scholarly journals A comparative analysis of capital, risk, efficiency, profitability, diversification and integration of the Eurozone and the United States banking institutions in the aftermath of the global financial crisis

2021 ◽  
Author(s):  
Δήμητρα-Λουκία Κόλια
Keyword(s):  
Method Of Moments ◽  
Global Financial Crisis ◽  
Generalized Method Of Moments ◽  
The United States ◽  
Data Envelopment ◽  
Dynamic Panel ◽  
Banking Institutions ◽  
Three Stage Least Squares ◽  
The Global Financial Crisis ◽  
Dynamic Panel Estimator

Αυτή η διατριβή αποτελεί μία συγκριτική ανάλυση των τραπεζών της Ευρωζώνης και των Ηνωμένων Πολιτειών όσον αφορά το κεφάλαιο, τον κίνδυνο, την αποδοτικότητα, την αποδοτικότητα, τη διαφοροποίηση και την ολοκλήρωση στην περίοδο μετά την οικονομική κρίση. Αρχικά, εξετάζουμε την ανάπτυξη της αποτελεσματικότητας και την πρόοδο της τραπεζικής ολοκλήρωσης στην Ευρωπαϊκή Ένωση ελέγχοντας τη σύγκλιση μεταξύ των τραπεζών των χωρών της Ευρώπης και της Ευρωζώνης και των Ηνωμένων Πολιτειών. Στο επόμενο στάδιο αυτής της ανάλυσης, διερευνούμε την εξέλιξη και τις σχέσεις τραπεζικού κινδύνου, κεφαλαίου και αποτελεσματικότητας της Ευρωζώνης και των Ηνωμένων Πολιτειών μετά την παγκόσμια οικονομική κρίση. Στο τελευταίο στάδιο αυτής της ανάλυσης, αναλύουμε την επίδραση της διαφοροποίησης των τραπεζών στο κεφάλαιο, τον κίνδυνο, την αποδοτικότητα και την αποδοτικότητα. Τα ευρήματα αποκαλύπτουν επίσης πώς αυτή η επιρροή διαφέρει ανάλογα με το είδος της διαφοροποίησης (περιουσιακά στοιχεία, έσοδα και διαφοροποίηση εσόδων από τόκους). Τέλος, παρέχουμε εμπειρικά στοιχεία για το πώς ποικίλλουν όλες οι εξεταζόμενες μεταβλητές και ποιες είναι οι αλληλεπιδράσεις ανά τραπεζικό τομέα (εμπορικές, συνεταιριστικές και αποταμιευτικές τράπεζες).Για τους σκοπούς της έρευνάς μας, χρησιμοποιούμε ένα δείγμα δεδομένων που αποτελείται από συγκεντρωτικούς ισολογισμούς και δεδομένα λογαριασμού αποτελεσμάτων από 2185 τράπεζες της Ευρωζώνης και των Ηνωμένων Πολιτειών, ενώ η περίοδος ανάλυσης εκτείνεται από το 2013 έως το 2018. Όσον αφορά τη μεθοδολογία, εφαρμόζουμε το μοντέλο Data Envelopment Analysis που αναπτύχθηκε από τους Charnes et al. (1978), το μοντέλο δεδομένων πίνακα των Phillips, PC, & Sul, D. (2007), το μοντέλο Three-Stage Least Squares (3SLS), που αναπτύχθηκε από τους Zellner & Theil, (1962), τους Adjusted Herfindahl Hirschman Indices (AHHI) και το two-step system generalized method of moments dynamic panel estimator (σύστημα-GMM) που επινοήθηκε από τους Arellano και Bover (1995), που αναπτύχθηκε περαιτέρω από τους Blundell και Bond (1998).Τα κύρια ευρήματά μας δείχνουν ότι η αποτελεσματικότητα του τραπεζικού συστήματος των Ηνωμένων Πολιτειών είναι σημαντικά υψηλότερη από εκείνη της Ευρωζώνης και της Ευρωπαϊκής Ένωσης. Επιπλέον, δεν υπάρχουν ενδείξεις σύγκλισης μεταξύ των αναφερόμενων τραπεζικών ομίλων, ενώ τα αποτελέσματά μας δείχνουν την παρουσία σύγκλισης σε όλες τις εξεταζόμενες ομάδες. Επιπλέον, τα ευρήματά μας δείχνουν ότι το τραπεζικό σύστημα των Ηνωμένων Πολιτειών πλησιάζει περισσότερο στη σύγκλιση από ό, τι οι τράπεζες της Ευρωζώνης και της Ευρωπαϊκής Ένωσης.