外资银行进入对本土银行业绩效和稳定性的影响
|
摘要
银行业作为我国国民经济的枢纽与核心部门,其运行效率和稳定性直接关乎国家金融体系和宏观经济的平稳健康发展。面对日益复杂的经济环境,如何进一步增强仍处于转型期与监管尚不完善的银行体系的稳定性,已成为金融改革攻坚阶段中的关键问题。因此本文采用有微观基础的数学模型、面板Logit和系统广义矩估计GMM等计量模型,探讨与我国国情相似的中东欧转型国家金融开放过程中外资进入对银行绩效和稳定性的作用机理与影响效应,进而详细分析我国银行业对外开放过程中外资银行进入对我国银行业体系绩效和稳定性的影响,为银行监管部门制定适宜的监管政策,进一步深化银行业体制改革提供政策建议。
(1)详细比较与我国国情相似的中东欧转型国家银行危机和我国银行业高风险的发展背景,阐述中东欧和我国的外资银行引入战略以及对本土银行业的影响,引申出后续研究命题。
(2)通过分析中东欧转型国家金融开放过程中外资进入和制度变迁对银行危机的影响机理发现：在制度设计严重缺失的背景下,中东欧国家贸然引进外资会危及银行系统的稳定性,加剧银行危机的发生概率；但随其国内相关法律与监管措施的不断完善,外资银行进入对中东欧转型国家银行绩效的提升具有显著作用；金融过度开放将会导致银行体系对外资的高度依赖,在面临外生性冲击时,外资银行“传染效应”会导致中东欧国家银行业巨大的系统性风险。
(3)通过分析外资银行进入对我国商业银行的绩效发现：当外资银行进入度超过临界点时,缘于竞争的加剧,我国银行不得不加大投入,导致其运营成本率提高；净息差收益率与外资银行进入之间呈现出倒U型关系,表现出明显的阈值效应；外资银行在进入之初就促进了我国银行税前利润率的下降。
(4)引进境外战略投资者是中国银行业改革进程中的关键环节,在计算了不良贷款约束下的全要素生产率指数的基础上,对国内银行引进境外战略投资者的影响效应进行了分析,实证结果表明：随着境外战略投资者进入程度的加深,商业银行的全要素生产率和纯技术效率指数呈现先下降后上升的U型特征,这种特征不因银行的所有权性质而产生显著的差异。同时,我国商业银行的效率水平与境外战略投资者的持股时间成正比例发展关系。
(5)金融开放与外资银行进入必然会放大一国银行业的潜在风险,对我国银行业的稳定性形成冲击。通过研究宏观经济发展与银行业监管水平与外资银行进入对商业银行体系的稳定性的交互作用发现：宏观经济发展水平和银行业监管水平对外资银行进入对我国银行体系稳定性影响有正向的促进作用；而外资银行进入对我国银行体系稳定性的影响存在着一定的阶段性。
As the core sectors of the national economy, the efficiency and stability of the banking sector is directly related to the stable and healthy development of the macro-economic. In the background of transition and increasingly complex economic environment, how to further strengthen the stability of the banking system has become the key issues in the crucial stage of financial reform. This article uses the micro-based mathematical model, the panel probit and system GMM econometric model, explores the effect of foreign bank entry on the bank performance and stability during the transition process of financial liberalization of the Central and Eastern European countries, and then analyzes the effect of foreign bank entry on the bank performance and stability of China banking sector during the reform process and the development of regulatory policies, meanwhile, provides some policy advice to the banking regulatory authorities to further deepen the reform of the banking sector system.
First, Comparative analyzes the background of banking crisis and high risk between Central and Eastern Europe transition countries and China, and elaborate the introduction of foreign banks and the impact on the Eastern Europe transition countries's and China's banking sector respectively, and then put forward to the following propositions.
Secondly,The aim of this chapter is to obtain some conclusion to promote the reform of Chinese banking by analyzing the mechanism of foreign bank entry and bank crisis from the perspective of institutional change in Central and Eastern Europe transition countries. The paper finds the foreign bank entry increased the probability of bank crisis in the background of the defection in legal system. With the improvement of legal and financial regulatory system, foreign banks exerted a significant impact on promoting the performance of Central Eastern Europe countries' banking. However, the financial liberalization led to Central Eastern Europe countries'banking excessively dependent on foreign capital, foreign banks brought the great risk to the banking system through the "contagion effect" when they encounter the external shocking.
