that loan sale and securitization enhances credit intermediation in normal times and improves the resilience of the system to productivity shocks. However, it also exposes the economy to shocks emerging in the financial system. In response to financial market shocks, the government via its backstop program, can ameliorate its impact on the economy. Finally, we compare the model economy with Basel I and Basel II capital requirement and find that business cycle fluctuations are amplified under Basel II regime. Furthermore, in response to a negative productivity shock there is a transfer of loans from on to off balance sheet under Basel II rules with procyclical capital constraints. This points towards a need for countercyclical capital requirement as being implemented under Basel III accord. In the third chapter, we focus on the question of trade off between price and financial stability goals for the conduct of monetary policy. The recent crisis has generated renewed interest in Hayekian theory and Minsky’s instability hypothesis, which claims that accommodative monetary policy can be harmful for an economy by promoting excessive risk taking – the so called risk taking channel of monetary policy transmission. Risk Taking Channel has been documented for the U.S and Euro area and we investigate the presence of this in Asia. Using annual and quarterly data on publicly listed banks in Asia, we find that when interest rates are too low - lower than a benchmark - bank risk increases. Furthermore, there is also a case for greater supervision and capital stringency to alleviate risk taking.

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Kotak, Akshay. "Essays on financial intermediation, stability, and regulation." Thesis, University of Oxford, 2015. http://ora.ox.ac.uk/objects/uuid:112b32a7-fa60-4baa-a325-15e014798cea.

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Modern banking theories provide a host of explanations for the existence of intermediaries, highlight their important influence on economic growth, delineate the risks inherent in the services they provide, and illustrate the market failures and real costs of bank failures that precipitate the need for regulation and oversight of the sector. This thesis is a collection of three essays that looks at three of these key aspects of financial intermediaries - the development of financial intermediaries, the function of the lender of last resort that has emerged as an important part of the safety net afforded to financial intermediaries, and the occurrence of financial crises. The first chapter of this thesis provides an introduction to the academic literature on financial intermediation covering different theories put forward to explain their emergence, and highlighting the risks inherent in their operation. It emphasizes the crucial functions they perform in the economy and makes a case for regulation and oversight of the sector to reduce the incidence and alleviate the effects of financial crises. The second chapter seeks to determine the policy and institutional factors that influence the development of financial institutions as measured across three dimensions - depth, efficiency, and stability. Applying the concept of the financial possibility frontier, developed by Beck and Feyen (2013) and formalized by Barajas et al. (2013b), we determine key policy variables affecting the gap between actual levels of development and benchmarks predicted by structural variables. Our dynamic panel estimation shows that inflation, trade openness, institutional quality, and banking crises significantly affect financial development. We also assess the impact of the policy variables across the different dimensions of development thereby identifying complementarities and potential trade-offs for policy makers. The third chapter models the role of the lender of last resort (LoLR) in a general equilibrium framework. We allow for heterogeneous agents and a risk-averse banking sector, and incorporate the frictions of endogenous default, liquidity, and money. Adverse supply shocks in monetary endowments trigger default, leading to deterioration in the value of bank assets, and subsequent bank illiquidity in some states of the world. LoLR intervention is then assessed with regards to its economy-wide effect on welfare, bank profitability, and the level of default. The results provide a justification for constructive ambiguity. The fourth chapter aims to provide an explanation for the incidence of financial crises by combining insights from agency theory and Minsky's financial instability hypothesis (Minsky, 1992) in a model with endogenous default. Our theoretical model shows that the probability of a financial crisis increases as the quality of shareholder information decreases. We then develop a measure for the quality of shareholder information following Simon (1989) and show that the market-wide quality of shareholder information: i) is poor (with no trend) in the Pre-SEC period (1840 to 1934); ii) improves substantially following the SEC reforms; and iii) gradually declines starting in the 1960s/70s until it is now back to pre-SEC levels. This matches up with the standard list of US financial crises (as in Reinhart and Rogoff 2009; Reinhart 2010) and supports our hypothesis that the likelihood of a financial crisis increases with deterioration in the quality of shareholder information.

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Soedarmono, Wahyoe. "Implications on bank risk and financial intermediation of banking reforms in emergent economies." Limoges, 2011. http://aurore.unilim.fr/theses/nxfile/default/c891f7ce-1e8e-4e78-9d0f-2eaf8ec30b18/blobholder:0/2011LIMO1005.pdf.

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L'objectif de cette thèse est d'analyser les implications des réformes du système bancaire des pays émergents, sur la prise de risque bancaire et l'intermédiation financière. Cette thèse se compose de trois parties. Dans la première partie, constituée de deux chapitres, nous mettons l'accent sur l'impact du pouvoir de marché sur la stabilité financière des banques asiatiques. Les résultats empiriques montrent qu'un pouvoir de marché élevé conduit à davantage d' instabilité financière. Ceci, bien que les banques qui opèrent dans un marché moins concurrentiel sont bien capitalisées. La partie deux se compose de deux chapitres consacrés au système bancaire indonésien. L'objectif est d' examiner l'impact de la hausse du ratio capital sur la stabilité bancaire, en prenant en compte de l'aversion des banques pour le risque. Nos résultats empiriques montrent la présence d' intérêts managériaux qui provoquent des inefficiences et de la désintermédiation financière. Dans la troisième partie , nous formaliserons, dans un modèle thèorique, la présence de cette désintermédiation financière qui conduit à l'apparition d'un effet de seuil dans le lien entre finance et croissance
This dissertation consists of independent essays that aim to analyse the implications on bank risk and financial intermadiation of banking reforms in emergent economies. This dissertation is divided into three parts. Part 1 consists od two chapters that focus on the impact of bank market power and financial stability in Asian banks. Empirical results show that higher bank market power leads to higher instability, although banks in less competitive market hold higher capital ratio. Part 2 consists of two chapters that are devoted to analyse Indonesian banks with regards to the impact on bank stability of higher capital ratio by considering the risk-aversion of banks. Empirical results indicate the presence of managerial self-interest problem that causes inefficiency and financial disintermadiation. Part 3 therefore attempts to formalize in a theorical model with regards to the precense of financial disintermediation that leads to the occurence of a threshold effects in the finance-growth nexus

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Hidvegi, Istvan. "Banking Productivity : An Extension of Traditional Theory." Thesis, Jönköping University, JIBS, Economics, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-717.

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This thesis aims at contributing to the growing number of studies on banking productivity, by attempting to introduce the interest rate spread as one of the driving forces behind productivity changes and alterations of the intermediary role of banks. The analysis is based on observations form the banking sectors of Germany and Sweden. As there is no clear concensus on the proper way of measuring banking output, and the choice of method varies considerably form study to study, this paper adopts the intermediation approach which is one of the three most offen recurring methods applied in research papers. The results include some interesting revelations such as the low significance of a change in labour and capital to the growth in banking output (challenging traditional theory), and that Swedish banks on average were moving away from the traditional intermediary role between 1979 and 1996 while German banks kept lending business at their centre of attention.

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Kerl, Cornelia [Verfasser]. "International banking : an empirical assessment of global financial intermediation in times of crisis / Cornelia Kerl." Gießen : Universitätsbibliothek, 2014. http://d-nb.info/1068328975/34.

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Лєонов, Сергій Вячеславович, Сергей Вячеславович Леонов, and Serhii Viacheslavovych Lieonov. "Банківське інвестування: взаємозв'язок економічних категорій." Thesis, Дніпропетровськ, 2008. http://essuir.sumdu.edu.ua/handle/123456789/60076.

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Одним з основних суб'єктів інвестиційної діяльності є банк як фінансовий інститут, що здійснює вкладення власних, позикових або залучених коштів у реальні або фінансові активи, а також забезпечує контроль за цільовим викори- станням вкладених коштів.
One of the main subjects of investment activity is the bank as a financial one an institution that carries out its own, borrowed or borrowed funds in real or financial assets, and also provides control over the target use the state of invested funds.

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Ari, Anil. "Essays in banking and default." Thesis, University of Cambridge, 2018. https://www.repository.cam.ac.uk/handle/1810/273246.

