同业业务对银行风险承担的影响文献综述
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摘要
通过梳理国内外关于同业业务与银行风险之间关系相关文献的研究发现:对银行同业业务发展的研究目前较多地停留在同业业务对银行的某一方面风险的影响上,理论研究相对匮乏,实证结论尚不完全一致;并且很少有对同业业务对整个银行经营风险的影响进行研究,但这些研究也为探究同业业务对银行风险承担的研究打下了基础,因此这方面的理论和实证研究都还有很大的空间。鉴于同业业务创新速度较快,未来有必要结合理论与实证研究同业业务对银行风险承担的影响,并加强我国商业银行同业市场动态监管政策的研究。
By combing the research on the relationship between inter-bank business and bank risk, it is found that the research on the inter-bank business development is mostly stuck in the impact of inter-bank business on a certain aspect of the bank's risk. The theoretical research is scarce and the empirical conclusion is still inconsistent. And there is very little research on the impact of inter-bank business on the overall bank's operational risk, but these studies also lay the foundation for exploring the inter-bank business' research on bank risk taking, so there is still a lot of space on theoretical and empirical research.In view of the rapid innovation of inter-bank business, it is necessary to combine theoretical and empirical research on the impact of inter-bank business on bank risk exposure, and strengthen the research on the dynamic supervision policy of inter-bank market in China, which has great theoretical and practical significance.
By combing the research on the relationship between inter-bank business and bank risk, it is found that the research on the inter-bank business development is mostly stuck in the impact of inter-bank business on a certain aspect of the bank's risk. The theoretical research is scarce and the empirical conclusion is still inconsistent. And there is very little research on the impact of inter-bank business on the overall bank's operational risk, but these studies also lay the foundation for exploring the inter-bank business' research on bank risk taking, so there is still a lot of space on theoretical and empirical research.In view of the rapid innovation of inter-bank business, it is necessary to combine theoretical and empirical research on the impact of inter-bank business on bank risk exposure, and strengthen the research on the dynamic supervision policy of inter-bank market in China, which has great theoretical and practical significance.
引文
[1]KANE E J. Accelerating Inflation,Technological Innovation,and the Decreasing Effectiveness of Banking Regulation[J].Journal of Finance,1981,36(2):355-367.
[2]SILBER W L.The Process of Financial Innovation[J].American Economic Review,1983,73(2):89-95.
[3]HEDICK N.The Innovations of Interbank Behavior[J].Journal of Financial Economics,1994,35(3):317-348.
[4]WHITE E N.Before the Glass-Steagall Act:An Analysis of the Investment Banking Activities of National Banks[J].Explorations in Economic History,1986,23(1):33-55.
[5]CASTIGLIONESI F,FERIOZZI F,L魷R魣NTH G,et al.Liquidity Coinsurance and Bank Capital[J].Journal of Money Credit&Banking,2014,46(2-3):409-443.
[6]孙勇.银行同业业务创新对信贷管制的突破研究[J].财经问题研究,2014(2):46-51.
[7]陈晖阳,李心丹,王宇超.银行业运行效率是否存在帕累托改进的空间———商业银行金融同业业务发展模式分析[J].南京社会科学,2015(6):31-38.
[8]CASTIGLIONESI F,FERIOZZI F,LORENZONI G.Financial Integration and Liquidity Crises[J].Nber Working Papers,2017,37(12):373-382.
[9]GRILLI R,TEDESCHI G,GALLEGATI M.Markets Connectivity and Financial Contagion[J].Journal of Economic Interaction&Coordination,2015,10(2):287-304.
[10]魏国雄.有效防范银行同业业务风险[J].中国金融,2014(8):15-17.
[11]许余洁.银行间流动性的同业视角[J].中国金融,2014(8):23-24.
[12]中国人民银行上海总部公开市场操作部课题组,朱沛.同业创新业务对中小商业银行流动性管理带来的挑战及应对[J].上海金融,2015(8):15-28.
[13]郑超.商业银行同业业务资产配置、资产收益率和渠道成本研究[J].现代管理科学,2015(10):58-60.
[14]王曼怡,薛路遥.基于信息熵的我国银行同业业务流动性风险研究[J].国际经济合作,2015(12):83-86.
[15]张萌.银行同业违约情景下的流动性风险压力测试[J].经济问题探索,2016(12):151-158.
[16]张一林,刘雪松,周颖.中国银行间市场的运行逻辑[J].财经科学,2017(11):18-31.
[17]吴念鲁,徐丽丽,苗海宾.我国银行同业之间流动性风险传染研究———基于复杂网络理论分析视角[J].国际金融研究,2017(7):34-43.
[18]ROCHET J C,TIROLE J.Interbank Lending and Systemic Risk[J]. Journal of Money Credit&Banking,1996,28(4):733-762.
[19]Allen F,Gale D.Financial Contagion[J].Journal of Political Economy,2000,108(1):1-33.
