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Journal of Banking and Financial Economics


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Sharing the Growth Dividend: Analysis of Inequality in Asia

Sonali Jain-Chandra, Tidiane Kinda, Kalpana Kochhar, Shi Piao, Johanna Schauer

 

ABSTRACT

This paper focusses on income inequality in Asia, its drivers and policies to combat it. It finds that income inequality has risen in most of Asia, in contrast to many other regions. While in the past, rapid growth in Asia has come with equitable distribution of the gains, more recently fastgrowing Asian economies have been unable to replicate the “growth with equity” miracle. There is a growing consensus that high levels of inequality can hamper the pace and sustainability of growth. The paper argues that policies could have a substantial effect on reversing the trend of rising inequality. It is imperative to address inequality of opportunities, in particular to broaden access to education, health, and financial services. Also, fiscal policy could combat rising inequality, including by expanding and broadening the coverage of social spending, improving tax progressivity, and boosting compliance. Further efforts to promote financial inclusion, while maintaining financial stability, can help.

 

JEL classification: D31, D63, O15
Keywords: Inequality, Gini coefficient, Asia

DOI: 10.7172/2353-6845.jbfe.2019.2.1

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Banks’ Trust in the EU Macroprudential Regulation

Matias Huhtilainen

 

ABSTRACT

Prior studies suggest that regulatory uncertainty is potentially detrimental to the wider economic performance, to the effectiveness of regulatory measures and to the objective of harmonized rules and a level playing field across jurisdictions. This paper discusses on the applicability of banks’ perceived trust as a method to evaluate the quality of the EU macroprudential regulation. Accordingly, the regulatory credibility, as opposed to regulatory uncertainty, is assumed to indicate consistent, predictable and solid regulatory and institutional environment. This paper argues that the perception of trust and the regulatory credibility are interrelated so that one cannot exist without the other. For the purpose of this study, a representative survey was conducted with Finnish banks and conglomerates. Although the respondents expressed, overall, slight trust in the ability of the renewed EU macroprudential regime to accomplish its intended objectives, definitive and direct conclusions are avoided. This is due to the several limitations of the survey and as such, the results are merely to provide context for the paper.

 

JEL classification: G280, G210, K220
Keywords: CRD IV, Banking Union, Macroprudential Regulation, Systemic Stability, Trust

DOI: 10.7172/2353-6845.jbfe.2019.2.2

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Determinants of Bank Competitiveness in Digital Era A Case Study of South Korea

Young Jun Jin, Yanthi Hutagaol-Martowidjojo

 

ABSTRACT

Technical innovations in Digital Era provide the incentives for banks to redesign their business operations to enhance their competitiveness. Prior studies use financial indicator as factors that affect bank competitiveness, however, with the technology advancement, Information Communication Technology (ICT) become major factors in assessing banks’ competitiveness. The aim of this study is to analyze specific ICT factors, as well as financial factors, affecting bank
competitiveness. This study examines all 17 commercial banks in South Korea. The ICT factors are measured by IT center operation and IT scandal released in news or mass media while the bank competitiveness is proxied by market share of each bank both in the borrowing and lending market. In addition, the study tests to retrospect financial indicators in comparison with ICT factors. Using OLS regression models, this study finds that, in the case of Korean commercial
banks, ICT factors plays an importance role in bank competitiveness, however, the financial factors still have greater influences on market share than ICT factors. The implication is that banks should leverage the ICT innovation since there is a surge of ICT based non-bank financial service providers that have started to assume roles that have been traditionally played by banks. Furthermore, this study raises implications for policy makers to consider ICT security regulations in the banking market. This study contributes to the literatures by supporting the fact that the positive relationship between IT scandals and market share suggests implications to concentrated banking sectors and provides alarming with authority’s monitoring system.

 

JEL classification: G21, M15
Keywords: ICT factors, Financial factors, Bank competitiveness, Commercial banks, South Korea

DOI: 10.7172/2353-6845.jbfe.2019.2.3

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Pacific Island Countries: In Search of a Trade Strategy

Hong Chen, Lanieta Rauqeuqe, Shiu Raj Singh​, Yiqun Wu, Yongzheng Yang

 

ABSTRACT

This paper examines the role of international trade for economic prosperity in Pacific island countries (PICs), discusses their comparative advantage, and explores the potential for trade, and tourism in particular, to serve as a locomotive for inclusive economic growth. We find the trade performance in PICs has been generally weak over the past decade, with the exception of resource-rich countries. Small country size and remoteness from global economic centers may have contributed to this relatively poor performance. Using the gravity models to analyze the determinants of merchandise trade and tourism in PICs, we find tourism in these countries faces more favorable conditions for growth than goods exports. Further, we place our analysis in the context of the eastward shift of global economic gravity, focusing on emerging Asia as a source of demand for resource-based goods and services. We argue that the emergence of Asia
as a dynamic global economic region presents PICs with an unprecedented opportunity to develop trade, particularly tourism, although traditional markets will remain important for a long time to come. Moreover, if stronger synergies can be established between tourism, agriculture, and fisheries, Pacific island countries stand a better chance to improve broad-based growth.