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This thesis consists of three chapters. In the first chapter, titled "Aggregate Risk and Bank Risk-Taking", I propose a general equilibrium model in which strategic interactions between banks and depositors may lead to endogenous bank fragility and a drop in investment and output. With some opacity in bank balance sheets, depositors form expectations about bank risk-taking and demand a return on bank deposits according to their risk. This creates strategic complementarities and possibly multiple equilibria: in response to an increase in funding costs, banks may optimally choose to pursue risky portfolios that undermine their solvency prospects. In a bad equilibrium, bank lending is crowded out by risky asset purchases and weak economic fundamentals lead to a banking crisis. Policy interventions face a trade-o¤ between alleviating banks' funding conditions and strengthening their risk-taking incentives. Due to this trade-off, liquidity provision to banks may eliminate the good equilibrium when it is not targeted. Targeted interventions have the capacity to eliminate the bad equilibrium. The second chapter, titled "Gambling Traps", analyzes macroeconomic dynamics under this framework in a dynamic general equilibrium model. I show that self-fulfilling expectations about high bank risk-taking may lead to 'gambling traps' associated with slow recovery from crises. In a gambling trap, high bank funding costs hinder the accumulation of bank net worth, leading to a prolonged period of financial fragility and a persistent decline in economic activity. I bring this model to bear on the European sovereign debt crisis, in the course of which under-capitalized banks in default-risky countries experienced an increase in funding costs and raised their holdings of domestic government debt. The model is quantified using Portuguese data and accounts for macroeconomic dynamics in Portugal in 2010-2016. Finally, I show that subsidized loans to banks, similar to the European Central Bank's longer-term refinancing operations (LTRO) may perpetuate gambling traps. The third chapter, titled ''Shadow Banking and Market Discipline on Traditional Banks'', is joint work with Matthieu Darracq-Paries, Christo¤er Kok, and Dawid · Zochowski. In this chapter, we present a general equilibrium banking model in which shadow banking arises endogenously and undermines market discipline on traditional banks. We show that depositors' ability to re-optimize in response to crises imposes market discipline on traditional banks: these banks optimally commit to a safe portfolio strategy to prevent early withdrawals. With costly commitment, shadow banking emerges as an alternative banking strategy that combines high risk-taking with early liquidation in times of crisis. We bring the model to bear on the 2007-09 financial crisis in the United States, during which shadow banks experienced a sudden dry-up of funding and liquidated their assets. We derive an equilibrium in which the shadow banking sector expands to a size where its liquidation causes a fire-sale and exposes traditional banks to liquidity risk. Higher deposit rates in compensation for liquidity risk also weaken threats of early withdrawal and traditional banks pursue risky portfolios that may leave them in default. Financial stability is achieved with a tax on shadow bank profits or collateralized liquidity support to traditional banks.

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Shatona, Andrew Nghilfavali. "A review of financial intermediation in Namibia, 1995 to 2008." Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/95660.

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Thesis (MDF)--Stellenbosch University, 2012.
This study assessed the developments in financial intermediation services provided by Namibia’s commercial banking sector during 1995 to 2008. The study used two measurements of financial deepening in order to ascertain whether the role of the banking sector has become more important in the economy or not. These methods are the credit extension to non-finance private sector and the financial intermediation to GDP ratio. Unlike previous studies, which found that financial intermediation has not deepened before or after independence (Shiimi & Kadhikwa, 1999; Kavari, 2003), this study found some evidence of financial deepening in Namibia as indicated by the increasing credit extension and financial intermediation as shares of GDP. However, the banking sector did not perform well in terms of improving efficiency as banks continued to operate with high interest margins and became more dependent on fee income as opposed to deriving more of their income from intermediation activities. The largest chunk of bank credit was in the form of mortgage funding, allowing individuals, real estate and the business sector to be the major recipients of bank credit during the review period. The study took cognisance of recent measures aimed at enhancing the sector’s relevance and contribution to the economy. These include amendments to the statutes to allow entry of unincorporated bank branches in order to increase competition as well as requiring banks to reduce interest margins, amongst other measures. The study therefore recommends a vigorous implementation of these measures and that the regulator should extend its monitoring oversight to cover actual lending and deposit rates of interest in addition to base rates such as the prime rate and the mortgage base rate that it currently monitors. This is necessary due to weak linkages between the base rates and actual interest rates. The study further recommends a concerted national effort that seeks to ensure availability and affordability of credit on one hand, and to prepare bank clients, particularly the SME sector to be ready to take up finance on business terms on the other hand. This requires incentivising SMEs to become formal businesses and providing them with necessary training and mentoring services in order to improve their risk profiles.

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Rehault, Pierre-Nicolas. "Intermédiation bancaire et finance parallèle : essais sur les racines du Shadow Banking." Thesis, Limoges, 2015. http://www.theses.fr/2015LIMO0087.

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L'ampleur sans précédent de la crise financière de 2007-2008 a donné naissance à une vaste littérature dévolue à l'analyse du phénomène du Shadow Banking, considéré comme le principal responsable de la débâcle bancaire et financière de la Grande Récession, sans pour autant apporter une compréhension globale. L’objectif de cette thèse est, à l’aide d’une approche positive, d’étudier les racines et effectuer une dissection du Shadow Banking, indispensable pour cerner sa complexité, en établir une compréhension globale et comprendre son rôle central dans le financement de l’économie et la création monétaire. Avant d’être normative, cette étude nécessite surtout une démarche positive qui doit présenter des faits et des mécanismes d’un point de vue analytique. Pour cela, ce travail contribue à la littérature existante en proposant une démarche progressive exposant les outils de la migration supposée des risques bancaires en dehors du bilan des banques et démêlant le vrai du fantasme dans une lecture approfondie des enjeux du Shadow Banking. Dans cette logique, le premier chapitre de ce travail de thèse s’est porté sur ce qui semblait être à l’origine de la crise de 2007-2008, à savoir la circulation des actifs et des risques des banques au travers de la vente de crédits bancaires. Il y est établi que le transfert d’actifs bancaires dans sa forme moderne est une réalité depuis plus de quarante ans, fragilisant l’hypothèse d’un phénomène récent coupable du péché originel menant à la crise, ce fardeau semblant dévolu à la titrisation. Le second chapitre de ce travail de thèse est ainsi consacré à l’étude de la titrisation et plus particulièrement de ses origines et de ses mécanismes. A l’image de la vente de crédit, l’hypothèse d’un phénomène récent est vite écartée par la riche et longue histoire du processus de titrisation qui s’étend sur plus de quatre siècles. A l’opposé d’un phénomène balbutiant et uniquement américain, la titrisation révèle des racines européennes et anciennes loin d’être dénuées d’une certaine instabilité. En revanche, il est avéré que la forme moderne de la titrisation doit son schéma au secteur public américain qui a, par son choix de privilégier les engagements sur la détention des actifs, entretenu le mirage d’une bénédiction de Midas sensé permettre de créer de la qualité ex-nihilo. Si cette fable est loin d’être soutenable, il n’en reste pas moins que la titrisation peut être un processus vertueux de répartition de qualité et de rendement rendu possible par la diminution des asymétries d’information, accompagné d’une amélioration sensible de la liquidité du financement. Cependant, elle n’en reste pas moins le support préférentiel des arbitrages réglementaires bancaires permis par l’attentisme des régulateurs. Enfin, à la lumière de ces éclairages nécessaires sur les outils de la finance moderne, le troisième chapitre de ce travail de thèse se consacre à l’étude du Shadow Banking. Après en avoir exposé et dénoncé les poncifs, il offre une lecture du phénomène qui dépasse le simple fantasme d’un système bancaire parallèle caché dans les ombres en proposant une lecture qui mène progressivement à s’interroger sur le basculement du système financier vers une dynamique de collatéralisation intensive. Cette multiplication des assurances trouve alors son paroxysme dans l’émergence d’une nouvelle hiérarchie monétaire, les banques centrales abandonnant un peu plus leurs prérogatives au secteur privé : les banques disposent depuis près d’un siècle de la capacité de création monétaire qui a été, peu à peu, cédée de concert au Shadow Banking. Ce troisième chapitre appelle une réflexion ultérieure sur la place de la banque dans le système financier et sur l’avenir de la création monétaire qui échappe de plus en plus aux banquiers centraux
The unprecedented scale of the 2007-2008 financial crisis has spawned a vast literature devoted to analyzing the phenomenon of Shadow Banking, considered as the main cause of the banking and financial debacle of the Great Recession, without noticeably providing a global understanding of the phenomena. The main objective of this thesis is, using a positive approach, to study the roots and perform a dissection of the Shadow Banking in order to understand its complexity, establishing a comprehensive understanding of its central role in financing economy and money creation. Before being prescriptive, this study requires above all a positive step that should present facts and mechanisms of an analytical point of view. In this way, this work contributes to the existing literature with a progressive and didactic approach exposing the migration tools of banking risks outside of balance sheets of banks and disentangling fact from fantasy in a thorough reading of the challenges of the Shadow Banking. In this logic, the first chapter of this thesis is devoted to what appeared to be the cause of the crisis of 2007-2008, namely the migration of banks’ assets and risks through credits sales. There is evidences of loan sales for more than forty years, weakening the hypothesis of a recent phenomenon guilty of the original sin leading to the crisis, this burden pretends vested in the securitization. The second chapter of this thesis is thus devoted to the study of securitization and especially of both its origins and its mechanisms. Just like the sale of credit, the assumption of a new phenomenon was quickly ruled out by the long and rich history of the securitization process that spans over four centuries. In contrast to the fledgling and uniquely American phenomenon, securitization reveals its ancient European roots and appears far from being devoid of a certain instability. However, it turned out that the modern form of securitization owes its pattern to the American public sector that, by its choice of using commitments instead of detention of assets, maintaining the mirage of a Midas’ blessing allowing to create ex nihilo quality. If this tale is far from being sustainable, the fact remains that securitization can be a virtuous process offering both quality and yield distribution, reducing information asymmetries, and significantly improving liquidity. However, it remains the preferred medium for banks’ regulatory arbitrages, the later allowed by wait-and-see regulators. Finally, in light of these necessary insights into the tools of modern finance, the third chapter of this thesis is devoted to the study of the Shadow Banking. After exposing its clichés, it offers a lecture of the phenomenon that goes beyond the fantasy of a shadow banking system hidden in the shadows, by providing an approach that gradually leads to the changeover of the financial system to a dynamic and intensive collateral form. This multiplication of insurances then finds its climax in the emergence of a new monetary hierarchy, central banks abandoning their prerogatives to the private sector. Since a century, banks have monetary creation capacities that were, gradually, transferred to the Shadow Banking. This third chapter conclude on the need of further research on the new role of the banking system in the financial system and the future of money creation increasingly eluding central bankers

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Videnova, Ivona. "Small open economy DSGE model with a banking industry modelled on the financial intermediation approach : evaluating the performance on UK data." Thesis, Cardiff University, 2016. http://orca.cf.ac.uk/93912/.

