180 research outputs found
Monetary policy and the banking sector in Turkey
No full textWe find that monetary policy influenced Turkish bank lending between 1991 and 2007 through the money and bank lending channels. While capital and GDP growth have positive and significant long-run effects on bank loan growth, inflation, bank size and efficiency are not significant determinants. The latter is despite our finding that all Turkish banks' efficiency improved over the period. Domestic banks are unexpectedly found to be more efficient than foreign banks. With no evident dynamics or fixed-effects in loan growth we prefer the pooled-OLS estimator. We caution against assuming fixed-effects and dynamics are present as this may adversely affect inference. © 2013 Elsevier B.V
Money Banking and Financial Markets in Central and Eastern Europe
No full textThis is a comprehensive and lucid survey of the economic challenges which transition economies have undergone in the last twenty years. It gives a deep insight into the banking sector and financial markets of Central and Eastern European countries, examining their integration into the European Union and the key obstacles which prevent full integration. With contributions from both academics and practitioners, the book comments on and evaluates market changes and monetary policy in the region. It applies rigorous and advanced tools to analyse the ongoing development and remaining problems, including the impact and consequences of the current financial crisis
Financial Integration in the European Union
No full textThis edited collection assesses the level of financial integration in the European Union (EU) and the differences across the countries and segments of the EU financial system. Progress in financial integration is key to the EU’s economic growth and competitiveness and although it has advanced substantially, the process is still far from completion. This book focuses on the pace of financial integration in the EU with special emphasis on the new EU Member States and investigates their progress in comparison with ‘old’ EU countries.
The book is the first of its kind to include and evaluate the effects of the global financial crisis on the process of EU financial integration. In particular, the book’s contributors address the issue of whether a high degree of financial integration contributed to the intensification of the financial crisis, or whether a low level of integration prevented countries and financial industries from some of the negative effects of the crisis. Although most of the chapters apply contemporary econometric tools, the technical part is always reduced to indispensable minimum and the emphasis is given to economic interpretation of the results. The book aims to offer an up to date and insightful examination of the process of financial integration in the EU today
The Palgrave Handbook of FinTech and Blockchain
No full textFinancial services technology and its effect on the field of finance and banking has been of major importance within the last few years. The spread of these so-called disruptive technologies, including Blockchain, has radically changed financial markets and transformed the operation of the industry as a whole. This is the first multidisciplinary handbook of FinTech and Blockchain covering finance, economics, and legal aspects globally. With comprehensive coverage of the current landscape of financial technology alongside a forward-looking approach, the chapters are devoted to the spread of structured finance, ICT, distributed ledger technology (DLT), cybersecurity, data protection, artificial intelligence, and cryptocurrencies. Given an unprecedented 2020, the contributions also address the consequences of the current emergency, and the pandemic stroke, which is revolutionizing social and economic paradigms and heavily affecting Fintech, Blockchain, and the banking sector as well, and would be of particular interest to finance academics and researchers alongside banking and financial services professionals.
Foreword
i. INTRODUCTION 1. The Context 2. Fintech & Historical Perspective 3. Blockchain as a key driver for Fintech
ii. FINTECH & BLOCKCHAIN: INTERNATIONAL OVERVIEW 4. Development of Fintech in USA 5. Fintech in the UK: The main challenges 6. The Competitiveness of Fintech Firms in Europe 7. Hong Kong: Fintech Hub in Asia
iii. DISRUPTIVE INNOVATIONS, FROM ICT TO FINTECH 8. Fintech and Blockchain: Contemporary Issues 9. Financial Engineering and ICT in the past 10. New Paradigms and Disruptive Innovations
iv. BLOCKCHAIN TECHNOLOGY 11. Blockchain Technology: Recent Challenges 12. Blockchain Infrastructres, Platforms and Protocols 13. Distributed Ledger Systems 14. ICT e Big Data Management 15. Internet of Things & Artificial Intelligence
v. THE USE OF BLOCKCHAIN IN FINANCIAL SERVICES 16. Technological Innovation in Financial Services 17. Blockchain in Banking 18. Digital services demand dynamics 19. New Customer needs and Expectations 20. Fintech and Financial Intermediation 21. Financial Disintermediation: The Case of Peer to Peer Lending 22. Insurtech and Peer to Peer Insurance 23. Digital Currencies & Payment Systems 24. Cyber Risks
vi. REGTECH: CYBERSECURITY, TRANSPARENCY, and PROTECTION 25. Cryptography & Cybersecurity 26. Smartcontracts 27. Legal & Regulatory Profiles 28. Regulatory Practices and new Approaches 29. Consumer protection and Transparency 30. Fintech & Financial Stability 31. Supervision & Control vii. INCUMBENTS AND FUTURE IMPLICATIONS of Fintech 32. Fintech after Industry 4.0 33. Digital Innovation and Sustainability 34. Industry Trends and Global Issues
viii. THE WAY TO THE UNPREDICTABLE INNOVATIO
What is the impact of bankrupt and restructured loans on Japanese bank efficiency?