 

JEL classification: F6
Keywords: Pacific island countries, trade, tourism, agriculture, inclusive growth

DOI: 10.7172/2353-6845.jbfe.2019.2.4

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Local competition, innovation, and firms’ bank relationships

Maximilian Zurek​

 

ABSTRACT

With firms searching for secured external funding by engaging in multiple bank relationships on the one hand and banks for profit maximization on the other hand, conflicts of interests may arise when firms’ banks demand access to corporate private information. This information can help banks to gauge the creditworthiness of borrowers, but also exposes the latter to losses of secrecy. Thus, firms which are dependant on informative secrecy – especially innovative firms – might
incur difficulties when trying to get access to external funding. As rival firms prevail within firms’ own industries, a special focus is on effects of local industry specialization and competition when investigating the quantity of firms’ bank connections. Analysing German firm level and county specific industry data, I find evidence that the number of bank relationships decreases for the cross-section of firms with local industry diversification. The effects of the indicators of industry-specific and overall competition are twofold with the former being positively related to the probability of using multi-bank relationships and the latter negative. Concluding, firms located in industrially specialized areas might rather refrain from relationship lending, due to potential loss of external funding, while innovative firms seem to rely on transaction-based banking. Contrarily, firms located in areas that are diversified w.r.t. industries, firm sizes and corporate landscape engage in relationship banking.

 

JEL classification: G32, O16, R11, R51, G21
Keywords: Local Specialization; Firm financing; Innovation; Competition; Tacit Knowledge

DOI: 10.7172/2353-6845.jbfe.2019.2.5

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JBFE No 1/2019

Journal of Banking and Financial Economics No 1 (11) 2019

 

Contents

 

Financial Deepening in Mexico

Alexander Herman, Alexander Klemm

 

Frontier and Emerging Markets: A Perspective from Portfolio Flows and Financial Integration

Nordine Abidi, Burcu Hacibedel, Mwanza Nkusu

 

Financial Stability Reports in Latin America and the Caribbean

Cheng Hoon Lim, Alexander D. Klemm, Sumiko Ogawa, Marco Pani, Claudio Visconti

 

Options Pricing by Monte Carlo Simulation, Binomial Tree and BMS Model: a comparative study

Ali Bendob, Naima Bentouir

 

The Banks Profitability and Economic Freedom Quality: Empirical Evidence from Arab Economies

Omar Ghazy Aziz,  Julie Knutsen

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JBFE No 2/2018

Journal of Banking and Financial Economics No 2 (10) 2018

 

Contents

 

Potential and Actual FDI Spillovers in Global Value Chains

The Role of Foreign Investor Characteristics, Absorptive Capacity and Transmission Channels

Deborah Winkler

 

Good Practices in Empirical Corporate Finance and Accounting Research

Marek Gruszczyński

 

Sustainability and Equity Challenges to Pension Systems: The Case of Lebanon

Mariusz Jarmuzek, Najla Nakhle

 

Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned

Tamon Asonuma, Mike Xin Li, Michael G. Papaioannou, Saji Thomas, Eriko Togo

 

Comparison on Efficiency of Foreign and Domestic Banks Evidence from Algeria

Ishaq Hacini, Khadra Dahou

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JBFE No 1/2018

Journal of Banking and Financial Economics No 1 (9) 2018

 

Contents

 

Determinants of banks’ profitability and efficiency: Empirical evidence from a sample of Banking Systems

Mouna Rekik, Maha Kalai

 

EU banks after the crisis: sinners in the hands of angry markets

Antonio Sánchez Serrano

 

Animal Spirits and Risk in Financial Markets

Jukka Ilomäki

 

Macroprudential Policy Effectiveness: Lessons from Southeastern Europe

Jérôme Vandenbussche, Piyabha Kongsamut, Dilyana Dimova

 

Macroeconomic Stability in Resource-rich Countries: The Role of Fiscal Policy

Elva Bova, Paulo Medas, Tigran Poghosyan

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JBFE No 2/2017

Journal of Banking and Financial Economics No 2 (8) 2017

 

Contents

 

Sovereign Debt Restructurings in Belize: Debt Sustainability and Financial Stability Aspects

Tamon Asonuma, Michael G. Papaioannou, Gerardo Peraza, Kristine Vitola, Takahiro Tsuda

 

Does persistence in idiosyncratic risk proxy return-reversals?

Harmindar B. Nath, Vasilis Sarafidis

 

Mauritius: The Drivers of Growth – Can the Past Be Extended?

Katsiaryna Svirydzenka, Martin Petrib

 

The European system of financial supervision – regulatory impact assessment

Mariusz Szpringer, Włodzimierz Szpringer

 

Assessing Countries’ Financial Inclusion Standing — A New Composite Index

André Mialou, Goran Amidzic, Alexander Massara

 

Bank prudential and bank stability– how far do they go

Gerti Shijaku

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JBFE No 1/2017

Journal of Banking and Financial Economics No 1 (7) 2017

 

Contents

 

Determinants of Banks’ Net Interest Margins in Honduras

Koffie Nassar, Edder Martinez, Anabel Pineda

 

Inflation and Public Debt Reversals in the G7 Countries

Bernardin Akitoby, Ariel Binder, Takuji Komatsuzaki

 

Unstash the Cash! Corporate Governance Reform in Japan

Chie Aoyagi, Giovanni Ganelli

 

Global Thermoeconomics

Mario W. Cardullo, Manhong Mannie Liu

 

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

 

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