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This thesis proposes a new open economy DSGE RBC model with financial intermediation. The objective is to provide a general equilibrium model that can simultaneously account for the behaviour of output and interest rate spreads by solely focusing on the real side of the economy. The standard open economy model is extended to incorporate banking industry, modelled on the production approach, and foreign debt elastic interest rate, which removes the models nonsationary features. The models ability to replicate the data is tested using indirect inference method on both stationary and nonstationary UK data. The same algorithm is used to estimate the parameter values using both types of time series data. This thesis provides the first estimates for the labour share in loan production and elasticity of foreign interest rates with respect to foreign debt obligations for UK economy. The model was retested using the parameter estimates. The results indicate that the proposed framework is able to account for the joint behaviour of output, the interest rate spread and the interest on foreign debt but it was rejected on other endogenous variables.

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Koch, Christoffer. "Essays on the credit channel of monetary transmission." Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:76bcdc03-c8da-4dde-aff9-7585d39e95bd.

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This thesis is a collection of three essays with contributions to the empirical literature on banking and the lending channel of monetary policy. The first essay on monetary policy identification addresses the endogeneity of the monetary policy measure employed in most bank level studies of the lending channel. It shows how an identified, exogenous measure of policy evokes different lending dynamics in U.S. commercial banks compared to the standard endogenous measure of monetary policy. The second essay empirically assesses the impact of financial deregulation on the lending channel in the U.S. In particular, it analyses how the gradual phasing out of deposit rate ceilings commonly known as Regulation Q significantly altered bank level frictions as well as the transmission of monetary policy to individual bank lending. While the first two essays consider U.S. bank level data, the third essay analyses individual bank level lending responses in the euro area. Its contribution lies in the construction of a range of exogenous and unanticipated monetary policy shocks as well as in the introduction of a financial conditions index into standard lending regressions. It finds that the lending responses of individual banks to monetary policy do not support the existence of a separate lending channel in the euro area. Further, equilibrium lending responses to policy as measured by a range of policy shocks is non-linear in financial conditions. Specifically, financial conditions as measured by the relative performance of a broad index of euro area banking stocks to the overall euro area stock market reverse the impact of monetary policy on lending.

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Pervez, Avais. "Principles of Islamic Interest Free Banking in Pakistan: Study focusing on three Islamic Banks in Pakistan." Thesis, Mälardalens högskola, Akademin för hållbar samhälls- och teknikutveckling, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-13932.

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Islamic Banking, the Shariah (Islamic law) compliant banking for Muslims, is unarguably at the nascent stage of its development as a financial competitor and alternative to the conventional interest – based banking system practiced around the world. This thesis looks into the principles of Islamic banks of Pakistan and focusing three Islamic Banks in Pakistan. The thesis analyzes the findings of three banks made by interviews and compare with the conventional banking system, to check that are the principles different or same. This thesis is qualitative in nature, based on theoretical and empirical findings.

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Tavares, Deyze Cristina Baptista. "O Sistema bancário na sustentabilidade do processo de crescimento: Cabo Verde 1998-2008." Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/4308.

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Mestrado em Finanças
A relação existente entre sistema financeiro e crescimento económico é tema de estudo por parte de diversos autores, desde os trabalhos seminais de Gerschenkron, 1962 e Cameron, 1967. O presente trabalho insere-se nessa temática e tem como objectivo analisar a importância do sector bancário no crescimento económico de Cabo Verde, entre 1998 e 2008. Terá sido este crescimento acompanhado pelo desenvolvimento do sector bancário ou já existia um sistema sustentado, em finais da década de 1990? Como evoluiu a estrutura do sistema bancário? Tem o sector bancário financiado os sectores chave da economia ou os seus créditos têm sido canalizados para outras actividades? Conclui-se, em primeiro lugar, ter sido na primeira década do século XXI que o sector bancário teve um crescimento elevado, aferindo este crescimento através de diversos indicadores, designadamente, activos e passivos bancários em relação ao PIB. Em segundo lugar, revelou uma situação de liquidez, solvabilidade e eficiência que conferiu estabilidade financeira à economia e destacou Cabo Verde no conjunto da África Subsariana. Em terceiro lugar, a actividade creditícia evidencia a canalização de créditos para as instituições não financeiras, e dentro destas destaca-se por um lado, o crédito à habitação e por outro, o crédito aos sectores mais dinâmicos da economia, concretamente, o sector terciário, subsectores serviços e comércio. No entanto, ao longo da década de 2000, os subsectores restaurantes e hotéis e o turismo concentraram de forma nítida o Investimento Directo Estrangeiro, evidenciando que se o turismo é o sector mais dinâmico da economia só parcialmente foi um sector financiado pelo aparelho bancário cabo-verdiano.
The relationship between financial system and economic growth has been studied by several authors since the seminal papers of Gerschenkron (1962) and Cameron (1967). This research is part of this issue and inquires the importance of the banking sector on economic growth in Cape Verde, between 1998 and 2008. Has been this growth accompanied by the development of the banking sector or a sustained system existed since 1990's decade? What was the evolution of the banking system structure? Has the banking sector been financed the key sectors of the economy or its loans have been directed to other economic activities? Firstly, we conclude that it has been in the first decade of the 20th century that the banking sector had a high growth, assessing this growth through some variables, like bank assets and liabilities in comparison to PIB. Secondly, it was identified a situation of liquidity, solvency and financial efficiency that gave stability to the Cape Verde economy, position very different from the group of Sub-Saharan Africa. Third, the lending activity shows the direction of credits to non-financial institutions, and within these stands out on the one side, the housing credit and on the other, the credit to the most dynamic sectors of the economy, namely the tertiary sector, trade and services sub-sectors. However, during the decade 2000s, the restaurants and hotels, tourism sub-sectors focused on clear foreign direct investment, showing that if the tourism is the most dynamic sector of the economy, it was only partially financed by banking sector in Cape Verde.

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Blum, David, Klaus Federmair, Gerhard Fink, and Peter Haiss. "The Financial-Real Sector Nexus. Theory and Empirical Evidence." Forschungsinstitut für Europafragen, WU Vienna University of Economics and Business, 2002. http://epub.wu.ac.at/196/1/document.pdf.

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Without doubt a well-developed financial sector is related to efficient resource allocation and growth, but there is modest consensus on the direction of that link, on the notion of what is meant by "well developed", on which subset of the financial market is crucial and thus which organisational set-up provides optimal returns for both architects and market participants alike. With sluggish growth, torn down market barriers and systemic change in the EU accession countries the direction, magnitude, sustainability, institutional set-up of the finance-growth nexus (and which), becomes one of the core issues of both macroeconomic theory and practice. This paper reviews the economic theory available, provides a well structured overview of 54 empirical studies conducted since 1964, sets the stage for constructing a data base encompassing the major three segments of financial markets (stock, bond and bank credit) and provides the methodological background for combining cross-country production function and time-series approaches in order to answer the following questions: (1) What is the direction of the finance-growth nexus, (2) which segment of the financial sector drives whatever nexus there is, and (3) what are the features of a growth supportive financial architecture.
Series: EI Working Papers / Europainstitut

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Chretien, Edouard. "Essays in financial economics." Thesis, Université Paris-Saclay (ComUE), 2017. http://www.theses.fr/2017SACLX025/document.