Thirdly, The aim of paper is to answer this question and provide the practical and theoretical value for the consequent reform of Chinese banks. We adopted a spatially disaggregated measure of foreign bank presence to analyze the impact of foreign bank entry on the performance of Chinese banks, the results are as follows: First, domestic banks expanded investment to cope with the stiff competition brought by foreign banks, leading to the increase in the rate of overhead to total asset; Second, there is a U-shaped relationship, a threshold effect, between foreign bank entry and net interest margins. Third, it found that there is a positive impact that foreign bank entry exerts on the pre-tax profits of Chinese commercial banks in the analytical period of sample.
Fourthly, From the perspective of M&A, this charpter elaborates the relationship between the introduction of foreign strategic investors and the efficiency of China banking sector on the basis of the total factor productivity index calculated under the constraint of non-performing, it shows that there is U-shaped relationship between the introduction of foreign strategic investors and total factor productivity and pure technical efficiency of Chinese banks with different ownerships. Meanwhile, the holding time of Chinese banks by foreign strategic investors has a positive effect on the efficiency of Chinese commercial banks.
Finally, Financial liberalization and foreign bank entry inevitably enlarge the potential risks of the banking sector, and then effect the stability of China's banking system. This charpter focus on the interaction between the macro-economic development, the level of banking supervision and foreign bank entry on the stability of China banking sector, the results are as follows:macro-economic development and the level of banking supervision exert a positive effect on foreign banks entry to promot the stability of China banking sector; there is a U-shaped relationship between foreign bank entry and the stability of the banking sector.
(1)详细比较与我国国情相似的中东欧转型国家银行危机和我国银行业高风险的发展背景,阐述中东欧和我国的外资银行引入战略以及对本土银行业的影响,引申出后续研究命题。
(2)通过分析中东欧转型国家金融开放过程中外资进入和制度变迁对银行危机的影响机理发现：在制度设计严重缺失的背景下,中东欧国家贸然引进外资会危及银行系统的稳定性,加剧银行危机的发生概率；但随其国内相关法律与监管措施的不断完善,外资银行进入对中东欧转型国家银行绩效的提升具有显著作用；金融过度开放将会导致银行体系对外资的高度依赖,在面临外生性冲击时,外资银行“传染效应”会导致中东欧国家银行业巨大的系统性风险。
(3)通过分析外资银行进入对我国商业银行的绩效发现：当外资银行进入度超过临界点时,缘于竞争的加剧,我国银行不得不加大投入,导致其运营成本率提高；净息差收益率与外资银行进入之间呈现出倒U型关系,表现出明显的阈值效应；外资银行在进入之初就促进了我国银行税前利润率的下降。
(4)引进境外战略投资者是中国银行业改革进程中的关键环节,在计算了不良贷款约束下的全要素生产率指数的基础上,对国内银行引进境外战略投资者的影响效应进行了分析,实证结果表明：随着境外战略投资者进入程度的加深,商业银行的全要素生产率和纯技术效率指数呈现先下降后上升的U型特征,这种特征不因银行的所有权性质而产生显著的差异。同时,我国商业银行的效率水平与境外战略投资者的持股时间成正比例发展关系。
(5)金融开放与外资银行进入必然会放大一国银行业的潜在风险,对我国银行业的稳定性形成冲击。通过研究宏观经济发展与银行业监管水平与外资银行进入对商业银行体系的稳定性的交互作用发现：宏观经济发展水平和银行业监管水平对外资银行进入对我国银行体系稳定性影响有正向的促进作用；而外资银行进入对我国银行体系稳定性的影响存在着一定的阶段性。
As the core sectors of the national economy, the efficiency and stability of the banking sector is directly related to the stable and healthy development of the macro-economic. In the background of transition and increasingly complex economic environment, how to further strengthen the stability of the banking system has become the key issues in the crucial stage of financial reform. This article uses the micro-based mathematical model, the panel probit and system GMM econometric model, explores the effect of foreign bank entry on the bank performance and stability during the transition process of financial liberalization of the Central and Eastern European countries, and then analyzes the effect of foreign bank entry on the bank performance and stability of China banking sector during the reform process and the development of regulatory policies, meanwhile, provides some policy advice to the banking regulatory authorities to further deepen the reform of the banking sector system.