No full textThe Japanese banking system provides a distinctive platform for the examination of the long-lasting effect of problem loans on efficiency. We measure technical efficiency by modifying a translog enhanced hyperbolic distance function with two undesirable outputs, identified as problem loans and problem other earning assets. Our unique database allows us to distinguish between bankrupt and restructured loans to investigate the underlying causality between these loans and efficiency. From the flexible panel vector autoregression specification, primary results reveal that bankrupt loans have a positive impact on efficiency related to the “moral hazard, skimping” hypothesis, with the causality originating from bankrupt loans. In contrast, findings for the relationship between restructured loans and efficiency support the “bad luck” hypothesis
Financial development and productive inefficiency: A robust conditional directional distance function approach
No full textThis paper examines whether the level of financial development helps lower countries’ inefficiency using time-dependent robust conditional directional distance functions in a sample of 91 countries over 1970–2011. The overall results reveal that the effect of financial development on countries’ productive inefficiency is highly nonlinear, and depends on countries’ income levels, suggesting that higher levels of financial development are enhancing more countries’ catching-up ability rather than their technological change
Financial centres' competitiveness and economic convergence: Evidence from the European Union regions
No full textThis study analyses the gaps in financial centres' competitiveness and their impact on regional economic convergence in 23 European Union Member States during the period of the Global Financial Crisis. In particular, we explore the economic convergence and divergence patterns among regions from two different perspectives across the selected European Union Member States and within each country. From a methodological viewpoint, we apply a fully non-parametric framework to the club convergence model and address the endogeneity problem between financial centres' competitiveness and regional economic convergence. Our results show that the large and internationally-oriented financial centres experienced a diverging trend in terms of the competitiveness of financial centres' business environment during the peak of the crisis. We also find evidence that the convergence of financial centres reduces regional economic inequalities between the regions where financial centres are located. In contrast, the increase in the competitiveness of financial centres only serves to widen existing inequalities at the national level. Finally, we examine and discuss the impact of competitiveness drivers of financial centres on the convergence pattern of European Union regions.</p
From Disruption to Post-pandemic Scenario
No full textFollowing the previous Chapter 18, this concluding this chapter (Part 2 of two) puts forward options for regulators triggered by COVID-19, bringing to the conclusion that the pandemic is an unprecedented opportunity to redefining boundaries and refocusing the priority on innovation for transparency. © The Author(s), under exclusive license to Springer Nature Switzerland AG 2021
Bank efficiency and financial centres: does geographical location matter?
No full textThis paper examines the relationship between bank performance and geographical location with respect to the two major global financial centres, New York and London. It provides new insights on the spatial effects of the 2008–2009 Global Financial Crisis (GFC) on the technical efficiency of the top-1000, world-leading banks in terms of total assets. The results reveal that the distance of banks’ headquarters to these financial centres matters. In particular, banks that are located at a bigger distance from New York and London present a lower technical efficiency than banks that are closer to these financial centres. In addition, the results show that the Global Financial Crisis has magnified the effect of distance and the need for banks to be closer to global financial centres during the ‘core’ of that period
The interconnections of academic research and universities’ “third mission”: Evidence from the UK
No full textA considerable body of work acknowledges the importance and benefits of the university-industry relationship for the economy and society, but also for increasing the revenue of universities themselves (known also as universities' "third mission"). However, questions have also been raised about the consequences of the university-industry relationship and its impact on their traditional role. This paper contributes to this debate by exploring whether and how being efficient in generating income from engagement activities impacts on universities' research performance. By using a sample of 119 UK higher educational institutions for period 2007-2014, and controlling for endogeneity issue, the results show that efficiency in terms of university-industry income and research performance exhibits a nonlinear relationship for both universities established before ("old universities"), and after ("new universities"), the Higher Education Act 1992 (HEA). However, for high level of efficiency, "old universities" do not appear able to improve their research performance further. Finally, positive synergies between the third mission and research mission decline in a more teaching-oriented environment. We conclude that policy makers should account for organisational heterogeneity and teaching orientation to promote research excellence effectively by stimulating engagement
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