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Journal of Banking and Financial Economics


Latest articles

Determinants of Banks’ Net Interest Margins in Honduras

Koffie Nassar, Edder Martinez, Anabel Pineda

 

ABSTRACT
This paper analyzes the determinants of banks’ net interest margins in Honduras during the years 1998 to 2013 – a period characterized by increasing banks’ net interest margins, foreign bank participation and consolidation. In line with findings in the previous literature, we find that operating costs are the most important drivers of banks’ net interest margins. We also find that competition among banks has led to higher concentration and that funding by parent banks positively impacts foreign banks’ net interest margins. Together, these results suggest that banks, particularly foreign banks, are under pressure to consolidate and reduce operating costs in order to offer competitive interest margins. We conclude that further structural reforms and consolidation may lower banks’ net interest margins.

 

JEL classification: E43; E44; D43
Keywords: Banks’ interest margins; Commercial banks; Panel corrected standard errors (PCSE).

DOI: 10.7172/2353-6845.jbfe.2017.1.1

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Inflation and Public Debt Reversals in the G7 Countries

Bernardin Akitoby, Ariel Binder, Takuji Komatsuzaki

 

ABSTRACT

This paper investigates the impact of low or high inflation on the public debt-to-GDP ratio in the G-7 countries. Our simulations suggest that if inflation were to fall to zero for five years, the average net debt-to-GDP ratio would increase by about 5 percentage points during that period. In contrast, raising inflation to 6 percent for the next five years would reduce the average net debtto-GDP ratio by about 11 percentage points under the full Fisher effect and about 14- percentage points under the partial Fisher effect. Thus higher inflation could help reduce the public debt-to-GDP ratio somewhat in advanced economies. However, it could hardly solve the debt problem on its own and would raise significant challenges and risks. First of all, it may be difficult to create higher inflation, as evidenced by Japan’s experience in the last few decades. In addition, an unanchoring of inflation expectations could increase long-term real interest rates, distort resource allocation, reduce economic growth, and hurt the lower–income households.

 

JEL classification: E31; F34; H63
Keywords: Inflation; debt crisis; G7; public debt; sovereign debt.

DOI: 10.7172/2353-6845.jbfe.2017.1.2

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Unstash the Cash! Corporate Governance Reform in Japan

Chie Aoyagi, Giovanni Ganelli

 

ABSTRACT

Japan’s high corporate savings might be holding back growth, by preventing a more efficient use of resources. Small and medium enterprises (SMEs) have been the main contributors to high corporate cash balances, but more recently larger companies have also increased cash holdings. This paper focuses on the causes and consequences of the current corporate behavior and suggests options for reform. In particular, Japan’s weak corporate governance – as measured by available indexes – might be contributing to high cash holdings. An empirical analysis on a panel of Japanese firms confirms that improving corporate governance would help unlock corporate savings. The main policy implication of the analysis carried out in this paper is that a more ambitious and comprehensive corporate governance reform should be a key component
of Japan’s growth strategy. Such a reform would help remove some of the bottlenecks of the legal and corporate governance framework

 

JEL classification: D22; G30; G34
Keywords:Japan; corporate cash holdings; corporate governance; growth strategy.

DOI: 10.7172/2353-6845.jbfe.2017.1.3

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Global Thermoeconomics

Mario W. Cardullo, Manhong Mannie Liu

 

ABSTRACT

This paper illustrates that basic global economic concepts can be directly related to the First and Second Laws of Thermodynamics. We believe that all economic returns are from nothing except from current and past human expenditure of human energy; this is the result of the First Law of Thermodynamics. It is shown that everything is a product of energy in the form of labor and that the basic principle of Labor Theory of Value is still valid and this principle is validated not
relying on economics and fi nance models, rather on thermodynamic principles. This is illustrated by the development of the Labor Value Equation based on the application of the First and Second Law of Thermodynamics and how it can impact employment, asset valuation, supply/demand, productivity, global confl ict, global reserve currency and global stability.

 

JEL classification: C; G; J; P; F; A
Keywords: Thermodynamics, Labor Theory of Value, Labor Value Equation, Global Reserve
Currency, Financial Stability, Employment, Asset Valuation, Productivity

DOI: 10.7172/2353-6845.jbfe.2017.1.4

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An Econometric Analysis for the Bid-Ask Spread in the Emerging Chilean Capital Market

David Cademartori-Rosso, Berta Silva-Palavecinos, Ricardo Campos-Espinoza, Hanns de la Fuente-Mella

 

ABSTRACT

The purpose of this paper is to show that different methods for calculating the spread (Bid-Ask) and the methods for annualizing intra-day data affect the results of econometric models. To achieve our goal, we analyze different econometric models in the context of:
i) the International Financial Reporting Standards (IFRS) adoption,
ii) the reduction of information asymmetry due to new corporate governance standards, and
iii) the ownership concentration that characterize the Chilean Capital Market. We test the quality
of the information delivered to the market using two information disclosure indices (DIS and
Botosan).
We find that the definition of spread and the methods for annualizing intraday data it is a key
decision and may affect the statistical significance of the variables of a specific model.

