Bank Capital Research Papers - Academia.edu (original) (raw)

This paper studies the role of credit-supply factors in business cycle fluctuations. To this end, an imperfectly competitive banking sector is introduced into a DGSE model with financial frictions. Banks issue loans to both households and firms, obtain funding via deposits and accumulate capital out of retained earnings. Margins charged on loans depend on bank capital-to-asset ratio and on the degree of interest rate stickiness. Bank balance-sheet constraints establish a link between the business cycle, which affects bank profits and thus capital, and the supply and the cost of loans. The model is estimated with Bayesian techniques using data for the euro area. We show that shocks originating in the banking sector explain the largest fraction of the fall of output in 2008 in the euro area, while macroeconomic shocks played a smaller role. We also find that an unexpected reduction in bank capital can have a substantial impact on the real economy and particularly on investment.

- by and +1
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- Economic Theory, Applied Economics, Euro Area, Bank Capital

In this paper, we examine the influence of bank regulation, concentration, and financial and institutional development on commercial bank margins and profitability across a broad selection of Middle East and North Africa (MENA) countries. The empirical results suggest that bank-specific characteristics, in particular bank capitalization and credit risk, have a positive and significant impact on banks' net interest margin, cost efficiency, and profitability. Also we find that macroeconomic and financial development indicators have no significant impact on net interest margins, except for inflation. Regulatory and institutional variables seem to have an impact on bank performance.

- by Sami Ben naceur
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- Financial development, Applied Economics, Stock Market, Emerging Markets

In this paper, we examine the influence of bank regulations, concentration, financial and institutional development on commercial bank margin and profitability across a broad menu of Middle East and North Africa (MENA) countries. We cover... more

- by Sami Ben naceur
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- Financial development, Applied Economics, Stock Market, Emerging Markets
- by Vitthal Rathod
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- Econometrics, Statistics, Data Mining, Emerging Economies

This article analyzes the role of credit market frictions in business-cycle fluctuations and in the transmission of monetary policy. We estimate a closed-economy dynamic stochastic general equilibrium (DSGE) model for the euro area with financially constrained households and firms and embedding an oligopolistic banking sector facing capital constraints. Using this setup we examine the monetary policy implications of the various financial frictions to credit supply and demand and furthermore examine the real economic implications of increasing capital requirements and of introducing risk-sensitive capital requirements. Moreover, the potential for introducing countercyclical bank capital rules and aligning macroprudential tools with standard monetary policy tools is examined. In particular, the model results highlight the importance of operating with a protracted implementation schedule of new regulatory requirements for smoothing out the transitional costs to the economy arising from a more capital-constrained banking sector.

- by Diego Rodriguez Palenzuela
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- Monetary Policy, Financial Crisis, Financial Regulation, Euro Area

Using stochastic frontier approach, this paper investigates the cost and profit efficiency levels of 71 commercial banks in Gulf cooperation council countries over the period 1999–2007. This study also conducts a comparative analysis of the efficiency across countries and between conventional and Islamic banks. Moreover, we examine the bank-specific variables that may explain the sources of inefficiency. The empirical results indicate that banks in the Gulf region are relatively more efficient at generating profits than at controlling costs. We also find that in terms of both cost and profit efficiency levels, the conventional banks on average are more efficient than Islamic banks. Furthermore, we observe a positive correlation of cost and profit efficiency with bank capitalization and profitability, and a negative one with operation cost. Higher loan activity increases the profit efficiency of banks, but it has a negative impact on cost efficiency.

- by Samir Srairi
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- Econometrics, Islamic Banking, Applied Economics, Gulf Cooperation Council

This paper analyses the relationship between capital, risk and efficiency for a large sample of European banks between 1992 and 2000. In contrast to the established US evidence we do not find a positive relationship between inefficiency and bank risk-taking. Inefficient European banks appear to hold more capital and take on less risk. Empirical evidence is found showing the positive relationship between risk on the level of capital (and liquidity), possibly indicating regulators' preference for capital as a mean of restricting risk-taking activities. We also find evidence that the financial strength of the corporate sector has a positive influence in reducing bank risk-taking and capital levels. There are no major differences in the relationships between capital, risk and efficiency for commercial and savings banks although there are for co-operative banks. In the case of co-operative banks we do find that capital levels are inversely related to risks and we find that inefficient banks hold lower levels of capital. Some of these relationships also vary depending on whether banks are among the most or least efficient operators.