Όσον αφορά την κεφαλαιοποίηση, τα αποτελέσματά μας δείχνουν ότι ο δείκτης κεφαλαίου των τραπεζών των Ηνωμένων Πολιτειών είναι σημαντικά υψηλότερος από αυτόν των τραπεζών της Ευρωζώνης ανεξάρτητα από τον τύπο της τράπεζας. Επιπλέον, οι δείκτες κεφαλαίου των τραπεζών στον ίδιο τομέα παρουσιάζουν εντυπωσιακές διαφορές μεταξύ τους. Όσον αφορά την αναλογία κινδύνου, παρατηρούμε ότι το επίπεδο κινδύνου όλων των τραπεζικών ομίλων και υποομάδων του δείγματος μας αυξάνεται κατά την αναφερόμενη περίοδο και φτάνει στο αποκορύφωμά του κατά τη διάρκεια του 2018.Επιπλέον, τα εμπειρικά στοιχεία μας οδηγούν στο συμπέρασμα ότι ο κίνδυνος και το κεφάλαιο σχετίζονται άμεσα ανεξάρτητα από τη σειρά αιτιότητας. Επιπλέον, τα ευρήματα υποδηλώνουν ότι η αύξηση των επιπέδων αποδοτικότητας μπορεί να προηγείται της αύξησης του κινδύνου. Επιπροσθέτως, τα αποτελέσματά μας υποδηλώνουν ότι το κεφάλαιο επηρεάζει άμεσα την αποτελεσματικότητα όλων των τραπεζών του δείγματός μας, με μία εξαίρεση, των τραπεζών ταμιευτηρίου των Ηνωμένων Πολιτειών.Τα ευρήματά μας δείχνουν επίσης ότι η διαφοροποίηση του εισοδήματος έχει σημαντικά οφέλη σε σύγκριση με άλλους τύπους διαφοροποίησης, ενώ η διαφοροποίηση εσόδων από τόκους έχει τα πιο δυσμενή αποτελέσματα για τις αναφερόμενες ομάδες. Επιπλέον, ο αντίκτυπος της διαφοροποίησης περιουσιακών στοιχείων είναι μικτός για τις εξαρτημένες μεταβλητές και εξαρτάται από το εάν μια τράπεζα λειτουργεί στην Ευρωζώνη ή στις Ηνωμένες Πολιτείες.Τέλος, μπορούμε επίσης να συμπεράνουμε ότι ο τραπεζικός τομέας στον οποίο ανήκει μια τράπεζα είναι μια σημαντική παράμετρος που επηρεάζει τα επίπεδα αποτελεσματικότητας της τράπεζας, τη σχέση της αποτελεσματικότητας της τράπεζας με το κεφάλαιο και τον κίνδυνο, την ολοκλήρωση της τράπεζας και τον αντίκτυπο της διαφοροποίησης των τραπεζών.

scholarly journals The Effect of Risk on Investment: New Evidence

2019 ◽  
Vol 8 ◽  
pp. 2-13
Author(s):  
Tingting Que
Keyword(s):  
Method Of Moments ◽  
Generalized Method Of Moments ◽  
Systematic Risk ◽  
Irreversible Investment ◽  
Dynamic Panel ◽  
Investment Rate ◽  
Dynamic Panel Estimator ◽  
New Evidence

Previous results on the relation between risk and investment are mixed, partly due to endogeneity. To allievate the effects of this bias, we adopt a generalized method of moments (GMM) dynamic panel estimator to investigate the relation. We find  that the puzzling positive sensitivity of investment (i.e. firm’s investment rate) to systematic risk as frequently documented in previous studies disappears. Further, we show that the more irreversible the firm’s investments are, the more valuable is the option to delay investment when risk is high, which supports the model with irreversible investment.