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Cette thèse est composée de trois chapitres distincts. Dans le premier chapitre, coécrit avec Edouard Challe, nous analysons la détermination jointe de l'information incorporée dans les prix, et la composition du marché par type d’ordres sur un marché d'actifs avec information dispersée. La microstructure du marché est telle que les agents informés peuvent placer soit des ordres de marché simples, soit un ensemble d’ordres limites. Les market-makers établissent le prix. Les agents utilisant des ordres de marché simple négocient moins agressivement sur leur information et réduisent ainsi le contenu informationnel du prix; dans un marché où seul ce type d’ordre est présent, l'information incorporée dans le prix est limitée, quelle que soit la qualité de l'information des agents sur le dividende de l'actif. Lorsque les agents peuvent choisir leur type d'ordre et les ordres limites sont plus coûteux que les ordres de marché, alors les agents choisissent majoritairement les ordres de marché lorsque la précision des signaux privés tend vers l'infini. Les ordres limites sont des substituts: à des niveaux élevés de précision, une fraction résiduelle d’agents plaçant des ordres limites est suffisante pour aligner le prix aux signaux des agents, et donc au dividende. Ainsi le gain à conditionner ses ordres au prix (via des ordres limites) en plus de son propre signal (comme le font tous les agents) disparaît. Nous appliquons ensuite ce mécanisme dans le deuxième chapitre de cette thèse. Les spéculateurs envisageant une attaque (comme dans le cas des crises de change) doivent deviner les croyances des autres spéculateurs, ce qu'ils peuvent faire en regardant le marché boursier. Ce chapitre examine si ce processus de collecte d'informations est stabilisateur, en ancrant mieux les attentes ou déstabilisateur en générant des équilibres multiples. Pour ce faire, nous étudions les résultats d'un jeu global en deux étapes où un prix d'actif déterminé au stade de négociation du jeu fournit un signal public endogène sur le fondamental qui affecte la décision des agents d'attaquer dans la phase de coordination du jeu. La microstructure du marché d’actif reprend celle étudiée dans le premier chapitre. Les frictions de microstructure qui conduisent à une plus grande exposition individuelle (au risque d'exécution des prix) peuvent réduire l'incertitude agrégée (en fixant un résultat d'équilibre unique). Enfin, dans le troisième chapitre, en collaboration avec Victor Lyonnet, nous présentons un modèle des interactions entre les banques traditionnelles et les shadow banks qui parle de leur coexistence. Au cours de la crise financière de 2007, certains actifs et passifs des shadow banks sont passées aux banques traditionnelles et les actifs ont été vendus à des prix de fire sale. Notre modèle réplique ces faits stylisés. La différence entre les banques traditionnelles et les shadow banks est double. Premièrement, les banques traditionnelles ont accès à un fonds de garantie qui leur permet de se financer sans risque en période de crise. Deuxièmement, les banques traditionnelles doivent respecter une réglementation coûteuse. Nous montrons qu'en cas de crise, les shadow banks liquident les actifs pour rembourser leurs créanciers, alors que les banques traditionnelles achètent ces actifs à des prix de fire sale. Cet échange d'actifs en temps de crise génère une complémentarité entre les banques traditionnelles et les shadow banks, où chaque type d'intermédiaire profite de la présence de l'autre. Nous constatons deux effets concurrents d'une petite diminution du soutien des banques traditionnelles en période de crise, que nous appelons effet de substitution et effet de revenu. Ce dernier effet domine le premier, de sorte qu’un niveau de soutien anticipé plus faible aux banques traditionnelles en temps de crise induit plus de banquiers à s’orienter vers le secteur traditionnel ex-ante
This dissertation is made of three distinct chapters. In the first chapter, which is joint with Edouard Challe, we analyse the joint determination of price informativeness and the composition of the market by order type in a large asset market with dispersed information. The market microstructure is one in which informed traders may place market orders or full demand schedules and where market makers set the price. Market-order traders trade less aggressively on their information and thus reduce the informativeness of the price; in a full market-order market, price informativeness is bounded, whatever the quality of traders’ information about the asset’s dividend. When traders can choose their order type and demand schedules are (even marginally) costlier than market orders, then market-order traders overwhelm the market when the precision of private signals goes to infinity. This is because demand schedules are substitutes: at high levels of precision, a residual fraction of demand-schedule traders is sufficient to take the trading price close to traders’ signals, while the latter is itself well aligned with the dividend. Hence, the gain from trading conditional on the price (as demand-schedule traders do) in addition to one’s own signal (as all informed traders do) vanishes. We then apply this idea in the second chapter of this dissertation. Speculators contemplating an attack (e.g., on a currency peg) must guess the beliefs of other speculators, which they can do by looking at the stock market. This chapter examines whether this information-gathering process is stabilizing by better anchoring expectations or destabilizing by creating multiple self-fulfilling equilibria. To do so, we study the outcome of a two-stage global game wherein an asset price determined at the trading stage of the game provides an endogenous public signal about the fundamental that affects traders’ decision to attack in the coordination stage of the game. The trading stage follows the microstructure of the first chapter. Price execution risk reduces traders’ aggressiveness and hence slows down information aggregation, which ultimately makes multiple equilibria in the coordination stage less likely. In this sense, microstructure frictions that lead to greater individual exposure (to price execution risk) may reduce aggregate uncertainty (by pinning down a unique equilibrium outcome). Finally, in the third chapter, joint with Victor Lyonnet, we present a model of the interactions between traditional and shadow banks that speaks to their coexistence. In the 2007 financial crisis, some of shadow banks’ assets and liabilities have moved to traditional banks, and assets were sold at fire sale prices. Our model is able to accommodate these stylized facts. The difference between traditional and shadow banks is twofold. First, traditional banks have access to a guarantee fund that enables them to issue claims to households in a crisis. Second, traditional banks have to comply with costly regulation. We show that in a crisis, shadow banks liquidate assets to repay their creditors, while traditional banks purchase these assets at fire-sale prices. This exchange of assets in a crisis generates a complementarity between traditional and shadow banks, where each type of intermediary benefits from the presence of the other. We find two competing effects from a small decrease in traditional banks’ support in a crisis, which we dub a substitution effect and an income effect. The latter effect dominates the former, so that lower anticipated support to traditional banks in a crisis induces more bankers to run a traditional bank ex-ante

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Feitio, Malamba Domingos Ferraz. "Banca comercial e desenvolvimento económico : o crédito à economia angolana (2002 a 2015)." Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14124.

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Mestrado em Desenvolvimento e Cooperação Internacional
Este trabalho tem por objetivo compreender a dinâmica do sistema financeiro angolano desde 2002 até à atualidade, mais concretamente a dinâmica do sistema bancário, no sentido de poder tirar ilações sobre a influência que ele pode ter tido no crescimento económico de Angola. Procedeu-se a uma análise documental e tratamento estatístico de dados sobre o sistema bancário angolano e sobre o crescimento económico em Angola, ainda que com ferramentas muito simples, para além do conhecimento do autor, enquanto quadro do Departamento de Estudos Económicos do Banco Nacional de Angola. Concluiu-se que, apesar de existirem vinte e oito instituições bancárias em funcionamento em Angola, apenas cinco são imprescindíveis para o processo de intermediação financeira, ao deterem entre si, em média, mais de 75% de toda a quota de captação de depósitos e de concessão de crédito. Assim, pese embora o facto do sistema bancário angolano ter efectivamente contribuído para o crescimento económico do país, no período em análise, o aumento do número de bancos significou muito pouco na alavancagem do crescimento económico, por via do crédito bancário à economia, se excluídos os feitos e efeitos dos cinco maiores bancos.
This paper aims to understand the dynamics of the Angolan financial system from 2002 to the present, more specifically the dynamics of the banking system, in order to draw conclusions about the influence it may have had on Angola 's economic growth. A documentary analysis and statistical treatment of data on the Angolan banking system and on economic growth in Angola was carried out, although with very simple tools, besides the author's knowledge as a member of Department of Economic Research of the National Bank of Angola. It was concluded that, although there are twenty-eight banking institutions operating in Angola, only five are essential for the financial intermediation process, with an average of more than 75% of the total deposit and granting of credit. Thus, despite the fact that the Angolan banking system actually contributed to the country's economic growth in the period under review, the increase in the number of banks meant very little in the leverage of economic growth, through bank credit to the economy, if excluded the achievements and effects of the five largest banks.
info:eu-repo/semantics/publishedVersion

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Siming, Linus. "Private equity and advisors in mergers and acquisitions." Doctoral thesis, Handelshögskolan i Stockholm, Finansiell Ekonomi (FI), 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-947.

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This doctoral thesis contains three empirical research papers that center on the topics of private equity and the role of advisors in mergers and acquisitions. "Your Former Employees Matter: Private Equity Firms and Their Financial Advisors” is a study of how social networks that are formed by previous employment relations affect private equity firms’choice of financial advisors. A financial advisor is more likely to advice on a transaction if a former employee is one of the private equity professionals who constitute the deal team for the particular transaction. In turn, information and deals are sourced to private equity firms from sell-side financial advisors within the previous employment network. "Dual Role Advisors and Conflicts of Interest” focuses on the potential conflicts of interest that may arise when an advisor to a firm targeted in a merger or acquisition is simultaneously involved in financing the bidder. Overall, the results suggest that investment banks in these situations may not have fulfilled their obligation of obtaining the highest possible price on behalf of the seller. "Private Equity Firms and Quick Flip Sales” examines the particulars of quick flip investments and three hypotheses that may explain their prevalence. Private equity firms typically are long term investors, but occasionally exits take place in less than 18 months. Results point to that such quick flips may partly be due to conflicting interests between the limited and general partners.