- by Yener Altunbas
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- Risk Taking, Bank Capital, Empirical evidence, Bank Risk

Riga (Latvia) 2017 2 Starptautisko ekonomisko attiecību transformācija: mūsdienu problēmas, riski, iespējas un perspektīvas Kolektīva monogrāfija M. Bezpartochnyi zinātniskajā redakcijā Informācijas sistēmu menedžmenta augstskola Rīga... more

- by Igor Britchenko
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- Banking Regulation, Credit Risk, Bank Capital, Banking Supervision

Fax: +41 61 / 280 91 00 and +41 61 / 280 81 00 This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2000. All rights reserved. Brief excerpts may be reproduced or translated provided the... more

- by JOAO SANTOS
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- Financial System, Bank Capital, Market Failure, Bank Regulation

The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and... more

- by Jaromir Benes
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- Moral Hazard, Bank Capital, Bank Runs, Capital

This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability guarantees, and recapitalization were associated with a reduction of interbank risk premia, albeit to a different degree during the subprime and global phases of the crisis. Decisions not to reduce interest rates and bail out individual banks in an ad hoc manner had adverse repercussions, both domestically and abroad. The results are robust to controlling for the surprise content of announcements and using alternative measures of financial distress.

- by Mg Ong
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- Economics, Statistics, Data Analysis, Capital Markets

In order to promote financial stability, regulatory authorities pay a lot of attention in setting minimum capital levels. In addition to these requirements, financial institutions calculate their own economic capital reflecting the unexpected losses and true risk according to the specific characteristics of their portfolio. The current Basel I framework pays little or no attention to the creditworthiness of a borrower in deciding on the regulatory capital requirements. As a result, a lot of banks remove low-risk assets from their balance sheets and only retain relatively high risk assets on balance. The recently introduced Basel II framework should result in a further convergence between regulatory and economic capital. However, recent papers argue that also under Basel II, regulatory and economic capital will have different determinants. This paper first gives an overview of capital adequacy and then further describes the differences and similarities between economic and regulatory capital based on a literature review.

- by André Thibeault
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- Literature Review, Economic Capital, Financial Institutions, Bank Capital

The paper analyzes the capital incentives and adequacy of financial institutions in relation to current changes in bank regulation. The empirical analysis is based on the impairment data for US asset portfolio securitizations. The paper finds that proposed regulatory capital rules for securitisations may be insufficient to cover implied losses during economic downturns such as the Global Financial Crisis. In addition, the rating process of securitizations may further reduce regulatory capital requirements and provide capital arbitrage opportunities.

One way to increase the demand for sustainable buildings is through the description, assessment, and communication of their economic advantages and reduced risks in comparison with conventional buildings. These benefits can also be expressed through favourable lending and insurance conditions. However, a precondition is the integration of sustainability issues into the processes used by the financial and insurance industries for assessing property assets (e.g. risk assessment, rating, and valuation). Thus, the valuation and property rating process itself and those involved with it have a key role. Due to new international banking capital adequacy rules (Basel II), property rating and risk assessment systems are being further developed and implemented by a number of European banks. To some extent, these systems already contain direct or indirect approaches for integrating sustainability issues. Test-ratings reveal banks' existing methodologies, instruments, and criteria for assessing property assets (as well as their cash flow generation) can be harnessed to express and communicate the advantages and benefits of sustainable buildings. The inclusion of sustainability-related rating criteria sends out an important signal to the property market and holds a huge potential for market transformation. However, the property-rating process should be linked more closely to and underpinned by the results of existing assessment methods and instruments developed by the sustainable building community.

- by Thomas Lützkendorf
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- Economics, Architecture, Risk assessment, Risk Analysis

This paper investigates the existence of cross-sectional differences in the response of lending to monetary policy and GDP shocks owing to differences in bank capitalization. It adds to the literature by using the excess capital-to-asset ratio, which can better control the riskiness of banks' portfolios, and by disentangling the effects of the "bank lending channel" from those of the "bank capital channel." The results, based on a sample of Italian banks, indicate that bank capital matters in the propagation of different types of shocks to lending, owing to the existence of regulatory capital constraints and imperfections in the market for bank fund-raising.