Ocena antykryzysowej polityki gospodarczej Stanów Zjednoczonych i wybranych państw członkowskich Unii Europejskiej w latach 2005–2014

2016 ◽  
pp. 26-46
Author(s):  
Marcin Jan Flotyński
Keyword(s):  
United States ◽  
European Union ◽  
Financial Markets ◽  
Global Economy ◽  
Global Financial Crisis ◽  
The United States ◽  
The European Union ◽  
High Volatility ◽  
The Global Financial Crisis ◽  
Domestic Products

The global financial crisis in 2007–2009 began a period of high volatility on the financial markets. Specifically, it caused an increased amplitude of fluctuations of the level of gross domestic products, the level of investment and consumption and exchange rates in particular countries. To address the adverse market circumstances, governments and central banks took actions in order to bolster the weakening global economy. The aim of this article is to present the anti-crisis actions in the United States and selected member states of the European Union, including Poland, and an assessment of their efficiency. The analysis conducted indicates that generally the actions taken in the United States in response to the crisis were faster and more adequate to the existing circumstances than in the European Union.

A Global Perspective on Securitized Debt

2018 ◽  
Author(s):  
Steven L Schwarcz
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Capital Market ◽  
Global Financial Crisis ◽  
The United States ◽  
Global Perspective ◽  
Capital Markets Union ◽  
The Global Financial Crisis ◽  
Asset Backed Securities ◽  
The Eu

Securitisation represents a significant worldwide source of capital market financing. European investors commonly invest in asset-backed securities issued in U.S. securitisation transactions, and vice versa One of the key goals of the European Commission's proposed Capital Markets Union (CMU) is to further facilitate securitisation as a source of capital market financing as a viable alternative to bank-based finance for companies operating in the EU. To that end, this chapter explains securitisation and attempts to put its rise, its decline after the global financial crisis, and its recent CMU-inspired revival into a global perspective. It examines not only securitisation's relationship to the financial crisis but also post-crisis comparative regulatory approaches in the EU and the United States.

scholarly journals U.S. Economic Uncertainty Shocks and China’s Economic Activities: A Time-Varying Perspective

SAGE Open ◽  
2021 ◽  
Vol 11 (3) ◽  
pp. 215824402110326
Author(s):  
Lin Liu
Keyword(s):  
Global Financial Crisis ◽  
The United States ◽  
Time Varying ◽  
Economic Uncertainty ◽  
Transient Effects ◽  
Economic Activities ◽  
Common Shocks ◽  
Uncertainty Shocks ◽  
Intensive Intervention ◽  
The Global Financial Crisis

This paper presents new empirical evidence concerning the time-varying responses of China’s macroeconomy to U.S. economic uncertainty shocks through a novel TVP-VAR model. The results robustly reveal that a rise in U.S. economic uncertainty would exert sizable, persistent, and significant detrimental effects on China’s gross domestic product (GDP), price level, and short-term interest rate during the period when common shocks take place, such as the global financial crisis around 2008, whereas small and transient effects in the tranquil times. Therefore, China should diversify its international linkages and gradually reduce the dependence on the United States into a certain range to shield the domestic economy, as well as improve the independence of monetary policy. Furthermore, to withstand unfavorable external shocks, China should be prudent on greater opening-up and carry out more intensive intervention when common shocks hit the world economy. Finally, investors should be alert to the potential detrimental impact of U.S. economic uncertainty on Chinese assets’ fundamentals.

