Warianty tytułu
Czy powinniśmy się obawiać "potężnych" banków? : siła rynkowa banków a ich bufory płynnościowe
Języki publikacji
Abstrakty
In recent years we have observed a significant increase in bank market power worldwide. On the one hand, powerful banks may manage their financial positions more safely to be able to benefit from their position at any time. On the other hand, such banks might explore their power at their own advantage and manage their capital more aggressively exerting typical moral hazard behaviour. In this paper, we analyse how powerful banks manage their liquidity. The results indicate that powerful banks use their power and keep lower liquidity buffers, all else being equal. Though the result is highly significant in developed countries and normal times, it is less marked in emerging countries and during crisis periods. We argue that bank power should be considered as an important factor in banking supervision and regulatory models on liquidity buffers. (original abstract)
W ostatnim czasie mogliśmy zaobserwować rosnącą siłę rynkową pojedynczych banków. Ostatnie badania naukowe, szczególnie z kryzysu z 2008 r., wskazały, że takie instytucje mogą wykorzystywać swoją przewagę konkurencyjną względem pozostałych banków w sektorze czy samych regulatorów. W naszym badaniu analizujemy, w jaki sposób siła rynkowa poszczególnych instytucji, mierzona wskaźnikiem Lernera, przekłada się na ich wskaźniki płynnościowe. Odpowiedź na to pytanie badawcze nie jest oczywista. Z jednej strony możemy oczekiwać, że banki o silniejszej pozycji rynkowej będą ostrożniej zarządzały swoją płynnością ze względu na chęć wykorzystania swojej pozycji konkurencyjnej w każdym momencie. W takich instytucjach powinniśmy również zauważać wyższe wskaźniki płynności aniżeli w instytucjach o słabszej sile rynkowej. Z drugiej strony banki o wyższej sile rynkowej mogą wykorzystywać swoją pozycję rynkową i zachowywać się bardziej agresywnie, a tym samym wykazywać niższe wskaźniki płynności. Nasze badanie ma na celu zweryfikowanie powyższych hipotez. W tym celu analizujemy zależność pomiędzy siłą rynkową 17,5 tys. banków z 47 krajów w latach 1996-2013 a wskaźnikami płynnościowymi tych instytucji. W swojej analizie stosujemy regresję panelową z efektami stałymi, włączając również zmienne binarne w odniesieniu do każdego roku. Nasze wyniki pozostają jednak niezmienne w przypadku wykorzystania innych modeli regresji, co wykazujemy w rozdziale 5 "Robustness check". Wyniki naszego badania wskazują, że banki o silniejszej pozycji rynkowej utrzymują niższe wskaźniki płynności, przy wszystkich pozostałych efektach ceteris paribus. Interesującym wnioskiem z badania jest to, że wyniki różnią się w zależności od specyfiki gospodarki, w której funkcjonują banki, tj. w krajach rozwiniętych versus rozwijających się, jak również w zależności od analizowanego okresu działalności. Wyniki regresji są wysoce statystycznie istotne dla banków w krajach rozwiniętych, jak również dla okresu prosperity, jednak nie możemy tego potwierdzić dla instytucji działających w krajach rozwijających się czy okresu kryzysu finansowego. Wnioski z naszego badania wskazują na to, że wielkość niekoniecznie powinna być głównym wyznacznikiem regulacyjnym w odniesieniu do działalności banków. Kryzys finansowy pokazał, że siła rynkowa banków może w większym stopniu determinować ich zachowania, co odzwierciedla się w ich wskaźnikach finansowych. Z tego powodu instytucje nadzorcze powinny zacząć się przyglądać bankom o wysokiej sile rynkowej, a nie tylko instytucjom "zbyt dużym, by upaść". (abstrakt oryginalny)
Twórcy
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