- by Leonardo Gambacorta
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- Monetary Policy, Bank Capital, BanK Lending, Cross Section
- by Franklin Edwards
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- Financial System, Moral Hazard, Developing Country, Financial Services

The aim of this study is to investigate the effects of bank capital and liquidity ratios on banks ’ profitability. The analysis of these ratios makes it possible to observe the behaviour of the banks in terms of risk during the current period. The empirical analysis relates to a sample of 1270 European banks observed over the period 2005-2012. Three panels ’ data are considered respectively large, medium and small banks in order to compare European banks according to their size. First, tests indicate homogeneity in behaviour of large banks. For the other samples, fixed effects regressions are implemented to insert individual specific effects in the models. To account for profitability persistence, we apply a dynamic panel model, using Generalized Methods of Moments (GMM). Estimation results show the evidence of positive and significant profitability persistence for medium sized bank. Finally, we find no real evidence of a positive relationship between greater efficiency and bank pro...

- by Virginie Terraza
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- Panel Data, Bank Capital, Liquidity Ratios, Bank Profitability

Monetary policy transmission may be impaired if banks rebalance their portfolios towards securities to e.g. risk-shift or hoard liquidity. We identify the bank lending and risk-taking channels by exploiting – Italian’s unique – credit and security registers. In crisis times, with higher ECB liquidity, less capitalized banks react by increasing securities over credit supply, inducing worse firm-level real effects. However, they buy securities with lower yields and haircuts, thus reaching-for-safety and liquidity. Differently, in pre-crisis time, securities do not crowd-out credit supply. The substitution from lending to securities in crisis times helps less capitalized banks to repair their balance-sheets and then restart credit supply with a one year-lag.

- by José-Luis PEYDRÓ
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- Monetary Policy, Credit, Bank Capital, Securities

The headline numbers appear to show that even as banks and financial intermediaries suffered large credit losses in the financial crisis of 2007-09, they raised substantial amounts of new capital, both from private investors and through government-funded capital injections. However, on closer inspection the composition of bank capital shifted radically from one based on common equity to that based on debt-like hybrid claims such as preferred equity and subordinated debt. The erosion of common equity was exacerbated by large scale payments of dividends, in spite of widely anticipated credit losses. Dividend payments represent a transfer from creditors (and potentially taxpayers) to equity holders in violation of the priority of debt over equity. The dwindling pool of common equity in the banking system may have been one reason for the continued reluctance by banks to lend over this period. We draw conclusions on how capital regulation may be reformed in light of our findings.

- by Nirupama Kulkarni
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- Financial Crisis, Developing Country, Bank Capital, Banking system

Capital is one of the key factors to be considered when the safety and soundness activity of bank is evaluation. An adequate capital based serves as a safety network for a variety of ricks to which a bank is expose d in the course of its... more

- by Mariana Vlad
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- Bank Capital, Bank, Capital Adequacy Ratio, Capital Adequacy

This paper incorporates a global bank into a two-country business cycle model. The bank collects deposits from households and makes loans to entrepreneurs, in both countries. It has to finance a fraction of loans using equity. We investigate how such a bank capital requirement affects the international transmission of productivity and loan default shocks. Three findings emerge. First, the bank's capital requirement has little effect on the international transmission of productivity shocks. Second, the contribution of loan default shocks to business cycle fluctuations is negligible under normal economic conditions. Third, an exceptionally large loan loss originating in one country induces a sizeable and simultaneous decline in economic activity in both countries. This is particularly noteworthy, as the 2007-09 global financial crisis was characterized by large credit losses in the US and a simultaneous sharp output reduction in the US and the Euro Area. Our results thus suggest that global banks may have played an important role in the international transmission of the crisis.