[20]FREIXAS X,PARIGI B M,ROCHET J C.Systemic Risk,Interbank Relations,and Liquidity Provision by the Central Bank[J].Journal of Money Credit&Banking,2000,32(3):611-638.
[21]UPPER C,WORMS A.Estimating Bilateral Exposures in the German Interbank Market:Is There a Danger of Contagion?[J].Discussion Paper,2002,48(4):827-849.
[22]WELLS S.UK Interbank Exposures:Systemic Risk Implications[J].Financial Stability Review,2002(1).
[23]FURFINE C H.Interbank Exposures:Quantifying the Risk of Contagion[J]. Journal of Money Credit&Banking,2003,35(1):111-128.
[24]SCHNABEL I,SHIN H S.Liquidity and Contagion:The Crisis of 1763[J].Journal of the European Economic Association,2004,2(6):929-968.
[25]SHELDON G,MAURER M.Interbank Lending and Systemic Risk:An Empirical Analysis for Switzerland[J].Swiss Journal of Economics&Statistics,2008,134:685-704.
[26]BRUNNERMEIER M K.Deciphering the Liquidity and Credit Crunch 2007-2008[J].Journal of Economic Perspectives,2009,23(1):77-100.
[27]WOLSKI M,LEUR M V D.Interbank Loans,Collateral and Modern Monetary Policy[J].Journal of Economic Dynamics&Control,2016,73:388-416.
[28]MISTRULLI P E.Assessing Financial Contagion in the Interbank Market:Maximum Entropy Versus Observed Interbank Lending Patterns[J]. Journal of Banking&Finance,2011,35(5):1114-1127.
[29]LADLEY D. Contagion and Risk-sharing on the Interbank Market[J].Journal of Economic Dynamics&Control,2013,37(7):1384-1400.
[30]BOISSAY F,COLLARD F,SMETS F.Booms and Banking Crises[J].Social Science Electronic Publishing,2016,124(4):489-538.
[31]肖崎,阮健浓.银行同业业务发展现状及风险分析[J].金融论坛,2014,19(2):58-64.
[32]肖崎,阮健浓.我国银行同业业务发展对货币政策和金融稳定的影响[J].国际金融研究,2014(3):65-73.
[33]章向东,姚斌.商业银行同业业务风险与顺周期性研究[J].金融论坛,2014,19(4):65-71.
[34]邵汉华,杨俊,廖尝君.商业银行同业业务扩张与货币政策传导———基于银行信贷渠道的实证检验[J].金融经济学研究,2015,30(2):15-25.
[35]吴军,黄丹.商业银行同业业务超常扩张对金融稳定的影响———基于15家商业银行的实证分析[J].金融论坛,2015,20(5):36-43.
[36]廉永辉.同业网络中的风险传染———基于中国银行业的实证研究[J].财经研究,2016,42(9):63-74.
[37]ROCHET J C,TIROLE J.Interbank Lending and Systemic Risk[J].Journal of Money Credit&Banking,1996,28(4):733-762.
[38]罗中,缪海斌.商业银行同业资产扩张与风险承担———基于中国银行业的实证研究[J].金融监管研究,2013(8):54-65.
[39]翟光宇,何玉洁,孙晓霞.中国上市银行同业业务扩张与银行风险———基于2007-2013年季度数据的实证分析[J].投资研究,2015,34(2):34-45.
[40]赵成珍,宋锦玲.货币政策风险承担渠道存在性研究———基于新型银行同业业务的视角[J].技术经济与管理研究,2017(7):70-76.
[41]周再清,甘易,胡月.商业银行同业资产特性与风险承担行为———基于中国银行业动态面板系统GMM的实证分析[J].国际金融研究,2017(7):66-75.
[2]SILBER W L.The Process of Financial Innovation[J].American Economic Review,1983,73(2):89-95.
[3]HEDICK N.The Innovations of Interbank Behavior[J].Journal of Financial Economics,1994,35(3):317-348.
[4]WHITE E N.Before the Glass-Steagall Act:An Analysis of the Investment Banking Activities of National Banks[J].Explorations in Economic History,1986,23(1):33-55.
[5]CASTIGLIONESI F,FERIOZZI F,L魷R魣NTH G,et al.Liquidity Coinsurance and Bank Capital[J].Journal of Money Credit&Banking,2014,46(2-3):409-443.
[6]孙勇.银行同业业务创新对信贷管制的突破研究[J].财经问题研究,2014(2):46-51.
[7]陈晖阳,李心丹,王宇超.银行业运行效率是否存在帕累托改进的空间———商业银行金融同业业务发展模式分析[J].南京社会科学,2015(6):31-38.
[8]CASTIGLIONESI F,FERIOZZI F,LORENZONI G.Financial Integration and Liquidity Crises[J].Nber Working Papers,2017,37(12):373-382.
[9]GRILLI R,TEDESCHI G,GALLEGATI M.Markets Connectivity and Financial Contagion[J].Journal of Economic Interaction&Coordination,2015,10(2):287-304.
[10]魏国雄.有效防范银行同业业务风险[J].中国金融,2014(8):15-17.