Financial Crises in American History

2021 ◽  
Author(s):  
Christoph Nitschke ◽  
Mark Rose
Keyword(s):  
United States ◽  
19Th Century ◽  
American History ◽  
Financial Crises ◽  
Global Financial Crisis ◽  
The United States ◽  
Political Processes ◽  
The Global Financial Crisis ◽  
Changing Economy ◽  
Political Design

U.S. history is full of frequent and often devastating financial crises. They have coincided with business cycle downturns, but they have been rooted in the political design of markets. Financial crises have also drawn from changes in the underpinning cultures, knowledge systems, and ideologies of marketplace transactions. The United States’ political and economic development spawned, guided, and modified general factors in crisis causation. Broadly viewed, the reasons for financial crises have been recurrent in their form but historically specific in their configuration: causation has always revolved around relatively sudden reversals of investor perceptions of commercial growth, stock market gains, monetary availability, currency stability, and political predictability. The United States’ 19th-century financial crises, which happened in rapid succession, are best described as disturbances tied to market making, nation building, and empire creation. Ongoing changes in America’s financial system aided rapid national growth through the efficient distribution of credit to a spatially and organizationally changing economy. But complex political processes—whether Western expansion, the development of incorporation laws, or the nation’s foreign relations—also underlay the easy availability of credit. The relationship between systemic instability and ideas and ideals of economic growth, politically enacted, was then mirrored in the 19th century. Following the “Golden Age” of crash-free capitalism in the two decades after the Second World War, the recurrence of financial crises in American history coincided with the dominance of the market in statecraft. Banking and other crises were a product of political economy. The Global Financial Crisis of 2007–2008 not only once again changed the regulatory environment in an attempt to correct past mistakes, but also considerably broadened the discursive situation of financial crises as academic topics.

scholarly journals PANDEMIC CRISIS AND ITS EFFECTS ON BULGARIAN BANKING SYSTEM’S EFFICIENCY

2021 ◽  
Author(s):  
Gergana Mihaylova-Borisova ◽  
Keyword(s):  
Growth Rate ◽  
Interest Rates ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Negative Impact ◽  
Debt Crisis ◽  
Parametric Method ◽  
Banking System ◽  
Data Envelopment ◽  
The Global Financial Crisis

The economies are once again facing the challenges of another crisis related to the spread of coronavirus in 2020. The banking sector, being one of the main intermediaries in the economies, is also affected by the spread of the new crisis, which is different compared to the previous crises such as the global financial crisis in 2008 and the European debt crisis in 2012-2013. Still, the banking sector in Bulgaria suffers from the pandemic crisis due to decelerated growth rate of loans, provided to households and non-financial enterprises, as well as declining profits related to the narrowing spread between interest rates on loans and deposits. The pandemic crisis, which later turned into an economic one, is having a negative impact on the efficiency of the banking system. To prove the negative impact of the pandemic crisis on the efficiency of banks, the non-parametric method for measuring the efficiency, the so-called Data envelopment analysis (DEA), is used.

scholarly journals Corporate governance and performance of listed commercial banks in South Africa

2014 ◽  
Vol 11 (2) ◽  
pp. 677-687
Author(s):  
Sam Ngwenya
Keyword(s):  
South Africa ◽  
Corporate Governance ◽  
Commercial Banks ◽  
Global Financial Crisis ◽  
The United States ◽  
Executive Directors ◽  
Governance Indicators ◽  
And Performance ◽  
The Global Financial Crisis ◽  
The Relationship

The global financial crisis of 2008 that resulted in the collapse of many financial institutions in the United States (US) and Europe have resulted in debates over the failures of corporate governance structures to properly protect investors. The main objective of the study was to determine the relationship between corporate governance and performance of listed commercial banks in South Africa. The results of the study indicated a statistically positive significant relationship between board size, proportion of non-independent and non-executive directors and bank performance. The results of the rest of the corporate governance indicators are mixed when using different performance measurement variables.

scholarly journals REGULATION OF SWAP AGREEMENTS WITH OTHER CENTRAL BANKS BY THE FEDERAL RESERVE SYSTEM OF THE UNITED STATES