- by Robert Kollmann
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- Economics, Productivity, European Economic Integration, Equity

Japan has experienced a decade-long economic stagnation with a distressed banking sector in the 1990s. The absence of a credit culture to rigorously assess and price credit risks of borrowers, aggravated by weak prudential and supervisory frameworks, in the 1980s, the collapse of the asset price bubble in the early 1990s, and the lack of decisive, comprehensive strategy to address the banking sector problem at an early stage were largely responsible for the emergence of banking sector problems. All of these allowed a systemic banking crisis to emerge in 1997-98 and a large output loss during 1998-2002. The crisis ultimately prompted the government to take a more aggressive policy to tackle the problem. Considerable progress has been made since then on banking sector stabilization, restructuring, and consolidation. The regulatory and supervisory framework has been strengthened in a way consistent with an increasingly market-oriented, globalized environment. As a result, the worst is over in the Japanese banking system, setting the stage for sustained economic recovery. Though bank capital may still be inadequate, safety nets are in place, and credit allocation has been made more rational. Remaining risks are limited to regional and smaller institutions that are vulnerable to weak, local economic conditions and hikes of the long-term interest rate.

- by Masahiro Kawai
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- Applied Economics, Credit Risk, Bank Capital, Banking Crisis

Using a comprehensive and unique database of Philippine financial intermediaries from 2001-2009, we examine how the bank capital position influences the management of loan-loss provisioning. The results show evidence of capital management through loan-loss provisioning. We also find a procyclical behavior of banks in loan loss provisioning but such a link is influenced in a non-linear way by bank capitalization: both low-capitalized and wellcapitalized banks provision by less (more) during an economic expansion (downturn).

The New Basel Accord for bank capital regulation is designed to better align regulatory capital to the underlying risks by encouraging better and more systematic risk management practices, especially in the area of credit risk. We provide an overview of the objectives, analytical foundations and main features of the Accord and then open the door to some research questions provoked by the Accord. We see these questions falling into three groups: what is the impact of the proposal on the global banking system through possible changes in bank behavior; a set of issues around risk analytics such as model validation, correlations and portfolio aggregation, operational risk metrics and relevant summary statistics of a bank's risk profile; issues brought about by Pillar 2 (supervisory review) and Pillar 3 (public disclosure).

- by Til Schuermann
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- Risk Management, Operational Risk, Model validation, Credit Risk

We study the impact of banking system reforms during a crisis following a period of undisciplined lending. Regulatory changes aimed at strengthening the banks' capital structure and risk management practices do not have a uniform impact on bank productivity, but rather favor financially sound or strategically privileged banks. We present evidence documenting the differential impact of regulatory reforms on Korean commercial bank productivity over the period 1995-2005. Average technical efficiency of banks decreased during the financial crisis of 1997-1998. It improved following the subsequent bank restructuring and continued to improve through 2005. The capital adequacy ratio is positively associated with banks' technical efficiency. The non-performing loans ratio is negatively associated with technical efficiency. Both relationships are accentuated during the crisis but attenuated after the reforms.

- by Hsihui Chang
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- Applied Mathematics, Productivity, Risk Management, Financial Crisis
- by Nicholas Dimsdale
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- Applied Economics, Monetary Policy, Bank Capital, Asymmetric Information

Small businesses rely on banks for credit more than do large businesses. As a result, small businesses may be more adversely affected when adverse shocks, such as reduced bank capital or higher interest rates, reduce the supply of bank loans. We use annual, statelevel data for 1990-2000 to estimate: (1) how much lower bank capital and higher interest rates affected businesses of various sizes, (2) how much SBA-guaranteed loans cushioned small businesses in particular and the economy more generally, and (3) whether the effects were larger during recessions and when interest rates were high.

- by James A Wilcox
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- Small Business, Bank Capital, Interest Rate, Bank Loans

Under the New Basel Accord bank capital adequacy rules (Pillar 1) are substantially revised but the introduction of two new "Pillars" is, perhaps, of even greater significance. This paper focuses on Pillar 2 which expands the range of instruments available to the regulator when intervening with banks that are capital inadequate and investigates the complementarity between Pillar 1 (risk-based capital requirements) and Pillar 2. In particular, the paper focuses on the role of closure rules when recapitalization is costly. In the model banks are able to manage their portfolios dynamically and their decisions on recapitalization and capital structure are determined endogenously. A feature of our approach is to consider the costs as well as the benefits of capital regulation and to accommodate the behavioral response of banks in terms of their portfolio strategy and capital structure. The paper argues that problems of capital adequacy are minor unless, in at least some states of the world, banks are able to violate the capital adequacy rules. The paper shows how the role of Pillar 2 depends on the effectiveness of capital regulation, i.e., the extent to which banks can "cheat".