Diss. Stockholm : Handelshögskolan, 2010. Sammanfattning jämte 3 uppsatser

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Lama, Albarracin Dante Luis. "Impacto de la concentración bancaria en el margen de intermediación financiera en Perú." Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2020. http://hdl.handle.net/10757/653591.

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El impacto de la concentración bancaria en el margen de intermediación es un tema investigado en todo el mundo; sin embargo, para el caso peruano no ha sido así. Es por esto que esta investigación analiza la relación existente o no entre ambas variables. Para esto, se presenta un marco teórico con la evolución del sistema financiero y bancario peruano además de la presentación de literatura previa y el modelo teórico a utilizar. Se plantea como hipótesis que existe una relación positiva y significativa entre el margen y la concentración, cumpliéndose así el Paradigma Estructura-Conducta Desempeño planteado por Bain (1951) y no la Hipótesis de Eficiencia planteada por Demsetz (1973) y Peltzman (1977). Al realizar las estimaciones econométricas correspondientes, mediante Efectos Fijos y Mínimos Cuadrados Generalizados, se encuentra una relación negativa significativa entre las variables estudiadas, así como la importancia de otras variables propias de los bancos como macroeconómicas y de control. Es importante la relación positiva hallada entre la eficiencia operativa y el margen de intermediación financiero, pues se argumenta mediante el estudio de la Hipótesis de Eficiencia. Por último, se plantea la importancia que tiene la supervisión de los bancos por parte de la institución reguladora (SBS) y el incentivo a la libre y leal competencia dentro del sistema financiero y de la banca múltiple.
The impact of banking concentration on financial intermediation spread has been a widely researched topic over the world; however, this has not been the case for Peru. This research analyses the relationship between these two variables. For this, a theoretical framework is presented with the evolution of the Peruvian financial and banking system in addition to the presentation of previous literature and the theoretical model to be used. It is hypothesized that there is a positive and significant relationship between the margin and the concentration, thus fulfilling the Structure-Conduct Performance Paradigm proposed by Bain (1951) and not the Efficiency-Structure Hypothesis proposed by Demsetz (1973) and Peltzman (1977). After the econometric estimation, using Fixed Effects and Feasible Generalized Least Squares, a significant negative relationship is found between the variables studied, as well as the importance of other variables typical of banks and macroeconomic variables. The positive relationship found between operating efficiency and financial intermediation margin is important, as it is argued through the study of the Efficiency Hypothesis. Finally, the importance of the supervision of banks by the regulatory institution (SBS) and the incentive for free and fair competition within the financial system are discussed.
Trabajo de investigación

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Náhlovský, David. "Stínové bankovnictví a jeho vliv na stabilitu finančních trhů." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-201572.

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This diploma thesis is focused on shadow banking and its impact on the financial markets. The first section defines shadow banking and offers an overview of its instruments and activities with focus on the advantages and risks related to securitization, repurchase agreements and money market funds. The second section begins with an overview of systemic risk emerging from shadow banking activities. Substantial part of the thesis is dedicated to measurement of the shadow banking sector size based on methods of Financial Stability Board. The thesis concludes with an overview of current regulatory progress in transforming shadow banking into resilient market-based finance.

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Pinho, Leonardo Barros Brito de. "A indústria de serviços financeiros e o crescimento econômico: uma aplicação de regressão quantílica." reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10438/18773.

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This paper aims to analyze theoretically and empirically the positive relationship between the development of the financial services industry and economic growth and, based on these results, reflect the importance of this industry for Brazilian economic growth. The financial services industry influences economic growth due to the functions that its agents play in the financial system, such as: a) mobilization of resources; b) allocation of resources in space and time; c) risk management; d) selection and monitoring of companies; e) production and dissemination of information. Therefore, this work also aims to contribute with a historical review of the Financial Services industry in Brazil until the present day, collaborating with the academic literature of the lines of research on this industry. To analyze the correlation reported in many economic literatures, it was decided to apply the quantile regression technique, based on data from 81 countries, which allow an analysis of the positive impact generated by the financial system development indicators and their agents in the distribution Conditional response variable (measures of economic growth). The estimates obtained allow us to conclude: there is a positive relationship between a developed financial services industry and economic growth. And our conclusion is that Brazil has a mature and growing Financial Services industry, and according to the empirical results of this study; This segment is an important contributor to Brazilian economic growth.
Este trabalho tem o objetivo de analisar teórica e empiricamente a relação positiva existente entre desenvolvimento da indústria de serviços financeiros e crescimento econômico e, a partir desses resultados, refletir a importância dessa indústria para o crescimento econômico brasileiro. A indústria de serviços financeiros influencia o crescimento econômico devido às funções que seus agentes desempenham no sistema financeiro, tais como: a) mobilização de recursos; b) alocação dos recursos no espaço e no tempo; c) administração do risco; d) seleção e monitoramento de empresas; e) produção e divulgação de informação. Por isso, esse trabalho também tem como propósito contribuir com uma revisão histórica da indústria de Serviços Financeiros no Brasil até os dias atuais, colaborando com a literatura acadêmica das linhas de pesquisa sobre essa indústria. Para analisar a correlação relatada em tantas literaturas econômicas, decidiu-se por aplicar a técnica de Regressão Quantílica, a partir de dados de 81 países, o que permitiu uma análise da influência positiva gerada pelos indicadores de desenvolvimento do sistema financeiro e seus agentes na distribuição condicional da variável resposta (medidas de crescimento econômico). As estimativas obtidas permitem concluir: há uma relação positiva entre uma indústria de serviços financeiros desenvolvida e crescimento econômico. E nossa conclusão é que o Brasil possui uma madura e crescente indústria de Serviços Financeiros, e segundo os resultados empíricos desse estudo; esse segmento é um importante contribuinte para o crescimento econômico brasileiro.

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Cavenaghi, Felipe. "Reabrindo a caixa de pandora: estudo de caso da atuação do BNDES e suas subsidiárias do ponto de vista do gerenciamento e operacionalização do risco." Universidade Federal de São Carlos, 2014. https://repositorio.ufscar.br/handle/ufscar/3755.

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Financiadora de Estudos e Projetos
The National Bank for Economic and Social Development (BNDES), as a financial intermediary, has acted as a direct instrument of implementation of public policies for using this tool legitimized by economic field , made available through the framework of Private Equity . The uniformity of laws on banking prudence is a necessity imposed by the advancement of innovation and financial globalization . Incorporated the recommendations of Basel banking regulations in Brazil and accounting standards apply to all financial institutions authorized to operate by the Central Bank included therein BNDES and other development banks . This study aims at the implementation of these standards, considering that were designed initially to treat investment banking and retail, a scenario to understand the positioning and transformations of the bank in its organizational space.
O Banco Nacional de Desenvolvimento Econômico e Social (BNDES), enquanto intermediário financeiro, tem atuado como instrumento direto de implantação de políticas pública utilizando-se para isso de ferramentas legitimadas pelo campo econômico, disponibilizadas através da estrutura de Private Equity. A uniformização das legislações sobre prudência bancária é uma necessidade imposta pelo avanço da inovação e da globalização financeira. As recomendações de Basileia incorporadas à regulamentação bancária no Brasil e as normas contábeis se aplicam a todas as instituições financeiras autorizadas a funcionar pelo Banco Central, aí incluídos o BNDES e os demais bancos de desenvolvimento. O presente trabalho busca na aplicação dessa normas, tendo em vista que foram concebidas, inicialmente, para tratar de bancos de investimento e varejo, um cenário para entendermos o posicionamento e transformações do banco em seu espaço organizacional.

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Tamini, Pawessé Louis Arnaud. "Cadre institutionnel et gestion des institutions financières : trois essais sur les banques africaines." Thesis, Strasbourg, 2019. http://www.theses.fr/2019STRAB012.