2016 ◽  
pp. 0-0
Author(s):  
Мехти Галиб Мехтиев ◽  
Mekhti Galib Mekhtiev
Keyword(s):  
United States ◽  
Federal Reserve ◽  
Global Financial Crisis ◽  
Financial System ◽  
The United States ◽  
Federal Reserve System ◽  
Market Rate ◽  
The Global Financial Crisis ◽  
Global Financial System ◽  
Reserve System

The present article evaluates history of swap agreements’ application and their functioning system in the framework of intercentral bank relations (in particular by the Federal Reserve System of the United States (the Fed)). Swap includes two transactions: the first is a currency exchange on the spot market rate and the second is a future transaction on the rate defined in advance. This mechanism proved its efficiency within its application through history. In 1970s, during a radical transformation period of an entire global currency architecture caused by collapse of Bretton Woods’s system the Fed applied swap agreements to promote stability on financial markets and particularly on currency markets. Later during the Global Financial Crisis of 2008 these agreements again have become rescue measures for the global financial system, as the financial shock caused liquidity deficit for financial institutions and thus cut dramatically credit supply. And finally nowadays the global financial system is badly in need of swap agreements. The swaps’ force of attraction is that firstly it differs from crediting as the latter is one way currency extension, while swap agreement is the exchange of equivalent values. And secondly it fixes the rate of the future currency transaction what lightens both monetary regulation within national jurisdiction and regulation on the level of public international law.

(I can’t get no) satisfaction: Happiness and successful societies

2018 ◽  
Vol 54 (3) ◽  
pp. 279-293 ◽  
Author(s):  
Bryan S. Turner
Keyword(s):  
United States ◽  
Life Satisfaction ◽  
Social Policy ◽  
Global Financial Crisis ◽  
The United States ◽  
Necessary Condition ◽  
Individual Experience ◽  
Human Flourishing ◽  
The World ◽  
The Global Financial Crisis

Whereas happiness ( eudaimonia or human flourishing) was fundamental to the classical thought of the Greeks and Romans, as felicitas and beatitudo were to Christianity and a ‘felicific calculus’ to utilitarian philosophers, since Max Weber’s criticism of happiness as a goal of social policy it has largely disappeared from mainstream sociology. The article contrasts Aristotle’s view of eudaimonia from the Nicomachean Ethics, in which a happy/flourishing polis was a necessary condition for happy/flourishing citizens, with contemporary societies in which, while there is much talk about happiness, it is often understood as an individual experience associated with pleasure (and especially with privatized consumption). Happiness studies indicate that happiness cannot be separated from a successful society. Recent data from the United States show how life satisfaction is declining with economic decay. The World Happiness Report of 2015 also helps us to distinguish between societies that recovered quickly from the global financial crisis and those that did not.

Global Financial Crisis and Bank Productivity in Mexico

2015 ◽  
pp. 581-599
Author(s):  
Francisco Vargas Serrano ◽  
Luis Rentería Guerrero ◽  
Gang Cheng ◽  
Panagiotis D. Zervopoulos ◽  
Arnulfo Castellanos Moreno
Keyword(s):  
Financial Crisis ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Malmquist Index ◽  
Data Envelopment ◽  
Significant Difference ◽  
Before And After ◽  
Domestic Banks ◽  
Productivity Indicators ◽  
The Global Financial Crisis

This chapter presents an attempt to compare the productivity of the Mexican banking sector in two different periods: the 2007-2011 period of global financial crisis and the 2003-2006 stage, which can be regarded as a relatively stable period. The purpose of this study is to disclose whether the global financial crisis affected Mexican banking productivity. Three Data Envelopment Models (DEA) are tested in order to assess whether there is a significant difference between the productivity patterns of Mexican banks before and after the financial crisis. Such models are the radial Malmquist Index, the non-radial and slacks-based model, and non-radial and non-oriented. Essentially, no significant difference of productivity indicators for both foreign and domestic banks was found. Likewise, no significant difference between the pre- and post-crisis periods was perceived, as far as productivity indicators are concerned. Therefore, the global financial crisis was effectless in banking operation.

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