- by Loriana Pelizzon
- •
- Portfolio Management, Risk Management, Capital Structure, Developing Country

We build an extension of a small open economy DSGE model to incorpo- rate in policy simulations and forecasts a feedback loop between a banking sector, bank capital, and default risk on the one hand, and real activity on the other hand in economies exposed to currency and maturity mismatches. The framework can be used to address the following four broad categories of issues: (I) the effect of the state of the banking sector (especially its capi- talisation) on the predictions of macroeconomic indicators, (II) assessing the risks of large balance sheet effects vis-` a-vis large financial shocks and deval- uations or depreciations, (III) using time-vayring capital requirements as a complementary policy instrument, and (IV) providing basic macroeconomic and dynamic consistency in systemic risk simulations and early warning ex- ercises.

- by Andrea Gerali
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- Monetary Policy, Early Warning, Bank Capital, Default Risk

This paper reports new findings on the determinants of bank capital ratios. The results are from an unbalanced panel data set spanning eight years around the period of the 1997-1998 Asian financial crisis. Test results suggest a strong positive link between regulatory capital and bank management's risk-taking behaviour. The risk-based capital standards of the regulators did not have an influence on how regulatory capital is adjusted by low-capitalized banks, perhaps due to the well-documented banking fragility during the test period. Finally, bank capital decisions seem not to be driven by bank profitability, which finding is inconsistent with developed country literature that has for long stressed the importance of banks' earnings as driving capital ratios. Although the study focuses only on one developing economy, these findings may help to identify the correlates of bank capital ratios in both developed and developing economies since this topic has received scant attention of researchers. These findings are somewhat consistent with how banks engaging in risky lending across the world could have brought on the 2007-2008 banking liquidity and capital erosion crisis.

- by Michael Skully and +1
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- Risk Taking, Panel Data, Financial Crisis, Developing Country
- by winston.moore@cavehill.uwi.edu Moore
- •
- Finance, Accounting, Financial System, Bank Capital

The paper extends the option-theoretic framework for the estimation of risk-adjusted deposit premiums to the calculation of risk-based capital adequacy standards. Based on market data for equity and the book value of debt, the model solves for the market value of the capital infusion required to lower the implied deposit premium to acceptable levels of risk. This capital infusion can then be translated into market-value capital adequacy standards and book-value capitalasset ratios, the determination of which is within the current statutory discretion of regulatory agencies. The model is empirically applied to a sample of 43 major U,S. banks. *The authors gratefully acknowledge the helpful suggestions and comments of the participants at finance seminars at

- by Avinash Verma
- •
- Applied Mathematics, Bank Capital, Risk Based Capital, Deposit Insurance

This paper addresses the bank credit channel of monetary policy in the Philippines by adding and respecifying a dynamic, structural, economy-wide macro econometric model. The main question is whether the credit channel matters in transmitting impulses to the real economy in the Philippines. The evidence on the bank credit channel is obtained by estimating changes in bank credit that take into account not only the monetary policy indicators, but specific banking indicators to monetary policy actions, such as bank capital. Simulation results suggest that bank credit channel matters in Philippine monetary transmission mechanism. The total demand impact of changes in bank credit is the sum of various effects in the money supply, Treasury bill and lending rates, personal consumption and investment, all of which have significant impact on aggregate demand. However, the impact of a monetary policy tightening on output appears to be relatively moderate and quite long. Meanwhile, the impact ...

- by Veronica Bayangos
- •
- Economics, Monetary Policy, Bank Capital, Liquidity

Using a comprehensive and unique database of Philippine financial intermediaries from 2001- 2009, we examine how the bank capital position influences the management of loan-loss provisioning. The results show evidence of capital management through loan-loss provisioning. We also find a procyclical behavior of banks in loan loss provisioning but such a link is influenced in a non-linear way by bank capitalization: both low-capitalized and well- capitalized banks provision by less (more) during an economic expansion (downturn).