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Le système bancaire africain est sous-développé. En moyenne, les banques africaines prêtent peu, s’engagent sur des maturités courtes, réalisent des marges nettes d’intérêts élevées tout en imposant des conditions de prêts contraignantes aux agents non-financiers. Ces caractéristiques sont le reflet des contraintes institutionnelles qui pèsent sur l’activité bancaire dans ces pays. Cette thèse contribue, d’une part, à une meilleure compréhension de ces contraintes institutionnelles et, d’autre part, à mieux en cerner les conséquences sur l’activité bancaire. Le chapitre 2 met ainsi en évidence de quelle manière la capacité des banques africaines à assurer leur fonction d’intermédiation financière efficacement est déterminée par le degré de protection des créanciers et des emprunteurs, le cadre contractuel en place, mais aussi la qualité de la règlementation. Contraintes, ces banques détiennent des niveaux élevés de réserves tandis que les agents non-financiers peinent à se financer. Dans le chapitre 3, nous expliquons ce paradoxe par une demande viable structurellement faible compte tenu des déficiences sur le marché de crédit. Enfin, les banques africaines adaptent leur business model au contexte en place en s’orientant vers des activités bancaires non-traditionnelles. Le chapitre 4 montre que ce repositionnement a des conséquences sur la rentabilité et la stabilité notamment des petites banques qui manquent des ressources nécessaires pour pénétrer ces nouveaux segments
The banking system is underdeveloped in Africa. Banks are reluctant to lend, commit to shorter maturities, and enjoy higher net interest margins, while non-financial agents experience harsh difficulties in accessing the credit market. These characteristics reflect the institutional constraints faced by banks in their operations. This thesis contributes to a better understanding of these institutional constraints and their consequences on banking in Africa. Chapter 2 highlights how African banks’ ability to perform financial intermediation efficiently is determined by the protection level of borrowers and lenders, the contractual framework, and regulatory quality. Given these constraints, African banks hoard high levels of reserves while non-financial agents struggle to access to external finance. In chapter 3, we explain this paradox by the structurally low demand for credit induced by the deficiencies on the credit market. Lastly, African banks are adapting their business model to their operational context by shifting towards non-traditional banking. Chapter 4 shows that this shift has adverse consequences on the profitability and stability of smaller banks, which may lack the resources and capabilities necessary to engage in these new markets

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Dierks, Annalena. "The regulation of peer-to-peer lending platforms in the consumer credit market." Doctoral thesis, Humboldt-Universität zu Berlin, 2019. http://dx.doi.org/10.18452/20495.

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Peer-to-Peer-Finanzierungen haben in den letzten Jahren nicht nur aufgrund ihres disruptiven Charakters, sondern auch aufgrund ihres raschen Wachstums und der wachsenden Bandbreite an Dienstleistungen zunehmend Beachtung gefunden. Peer-to-Peer Kreditplattformen versuchen, Banken zu umgehen, um Kreditnehmern eine Alternative und Anlegern eine neue Anlageklasse anzubieten - wird dies zu einem „Banking ohne Banken“ führen? Peer-to-Peer Betreiber müssen darauf achten, dass sie ihre Geschäfte gemäß den geltenden Gesetzen und Vorschriften planen und betreiben, auch wenn sie mit einer Bank zusammenarbeiten, die als Kreditgeber fungiert, da die Nichteinhaltung der geltenden Vorschriften unter anderem zivil- und strafrechtliche Sanktionen, Prozesskosten sowie nachteilige Publizität und im schlimmsten Fall die Beendigung des Geschäfts nach sich ziehen kann. Zusätzliche Schwierigkeiten ergeben sich aufgrund unterschiedlicher Vorschriften in den europäischen Ländern. Infolgedessen muss eine neue Beurteilung des rechtlichen Umfelds vorgenommen werden, bevor ein Peer-to-Peer Betreiber sein Geschäft auf andere Länder ausweiten kann, was häufig zu unterschiedlichen Konfigurationen und Geschäftsmodellen führt. In dieser Dissertation sollen die wichtigsten Bestimmungen für die Vergabe von Peer-to-Peer Krediten herausgearbeitet werden. Der Schwerpunkt liegt auf den rechtlichen Rahmenbedingungen für Peer-to-Peer Kredite in Deutschland, d.h. welche Vorschriften diese Plattformen erfüllen müssen, um ihr Geschäftsmodell zu betreiben, und/ oder welche Vorschriften und Lizenzanforderungen für diese Unternehmen gelten. Zunächst wird erklärt, was Peer-to-Peer Kredite sind, wie sie sich entwickelt haben und wie sie funktionieren. Die rechtlichen Rahmenbedingungen werden sowohl für Deutschland als auch für europäische Länder, nämlich das Vereinigte Königreich, Schweden und die Niederlande, im Vergleich untersucht. Anschließend wird untersucht, warum verschiedene europäische Länder unterschiedliche Regeln anwenden und ob es möglich wäre, solche Regelungen für Peer-to-Peer Kredite in ganz Europa zu harmonisieren und gleichzeitig sicherzustellen, dass die Hauptgründe der Länder erfüllt werden.
Peer-to-peer finance has received increasing attention over the last years, not only because of its disruptive nature, but also because of its rapid growth and expanding breadth of services. Peer-to-peer lending platforms try to circumvent banks to offer borrowers an alternative and investors a new asset class – will this lead to a “Banking without banks”. Peer-to-peer operators need to be careful to plan and operate their business in compliance with applicable laws and regulations, even if they cooperate with a non-affiliated bank that acts as lender of record, since failure to comply with applicable regulations can result in, among others, civil and criminal penalties, litigation expenses as well as adverse publicity and in the worst case the termination of the business. Additional difficulties arise due to different regulations across European countries. Consequently a new assessment of the legal environment needs to be made before a peer-to-peer operator can expand its business into other countries and often leads to differing setups and business models. The dissertation is intended to identify principal regulations that apply to peer-to-peer lending. The focus lies on the legal framework for peer-to-peer lending in Germany, i.e. which regulations such platforms have to comply with in order to operate their business model and/or which regulations are applicable to such businesses and which license requirements apply. First of all it will be explained what peer-to-peer lending is, how it evolved and how it works. The legal framework will be investigated with regards to Germany as well as European countries, namely the United Kingdom, Sweden and the Netherlands, in comparison. It will then be examined why different European countries apply different rules and whether it would be possible to harmonise such regulations for peer-to-peer lending across Europe whilst ensuring that the countries’ main rationales are fulfilled.

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Bonijoly, Bastien. "Effets d'annonces de tapering par la Fed sur les pays d'Afrique du Nord et MENA et leur intégration au sein du système financier international." Electronic Thesis or Diss., Toulon, 2019. http://www.theses.fr/2019TOUL2005.

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Cette thèse se consacre dans un premier temps à la compréhension des effets d’annonces de tapering réalisées par la Fed durant la période 2013-2015 et l’impact que ces annonces ont eu sur les pays d’Afrique du Nord et plus généralement des pays de la zone MENA et Afrique possédant des marchés financiers. Cela permet d’ainsi d’évaluer la sensibilité de ces pays aux chocs de politiques monétaires internationales, et permet ainsi de voir l’impact que cela a même sur des pays ayant de petits marchés financiers.Dans un second temps, cette thèse s’attache à estimer la place des pays de cette zone et de leur intégration au sein du système financier international à l’aide d’une topologie de réseau. Cela permet ainsi de voir les interactions, ou plutôt les connexions qui lient les pays de cette zone à l’intérieur même de celle-ci entre eux, et aussi avec le reste du réseau. Cette thèse permet d’étudier une thématique oubliée de la littérature au niveau des pays sélectionnés et dans un second temps, apporte un éclairage intéressant sur la question de l’intégration financière à l’aide d’une méthodologie atypique
The first purpose of this thesis is to assess the impact of tapering’s announcement by the Fed during the period 2013 / 2015, and the impact these announcements had on assets prices in North Africa and more generally in MENA and African countries with the most developped financial sectors. We will assess, by studying the relevant events, the vulnerability of those countries to the shock in the international monetary policy sequence; consequently enabling a characterization of its impact, even on countries with relatively lowly developped financial markets. The second purpose of this thesis is to investigate the position of these countries within a large sample of MENA economies, and the remainder of the international financial system using a topological network. This enables to outline the interactions that bind those countries with each other, and also with the rest of the network —financial markets of advanced economies and other emerging economies. This thesis tackles a scarcely covered theme within the existing literature for the selected countries and also sheds new light on the question of financial integration using an atypical methodology

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33

Henchiri, Hanène. "Essais sur l'incidence de l'environnement institutionnel sur les décisions financières des firmes." Thesis, Orléans, 2011. http://www.theses.fr/2011ORLE0513/document.

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Les imperfections des marchés financiers et l'incomplétude des contrats financiers compliquent la conclusion d'ententes entre les firmes et les parties prenantes. Plusieurs solutions sont proposées pour réduire ces problèmes et faciliter la conclusion des contrats financiers. Les contrats étant enveloppés par un cadre institutionnel, ils en sont imprégnés et affectés. Les institutions sont donc une des solutions aux imperfections des marchés et à l'incomplétude des contrats. Les résultats de notre étude le prouvent clairement. Cette étude montre que le niveau de développement et la structure du système financier (en particulier la part relative des financements bancaires et de marché), les conditions de régulation du système bancaire (les formes et l’étendue de la supervision) et certaines caractéristiques des systèmes juridiques (la protection des créditeurs), ont un effet significatif sur les contraintes d'investissement. Il apparaît que la bonne qualité des institutions facilite l'accès aux financements et qu'elle renforce les garanties exigées pour l'octroi de la dette. De fait, la piètre qualité des institutions d’un pays constitue une entrave à l'accès au financement par le secteur privé
The imperfections of financial markets and the incompleteness of financial contracts cause commitments between firms and stakeholders to become more complex. Several solutions are suggested in order to reduce such problems and to facilitate the conclusion of financial contracts. Contracts evolve within an institutional structure, an environment by which they are conditioned. Institutions are one of many solutions to market imperfections and to contract incompleteness. Results bring out relevant effects of the financial system’s development and structure (particularly the amount of banking over market financing), banking regulation (the supervisory methods and their extent) and some characteristics of the legal systems (such as creditor protection) on investment constraints. It appears that sound and healthy institutions facilitate access to funding and strengthen the collateral required to secure bank financing. Consequently, poor quality of a country’s institutions hinders access to financing by the private sector

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34

Bou, habib Chadi. "Flux internationaux, hypertrophie bancaire et syndrome hollandais dans les petites économies ouvertes." Thesis, Lyon 2, 2012. http://www.theses.fr/2012LYO22014/document.

