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The impact of financial globalization and financialization on the economy in the current crisis through banking corporate governance
Azkunaga, Juan Antonio; San-Jose, Leire; … - In: Contemporary economics 7 (2013) 3, pp. 79-94
This work analyzes the role of governance of financial entities in the current crisis. Neoliberal economic policies, deregulation and liberalization have characterized financial globalization, giving rise to the financialization of the economy. This paper, using the analysis-synthesis method,...
Persistent link: https://www.econbiz.de/10010228497
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Scale economies and input price elasticities in microfinance institutions
Hartarska, Valentina; Shen, Xuan; Mersland, Roy - In: Journal of Banking & Finance 37 (2013) 1, pp. 118-131
We evaluate the efficiency of microfinance institutions (MFIs) using a structural approach which also captures these … improvements in efficiency can come from the growth or consolidations of MFIs, as we find substantial increasing returns to scale …
Persistent link: https://www.econbiz.de/10010591927
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Bulgarian banking : looking for sustainability
Minasjan, Garabed A. - In: Contemporary economics 7 (2013) 3, pp. 95-114
In this work, we trace and analyze the emergence of the crisis in the Bulgarian banking system as well as the behavior of the central bank and other macroeconomic institutions. The average annual rate of growth in the net profits of the commercial banks for the period 2002-2008 amounted to...
Persistent link: https://www.econbiz.de/10010228493
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What factors drive systemic risk during international financial crises?
Weiß, Gregor N.F.; Bostandzic, Denefa; Neumann, Sascha - In: Journal of Banking & Finance 41 (2014) C, pp. 78-96
We analyze the determinants of the contribution of international banks to both global and local systemic risk during prominent financial crises. We find no empirical evidence supporting conjectures that bank size, leverage, non-interest income or the quality of the bank’s credit portfolio are...
Persistent link: https://www.econbiz.de/10011065641
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Too big to succeed? Banking sector consolidation and efficiency
Montgomery, Heather; Harimaya, Kozo; Takahashi, Yuki - In: Journal of International Financial Markets, … 32 (2014) C, pp. 86-106
This study examines the effect of banking sector consolidation on bank profit and cost efficiency using data from Japan …. Our analysis shows that bank merger events have little impact on profit efficiency, but significantly lower cost … efficiency. This suggests that government-coordinated consolidation of banks, especially in a post-crisis environment, results in …
Persistent link: https://www.econbiz.de/10011041503
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"By a silken thread" : regional banking integration and pathways to financial development in Japan's Great Recession
Hoffmann, Mathias; Okubo, Toshihiro - 2012
How do financial development and financial integration interact? We focus on Japan’s Great Recession after 1990 to study this question. Regional differences in banking integration affected how the recession spread across the country: financing frictions for credit-dependent firms were more...
Persistent link: https://www.econbiz.de/10009745980
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Umbau der Finanzmärkte : übermäßiges Vertrauen in Marktrationalität hält an
Dullien, Sebastian - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 93 (2013), pp. 23-29
Governments on both sides of the Atlantic have reacted with a raft of new regulations to the US subprime mortgage crisis. The article argues that while these new rules actually touch many of the incentive and information problems which were instrumental in creating the crisis, they only address...
Persistent link: https://www.econbiz.de/10009728449
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Determinants of financial stress in emerging market economies
Park, Cyn-Young; Mercado, Rogelio V. - In: Journal of Banking & Finance 45 (2014) C, pp. 199-224
The global financial crisis of 2008–2009 illustrates how financial turmoil in advanced economies could trigger severe financial stress in emerging markets. Previous studies dealing with financial crises and contagion show the linkages through which financial stress are transmitted from...
Persistent link: https://www.econbiz.de/10010943182
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Global Financial Stability and the Lessons of History: A Review of Carmen M. Reinhart and Kenneth S. Rogoff's <em>This Time Is Different: Eight Centuries of Financial Folly</em>
Taylor, Alan M. - In: Journal of Economic Literature 50 (2012) 4, pp. 1092-1105
In Reinhart and Rogoff's economic history <em>This Time is Different</em>, the authors provide a panoramic view of crises from the Middle Ages to the modern era. Published just as the current global financial storm arrived, the book quickly showed how history could provide not just useful perspective but...
Persistent link: https://www.econbiz.de/10011014330
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Credit Ratings and the Pricing of Sovereign Debt during the Euro Crisis
Aizenman, Joshua; Hutchison, Michael Mercier; Binici, Mahir - National Bureau of Economic Research (NBER) - 2013
This paper investigates the impact of credit rating changes on the sovereign spreads in the European Union and investigates the macro and financial factors that account for the time varying effects of a given credit rating change. We find that changes of ratings are informative, economically...
Persistent link: https://www.econbiz.de/10010950758