 

JEL classification:
Keywords: Spread (Bid-Ask), Econometric Modeling, IFRS, Information Asymmetry, Information
Disclosure.

DOI: 10.7172/2353-6845.jbfe.2017.1.5

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JBFE No 1/2016

Journal of Banking and Financial Economics No 1 (5) 2016

 

Contents

 

The Finance and Growth Nexus Re-Examined: Do All Countries Benefit Equally?

Adolfo Barajas, Ralph Chami, Seyed Reza Yousefi

 

Intermediary networks under the rule of equi-repartition of profits

Fabien Mercier

 

What Drives the Volatility of Firm Level Productivity in China?

Xubei Luo, Nong Zhu

 

External Factors in Debt Sustainability Analysis: An Application to Latin America?

Gustavo Adler, Sebastian Sosa

 

The relationship between distance-to-default and CDS spreads as measures of default risk
for European banks

Kim Ristolainen

 

więcej
JBFE No 2/2015

Journal of Banking and Financial Economics No 2 (4) 2015

 

Contents

 

Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten

Carmen M. Reinhart, Kenneth S. Rogoff

 

Asset choice in British central banking history, the myth of the safe asset, and bank regulation
William A. Allen

 

The Day After Tomorrow: Designing an Optimal Fiscal Strategy for Libya
Carlos Caceres, Serhan Cevik, Ricardo Fenochietto, Borja Gracia

 

Risks and Opportunities of Participation in Global Value Chains
Gary Gereffi, Xubei Luo

 

Is Uruguay More Resilient This Time? Distributional Impacts of a Crisis Similiar to the 2001-02 Argentine Crisis
Oscar Barriga Cabanillas, María Ana Lugo, Hannah Nielsen, Carlos Rodríguez-Castelán, María Pía Zanetti

 

Trade Policy Barriers: An Obstacle to Export Diversification in Eurasia
Ana Paula Cusolito, Claire H. Hollweg

 

 

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JBFE No 1/2015

Journal of Banking and Financial Economics No 1 (3) 2015

 

Contents

 

Wage-setting Behavior in France: Additional Evidence from an Ad-hoc Survey

Jérémi Montornès, Jacques-Bernard Sauner-Leroy

 

The validity and time-horizon of the Fed model for equity valuation: a co-integration approach

Fabien Mercier

 

A global perspective on inflation and propagation channels

Luca Gattini, Huw Pill, Ludger Schuknecht

 

The Role of Foreign Firm Characteristics, Absorptive Capacity and the Institutional Framework for FDI Spillovers

Thomas Farole, Deborah Winkler

 

Risk, capital buffers and bank lending: The adjustment of euro area banks

Laurent Maurin, Mervi Toivanen

 

Financial Deepening, Property Rights, and Poverty: Evidence from Sub-Saharan Africa

Raju Jan Singh, Yifei Huang

 

Global Liquidity Determinants Across Emerging and Advanced Countries

Renata Karkowska

 
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JBFE No 2/2014

Journal of Banking and Financial Economics No 2 (2) 2014

 

Contents

 

Deep Roots of Fiscal Behavior

Serhan Cevik, Katerina Teksoz

 

Euro area labour markets: Different reaction to shocks?

Jan Bruha, Beatrice Pierluigi, Roberta Serafini

 

Gravity chains: Estimating bilateral trade flows when parts and components trade is important

Richard Baldwin, Daria Taglioni

 

Household Money Holdings in the Euro Area: An Explorative Investigation

Franz Seitz, Julian von Landesberger

 

Feedback to the ECB’s Monetary Analysis: The Bank of Russia’s Experience with Some Key Tools

Alexey Ponomarenko, Elena Vasilieva, Franziska Schobert

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JBFE No 1/2014

Journal of Banking and Financial Economics No 1 (1) 2014

 

Contents

 

Macroprudential Banking Regulation: Does One Size Fit All?

Doris Neuberger and Roger Rissi

 

Access to credit as a growth constraint.

Matjaž Volk and Polona Trefalt

 

Do institutional and political factors matter for the efficiency of banking sectors?

Patrycja Chodnicka and Małgorzata Olszak

 

Volatility Transmission between Stock and Foreign Exchange Markets: Evidence from Nigeria.

Emenike Kalu O.

 

The Effect of the Introduction of a »Pay Per Use« Option within motor TPL insurance.

Stefan Trappl, Karl Zehetner and Robert Pichler

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