[11]许余洁.银行间流动性的同业视角[J].中国金融,2014(8):23-24.
[12]中国人民银行上海总部公开市场操作部课题组,朱沛.同业创新业务对中小商业银行流动性管理带来的挑战及应对[J].上海金融,2015(8):15-28.
[13]郑超.商业银行同业业务资产配置、资产收益率和渠道成本研究[J].现代管理科学,2015(10):58-60.
[14]王曼怡,薛路遥.基于信息熵的我国银行同业业务流动性风险研究[J].国际经济合作,2015(12):83-86.
[15]张萌.银行同业违约情景下的流动性风险压力测试[J].经济问题探索,2016(12):151-158.
[16]张一林,刘雪松,周颖.中国银行间市场的运行逻辑[J].财经科学,2017(11):18-31.
[17]吴念鲁,徐丽丽,苗海宾.我国银行同业之间流动性风险传染研究———基于复杂网络理论分析视角[J].国际金融研究,2017(7):34-43.
[18]ROCHET J C,TIROLE J.Interbank Lending and Systemic Risk[J]. Journal of Money Credit&Banking,1996,28(4):733-762.
[19]Allen F,Gale D.Financial Contagion[J].Journal of Political Economy,2000,108(1):1-33.
[20]FREIXAS X,PARIGI B M,ROCHET J C.Systemic Risk,Interbank Relations,and Liquidity Provision by the Central Bank[J].Journal of Money Credit&Banking,2000,32(3):611-638.
[21]UPPER C,WORMS A.Estimating Bilateral Exposures in the German Interbank Market:Is There a Danger of Contagion?[J].Discussion Paper,2002,48(4):827-849.
[22]WELLS S.UK Interbank Exposures:Systemic Risk Implications[J].Financial Stability Review,2002(1).
[23]FURFINE C H.Interbank Exposures:Quantifying the Risk of Contagion[J]. Journal of Money Credit&Banking,2003,35(1):111-128.
[24]SCHNABEL I,SHIN H S.Liquidity and Contagion:The Crisis of 1763[J].Journal of the European Economic Association,2004,2(6):929-968.
[25]SHELDON G,MAURER M.Interbank Lending and Systemic Risk:An Empirical Analysis for Switzerland[J].Swiss Journal of Economics&Statistics,2008,134:685-704.
[26]BRUNNERMEIER M K.Deciphering the Liquidity and Credit Crunch 2007-2008[J].Journal of Economic Perspectives,2009,23(1):77-100.
[27]WOLSKI M,LEUR M V D.Interbank Loans,Collateral and Modern Monetary Policy[J].Journal of Economic Dynamics&Control,2016,73:388-416.
[28]MISTRULLI P E.Assessing Financial Contagion in the Interbank Market:Maximum Entropy Versus Observed Interbank Lending Patterns[J]. Journal of Banking&Finance,2011,35(5):1114-1127.
[29]LADLEY D. Contagion and Risk-sharing on the Interbank Market[J].Journal of Economic Dynamics&Control,2013,37(7):1384-1400.
[30]BOISSAY F,COLLARD F,SMETS F.Booms and Banking Crises[J].Social Science Electronic Publishing,2016,124(4):489-538.
[31]肖崎,阮健浓.银行同业业务发展现状及风险分析[J].金融论坛,2014,19(2):58-64.
[32]肖崎,阮健浓.我国银行同业业务发展对货币政策和金融稳定的影响[J].国际金融研究,2014(3):65-73.
[33]章向东,姚斌.商业银行同业业务风险与顺周期性研究[J].金融论坛,2014,19(4):65-71.
[34]邵汉华,杨俊,廖尝君.商业银行同业业务扩张与货币政策传导———基于银行信贷渠道的实证检验[J].金融经济学研究,2015,30(2):15-25.
[35]吴军,黄丹.商业银行同业业务超常扩张对金融稳定的影响———基于15家商业银行的实证分析[J].金融论坛,2015,20(5):36-43.
[36]廉永辉.同业网络中的风险传染———基于中国银行业的实证研究[J].财经研究,2016,42(9):63-74.
[37]ROCHET J C,TIROLE J.Interbank Lending and Systemic Risk[J].Journal of Money Credit&Banking,1996,28(4):733-762.
[38]罗中,缪海斌.商业银行同业资产扩张与风险承担———基于中国银行业的实证研究[J].金融监管研究,2013(8):54-65.
[39]翟光宇,何玉洁,孙晓霞.中国上市银行同业业务扩张与银行风险———基于2007-2013年季度数据的实证分析[J].投资研究,2015,34(2):34-45.
[40]赵成珍,宋锦玲.货币政策风险承担渠道存在性研究———基于新型银行同业业务的视角[J].技术经济与管理研究,2017(7):70-76.
[41]周再清,甘易,胡月.商业银行同业资产特性与风险承担行为———基于中国银行业动态面板系统GMM的实证分析[J].国际金融研究,2017(7):66-75.