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Les flux financiers internationaux ont connu un développement accéléré au cours des quatre dernières décennies, et le rôle du secteur bancaire dans la transformation de ces flux en moyens de financer la demande s’est accru. Or le passage d’un choc de flux, à un choc de revenu, puis à un choc de demande, génère des ajustements de type «Syndrome Hollandais»; avec variation des prix relatifs et ajustement de la structure de production, mouvement des facteurs de production, et variation des rémunérations absolues et relatives de ces facteurs. Le phénomène est d’importance pour les petites économies ouvertes preneuses de prix et exposées aux chocs exogènes. Nous conceptualisons la transmission du choc et les ajustements sur différents horizons temporels pour une économie à deux secteurs; l’un produisant des biens échangeables et l’autre des biens non-échangeables. L’économie dispose de deux facteurs de production, le travail et le capital, substituables et mobiles avec le temps. Nous testons ce cadre conceptuel sur le Liban, le Luxembourg, et l’Islande; trois pays bénéficiant de larges flux financiers internationaux avant la crise de 2008 et ayant des secteurs bancaires de tailles importantes. Nous trouvons que la direction et l’intensité des ajustements de moyen terme vont dépendre du différentiel d’intensité capitalistique entre secteurs. Sur le long terme, l’offre des facteurs va se modifier. Nous testons aussi l’impact des politiques de réserves et du marché de la monnaie et du crédit, et des politiques fiscales et structurelles. La combinaison de mesures produit de meilleurs résultats sans toutefois mettre le poids de l’atténuation des ajustements sur un seul instrument
Foreign financial inflows have developed quickly in the past 40 years. These inflows have increased the ability of the banking sector to further finance domestic demand. The transformation of foreign financial inflows into an income and demand shock generates Dutch Disease adjustments; with change in relative prices and adjustments in the productive system, resources movement, and change in the absolute and relative remunerations of factors of production. The phenomenon is of great importance in the case of small open economies that are price takers in the international market and exposed to exogenous shocks. We conceptualize the transmission of the shock and the adjustments over different time horizons for an economy composed of two sectors; one producing traded goods and the other producing non-traded goods. This economy is endowed with two factors of production, labor and capital, substitutable and mobile as time elapses. We experiment this conceptual framework in the cases of Lebanon, Luxemburg, and Iceland; the three economies having large banking sectors and benefiting from large foreign financial inflows prior to the 2008 crisis. We find that the direction and intensity of adjustments over the medium term depend on the differential of capital intensity between sectors. Over the longer term, the supply of factors of production would change. We also simulate the impact of policy choices, with focus on reserves policies, policies of money and credit, fiscal policies, and structural policies. The combination of measures leads to better results without putting the burden of the mitigation of adjustments on one single policy instrument

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Hu, Jiayin. "Essays on Banking and Financial Intermediation." Thesis, 2019. https://doi.org/10.7916/d8-zt1e-3d88.

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I study financial intermediation and optimal regulation through the lens of banking theory and applied corporate finance. In my understanding, the theory on banking is primarily the theory on bank runs. And the key questions I have been pursuing to answer are the causes of runs in both the traditional and shadow banking sectors and the roles of the market and the regulator in maintaining financial stability. I start with the shadow banking system outside the traditional regulatory framework, which accumulated tremendous risks and led to a major financial crisis. Why don’t we simply shut down the shadow banking sector? Chapter 1 examines the role of shadow banking and optimal shadow bank regulation by developing a bank run model featuring the tradeoff between financial innovation and systemic risk. In my model, the traditional banking sector is regulated such that it can credibly provide safe assets, while a shadow banking sector creates space for beneficial investment opportunities created by financial innovation but also provides regulatory arbitrage opportunities for non-innovative banks. Systemic risk arises from the negative externalities of asset liquidation in the shadow banking sector, which may lead to a self-fulfilling recession and costly government bailouts. Heavy regulatory punishment on systemically important shadow banks controls existing systemic risk and has a deterrent effect on its accumulation ex ante. My paper is the first to formalize the designation authority of a macro-prudential regulator in systemic risk regulation. I then switch from the assets side to the liabilities side on the bank’s balance sheet. Chapter 2 introduces informed agents to the banking model and proposes a novel role of deposit insurance in fostering market discipline. While the moral hazard problem brought by deposit insurance weakens market discipline, I show that the opposite can be true when the insurance stabilizes uninformed funding and increases the benefits of monitoring through information acquisition. Knowing the bank asset type, informed depositors utilize the demand deposits as a monitoring device and discipline the bank into holding good assets. However, self-fulfilling bank runs initiated by uninformed depositors erodes the future returns, inducing more depositors to forgo information acquisition and act like uninformed depositors. A novel role of deposit insurance emerges from the strategic complementarity between monitoring efforts and stability of uninformed funding. A capped deposit insurance, by stabilizing the retail funding of the bank, restores wholesale depositors’ monitoring incentives and benefits market discipline. I examine the role of information in generating bank runs in Chapter 3, where I explore the relationship between redemption price and run risks in a model of money market fund industry. Money market funds compete with commercial banks by issuing demandable shares with stable redemption price, transforming risky assets into money-like claims outside the traditional banking sector. Floating net asset value (NAV) is widely believed a solution to money market fund runs by removing the first-mover advantages. In a coordination game model a la Angeletos and Werning (2006), I show that the floating net asset value, which allows investors to redeem shares at market-based price rather than book value, may lead to more self-fulfilling runs. Compared to stable net asset value, which becomes informative only when the regime is abandoned, the floating net asset value acts as a public noisy signal, coordinating investors’ behaviors and resulting in multiplicity. The destabilizing effect increases when investors’ capacity of acquiring private information is constrained. The model implications are consistent with a surge in the conversion from prime to government institutional funds in 2016, when the floating net asset value requirement on the former is the centerpiece of the money market fund reform.

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Musasiwa, Edmore T. "Finance-growth nexus and effects of banking crisis." Thesis, 2009. http://hdl.handle.net/10539/6850.

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Many economists have observed that the financial system has a positive and monotonic effect on economic growth. In this study we reaffirm the finance-growth nexus. We adopt a three-tier approach for the study’s methodology using panel data of 66 countries from 1986 to 2005. Firstly, we test for the finance-growth nexus with particular emphasis on financial sector indicators that best represent the effective financing activity in the economy. Secondly, we examine the financial market type that exacerbates or mitigates the effects of a shock (financial crisis). Thirdly, we investigate the causes of financial crisis by looking at both the macroeconomic and institutional, and micro-level determinants of banking crisis. Our results show that financial development enhances economic growth, more so, in the middle income countries. We also find that increased domestic private credit and activity reduces the effects of a financial shock on growth. In addition, openness of the economy in low income Sub-Saharan African countries is important for growth even where financial development indicators appear not to influence growth. In most economies the investment channel and openness are consistent in explaining economic growth.

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Modise, Keitshokile. "Disintermediation within the South African banking system." Thesis, 2014. http://hdl.handle.net/10539/15248.

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Ghwee, Justen Rene Kok Lye Kendrick David A. Paal Beatrix. "Essays on intermediation, the payments system and monetary policy implementation." 2005. http://repositories.lib.utexas.edu/bitstream/handle/2152/1923/ghweed15592.pdf.

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Ghwee, Justen Rene Kok Lye. "Essays on intermediation, the payments system and monetary policy implementation." Thesis, 2005. http://hdl.handle.net/2152/1923.

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Ueda, Kenichi. "Increasing returns, long-run growth and financial intermediation /." 2000. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&res_dat=xri:pqdiss&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&rft_dat=xri:pqdiss:9965167.

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Chakahwata, Cynthia. "The effectiveness of banking sector reforms on financial intermediation in African countries." Thesis, 2016. https://hdl.handle.net/10539/24015.