Over the last decade, national and international regulatory bodies, in an attempt to lessen the chance of a bank failure, have imposed ever stricter capital adequacy requirements on banks with little or no knowledge of the net benefits of such restrictions. This study tries to right this imbalance by developing a framework for measuring the costs and benefits of capital

- by George M Sheldon
- •
- Bank Capital, Nonparametric Regression, Cost Benefit Analysis, Bank failure

This paper compares the use of capital budgeting techniques of conventional and Islamic financial institutions, using data obtained from a survey of 105 conventional and Islamic financial institutions. Our main aim is to analyze the use of capital budgeting and risk techniques by the two types of financial institutions from a comparative perspective to see whether prohibition of riba makes

- by Jasim Al-Ajmi
- •
- Accounting, Risk, Risk assessment, Financial Institutions

In 1988, an agreement was reached in Basel to set common requirements of bank capital in order to promote the soundness and stability of the international banking system. In line with the agreement, banks were required to hold capital in proportion to their perceived credit risks, which may have caused a "credit crunch," and a significant reduction in credit supply. We investigate the direct link between the implementation of the Basel Accord and lending activities using a data set of annual observations from 1989 to 2004 for banks in Egypt, Jordan, Lebanon, Morocco, and Tunisia. The results provide support evidence of a significant increase in credit growth following the implementation of capital regulations in general. Despite the higher capital adequacy ratio, banks expanded credit and assets. Credit growth appears to be driven by demand fluctuations attributed to real growth, cost of borrowing and exchange rate risk. Overall, the effects of macroeconomic variables, in contrast to capital adequacy, appear to be more dominant in determining credit growth, regardless of the capital adequacy ratio, and variation across banks by nationality, ownership, and listing.

- by Magda Kandil and +1
- •
- Credit Risk, Bank Capital, Working Papers, Macroeconomic Variables
- by Alistair Milne
- •
- Regulation, United States, Bank Capital, Financial Stability
- by Michael Gordy and +1
- •
- Bank Capital, Basel II, Market Discipline, Bank Regulation

Various mechanisms of prudential oversight over the financial system can help to make an economy more resistant to contagious financial shocks. Better and more realistic
supervision of institutions is needed both in capital-importing and capital-exporting countries. This paper examines international rules for capital ratios, how far implicit and explicit guarantees undermine financial agents’ and institutions’ sense of responsibility for their own decisions, what can be done to strengthen the operation of
market discipline for banks, and the need to develop deeper
financial markets so that the concentration of the risks in the banking system can be diluted. Given differences in country circumstances, the focus of international cooperation
should be to ensure that generally agreed principles needed to
ensure strong banking systems are applied worldwide.

- by John Hawkins
- •
- Emerging Economies, Credit Ratings, Bank Capital, Banking Supervision

We develop and calibrate a dynamic equilibrium model of relationship lending in which banks are unable to access the equity markets every period and the business cycle is a Markov process that determines loans' probabilities of default. Banks anticipate that shocks to their earnings and the possible variation of capital requirements over the cycle can impair their future lending capacity and, as a precaution, hold capital buffers. We compare the relative performance of several capital regulation regimes, including one that maximizes a measure of social welfare. We show that Basel II is significantly more procyclical than Basel I, but makes banks safer. For this reason, it dominates Basel I in terms of welfare except for small social costs of bank failure. We also show that for high values of this cost, Basel III points in the right direction, with higher but less cyclically-varying capital requirements.

- by Rafael Repullo
- •
- Economic Theory, Applied Economics, Social Welfare, Relationship lending
- by Dimitrios Tsomocos
- •
- Economics, Mathematical Economics, Regulation, Policy Analysis

The purpose of this paper is to assess the choice between adopting a monetary base or an interest rate setting instrument to maintain financial stability. Our results suggest that the interest rate instrument is preferable, since during times of a panic or financial crisis the Central Bank automatically satisfies the increased demand for money. Thus, it prevents sharp losses in asset values and enhanced asset volatility.

- by Dimitrios Tsomocos
- •
- Demand for Money, Monetary Policy, Financial Crisis, Bank Capital

- by Nirupama Kulkarni
- •
- Financial Crisis, Developing Country, Bank Capital, Banking system

- by João Santos
- •
- Financial System, Bank Capital, Market Failure, Bank Regulation
- by Joseph Sinkey and +1
- •
- Stock Market, Moral Hazard, Bank Capital, Banking Supervision