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Thesis (M.M. (Finance & Investment)--University of the Witwatersrand, Faculty of Commerce, Law and Management, Wits Business School, 2016
The banking industry plays an essential role in any economy in terms of resource mobilisation and allocation. Banks also accept deposits, create credit, offer agency, utility and money transmission services.A well-developed banking industry plays an important role in efficient financial intermediation and this helps to boost economic growth. The financial intermediary role performed by banks allows the banking sector to influence the direction of available resources, thereby affecting the rate of economic growth (Obadeyi, 2014).Due to these benefits derived from the banking sector, a large number of industrialised, developing and transition countries have undertaken extensive reforms in their banking sector over the past two decades (Swary and Topf 1992). Banking sector reforms are defined as government intervention in the banking industry to provide a panacea for existing anomalies in the banking sector (Azeez and Ojoh, 2012). The reforms that were implemented by various countries included interest rates liberalisation, the removal of quantitative controls on lending, lifting barriers to competition, deregulation of the banking sector, the privatisation of public financial institutions and the introduction of market based securities. They were implemented to enhance the intermediation role of banks, ensure that banks are well positioned to greatly mobilise savings and optimally allocate these mobilised savings in the form of credit extension to profitable investments (Ajayi, 2005). The treatise investigates the effectiveness of banking sector reforms on financial intermediation in African Countries using data of eleven countries. Annual time series and panel data which covered a period of 20 years from 1980 to 2000 was used.Secondary data which was used for this treatise was gathered fromjournals, books, peer-reviewed articles, International Monetary Fund statistics (IMF), Global Banking (Center for financial markets Milken Institute) and World Bank Financial Development database was used in this research. The regression results showed that the banking sector reforms had a negative impact on financial intermediation on the eleven countries under study. Thus, the reforms failed to achieve their objectives of mobilising savings and increasing intermediation activities (lending). In addition, the results showed that the control variables which were inflation and gross savings had an inversely relationship with financial intermediation except for income per capita which had a positive relationship. The main causes of the failure of the banking sector iii reforms in Africa were the macroeconomic imbalances, financial system instability and wrong sequencing of the reforms.
GR2018

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OLIVIERO, Tommaso. "Financial intermediation and the great recession : microeconomic and macroeconomic issues." Doctoral thesis, 2014. http://hdl.handle.net/1814/31157.

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Defence date: 20 March 2014
Examining Board: Professor Nicola Pavoni, Università Bocconi (Supervisor); Professor Árpád Ábrahám, European University Institute; Professor Hans Degryse, University of Leuven; Professor Steven Ongena, University of Zurich.
First made available online on 15 May 2014.
This thesis consists of three manuscripts that analyze the role of financial intermediation in the Great Recession from both a microeconomic and macroeconomic perspective. Although these papers differ in the adopted methodologies, they share the idea that, to evaluate the real effects of the last recession, we need a deeper study of financial intermediation. The first chapter of this thesis is joint work with L. D'Aurizio and L. Romano. It documents the credit allocation by Italian banks following the failure of Lehman Brothers. The empirical analysis reveals that Italian family firms experienced a significantly smaller contraction in granted loans than non-family firms. It is showed that the difference in the amount of credit granted to family and non-family firms is related to an increased role for soft information in Italian banks' operations. The second chapter, joint work with D. Menno, quantifies the welfare effects of the drop in aggregate house prices for leveraged and un-leveraged households in the Great Recession. It features a dynamic general equilibrium model calibrated to the U.S. economy and simulates the 2007-2009 Great Recession as a contemporaneous shock to the financial intermediation sector and aggregate income. The estimates show that borrowers lost significantly more in terms of welfare than savers. In counter-factual experiments it has showed that this loss is larger the higher the households' leverage. The third chapter documents the relation between bank performance in the 2007-2008 financial crisis and CEO monetary incentives in a cross-country analysis. Results suggest that the sensitivity of CEOs' stock-option portfolios to share prices (option delta) in 2006 have strong predictive power for ex-post bank performance. By exploiting the cross-country variability in financial regulation, results show that incentives to take risk given by stock options are stronger in countries with explicit deposit insurance and weaker restrictions on bank investments.
First made available online on 15 May 2014.

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Robitaille, Patrice Theresa. "Bank finance, intermediation costs, and macroeconomic activity an examination of Brazil /." 1988. http://catalog.hathitrust.org/api/volumes/oclc/20224437.html.

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Abreu, Michelle Pingo-de. "Is there evidence of disintermediation in the South African banking sector?" Thesis, 2014. http://hdl.handle.net/10539/15806.

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Thesis (M.Com. (Economics))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Economic and Business Sciences, 2013.
This paper assesses the level of financial intermediation in the South African financial industry and the reasons for these levels of intermediation. Different banking intermediation measures are considered and mostly reflect disintermediation during the 1993 to 2009 period. Panel regressions are run to assess which economic factors had the biggest impact on intermediation by SA’s four largest banks (Absa Bank, Standard Bank of South Africa, Firstrand Bank and Nedbank). It is found that bank intermediation was impacted by bank size, profitability, as well as the level of competition and client relationships. The level of financial intermediation in SA has been low, negatively impacting on banks intermediation ability, and possibly impeding government and corporate sectors’ investment and economic activity.

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Mashele, Shighughudwana. "The impact of bank intermediation on economic growth in South Africa, 1981-2007." Thesis, 2010. http://hdl.handle.net/10210/3467.

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D.Litt. et Phil.
This study essentially is about the correlation between finance and economic growth. The research hypothesis postulates a direct causal correlation between bank-intermediated finance and economic growth in South Africa (SA) during the reference period. International research findings give mixed signals on the role, if any, that finance plays in economic growth. In the past, many economic commentators ignored the role of finance in economic growth, or argued that finance had no direct role in economic growth. However, contemporary research tends to assign a positive role for finance in economic growth. This has implications for economic policy-making, because policies which promote bank intermediation indirectly contribute towards enhancing prospects for economic growth, and vice versa. An innovative dimension in the discourse on the finance-economic growth nexus is introduced in this study by means of qualitatively linking bank regulation to economic growth. It is argued in this thesis that bank regulation influences the intensity and scope of the mobilisation and allocation of loanable funds in an economy. If the financial regulatory regime restricts banks from optimising their mobilisation of surplus funds, and the subsequent allocation of credit for productive investment, then the prospects for economic growth will be diminished. On the contrary, financial regulatory policies that promote bank intermediation are also likely to enhance prospects for economic growth. Moreover, financial regulation that unwittingly triggers financial crises, such as bank runs, will be harmful to the performance of the economy. This emphasises that financial regulation should be designed to create an environment in which stability reigns in the financial markets.

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MORGANTI, PATRIZIO. "The economics of shadow banking: a theoretical approach to the securitized credit intermediation process." Doctoral thesis, 2016. http://hdl.handle.net/11573/892546.

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During the last four decades we witnessed to fundamental changes in financial techniques and financial regulation that paved the way for the development of innovative financial instruments and the establishment of non-bank financial entities. This wave of financial innovation allowed non-bank financial institutions to compete with traditional banks in performing bank-like activities at low costs and in offering a broad range of high-yield investment opportunities. Such changes have gradually transformed the “originate-to-hold" banking model into a “originate-to-distribute" model based on a securitized credit intermediation process that relies upon: securitization techniques; securities financing transactions; mutual funds industry. The securitized credit intermediation process is the backbone of the modern forms of non-bank financial intermediation that “...take(s) place in an environment where prudential regulatory standards and supervisory oversight are either not applied or are applied to a materially lesser or different degree than is the case for regular banks engaged in similar activities" (Financial Stability Board) simply known as the shadow banking system. The purpose of our work is to analyze the economics of the shadow banking system by investigating the components, mechanisms and techniques of the underlying securitized credit intermediation process and examining how they are embedded within the current supervisory and regulatory framework. In particular, we focus the attention on the role of securitization both as the main intermediation activity and as a crucial source of collateral used, mostly through repurchase agreements, to raise funds in the wholesale money markets.

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Cotler, Pablo. "Financial intermediation in a less developed country the case of Peru /." 1992. http://catalog.hathitrust.org/api/volumes/oclc/33026421.html.

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Rodrigues, Daniela Guerreiro. "Shadow banking : uma abordagem regulatória." Master's thesis, 2019. http://hdl.handle.net/10400.14/29131.

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"The Impact of Information and Communication Technology on Intermediation, Outreach, and Decision Rights in the Microfinance Industry." Doctoral diss., 2012. http://hdl.handle.net/2286/R.I.14676.

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abstract: The microfinance industry provides financial services to the world's poor in hopes of moving individuals and families out of poverty. This dissertation document suggests that information and communication technologies (ICTs) are changing the microfinance industry, especially given recent advancements in mobile banking, Internet usage and connectivity, and a decreasing digital divide. These impacts are discussed in three essays. First, ICTs impact intermediation among various players in the microfinance industry. Second, ICTs impact the extent to which microfinance institutions (MFIs) extend their outreach to poorer or more geographically remote borrowers. Finally, ICTs impact the location of decision rights given newly forming peer-to-peer (P2P) social microlending organizations. As the microfinance industry increases its adoption and reliance on ICTs, new and interesting opportunities abound for researchers in the information systems discipline.
Dissertation/Thesis
Ph.D. Business Administration 2012

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Chiarawongse, Anant. "Financial intermediaries and inter-regional risk-sharing : an empirical investigation /." 2000. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&res_dat=xri:pqdiss&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&rft_dat=xri:pqdiss:9965066.

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Dissertations / Theses on the topic 'Banking intermediation'

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