First, Comparative analyzes the background of banking crisis and high risk between Central and Eastern Europe transition countries and China, and elaborate the introduction of foreign banks and the impact on the Eastern Europe transition countries's and China's banking sector respectively, and then put forward to the following propositions.
Secondly,The aim of this chapter is to obtain some conclusion to promote the reform of Chinese banking by analyzing the mechanism of foreign bank entry and bank crisis from the perspective of institutional change in Central and Eastern Europe transition countries. The paper finds the foreign bank entry increased the probability of bank crisis in the background of the defection in legal system. With the improvement of legal and financial regulatory system, foreign banks exerted a significant impact on promoting the performance of Central Eastern Europe countries' banking. However, the financial liberalization led to Central Eastern Europe countries'banking excessively dependent on foreign capital, foreign banks brought the great risk to the banking system through the "contagion effect" when they encounter the external shocking.
Thirdly, The aim of paper is to answer this question and provide the practical and theoretical value for the consequent reform of Chinese banks. We adopted a spatially disaggregated measure of foreign bank presence to analyze the impact of foreign bank entry on the performance of Chinese banks, the results are as follows: First, domestic banks expanded investment to cope with the stiff competition brought by foreign banks, leading to the increase in the rate of overhead to total asset; Second, there is a U-shaped relationship, a threshold effect, between foreign bank entry and net interest margins. Third, it found that there is a positive impact that foreign bank entry exerts on the pre-tax profits of Chinese commercial banks in the analytical period of sample.
Fourthly, From the perspective of M&A, this charpter elaborates the relationship between the introduction of foreign strategic investors and the efficiency of China banking sector on the basis of the total factor productivity index calculated under the constraint of non-performing, it shows that there is U-shaped relationship between the introduction of foreign strategic investors and total factor productivity and pure technical efficiency of Chinese banks with different ownerships. Meanwhile, the holding time of Chinese banks by foreign strategic investors has a positive effect on the efficiency of Chinese commercial banks.
Finally, Financial liberalization and foreign bank entry inevitably enlarge the potential risks of the banking sector, and then effect the stability of China's banking system. This charpter focus on the interaction between the macro-economic development, the level of banking supervision and foreign bank entry on the stability of China banking sector, the results are as follows:macro-economic development and the level of banking supervision exert a positive effect on foreign banks entry to promot the stability of China banking sector; there is a U-shaped relationship between foreign bank entry and the stability of the banking sector.
引文
3 邱立成,殷书炉.外资进入、制度变迁与银行危机——基于中东欧转型国家的研究.金融研究,2011(12)：115-130
[1]A.A. Dick, A. Lehnert. Personal bankruptcy and credit market competition, Journal of Finance, 2010(65):655-686.
[2]Allen N. Berger. Obstacles to a Global Banking system:"Old Europe" versus "New Europe", Journal of Banking & Finance,2007,31(7):1955-1973.
[3]Allen, Franklin, Qian, Jun and Qian, Meijun. China's Financial System:Past, Present, and Future, NBER working papers w17828, March 28,2007.
[4]Anastasia Koutsomanoli-Filippaki, Dimitris Margaritis and Christos Staikouras. Efficiency and Productivity Growth in the Banking Industry of Central and Eastern Europe, Journal of Banking & Finance,2009,33(3):557-567.
[5]Albert Park, Kaja Sehrt. Tests of Financial Intermediation and Banking Reform in China, Journal of Comparative Economics,2001,29(4):608-644.
[6]Alicia Garcia-Herrero, Sergio Gavila, Daniel Santabarbara. What explains the low profitability of Chinese banks?, Journal of Banking & Finance,2009,33(11):2080-2092.
[7]Allen N. Berger, Iftekhar Hasan, Mingming Zhou. The effects of focus versus diversification on bank performance:Evidence from Chinese banks, Journal of Banking & Finance,2010,34(7):1417-1435.
[8]Allen N. Berger, Leora F. Klapper and Gregory F. Udell. The Ability of Banks to Lend to Informationally Opaque Small Businesses, Journal of Banking & Finance,2001,25(12): 2127-2167.
[9]A.N. Berger, R. Demsetz, P. Strahan. The consolidation of financial services industry:causes, consequences, and implications for the future, Journal of Banking and Finance,1999,23(2): 135-194.
[10]Allen N. Berger, Iftekhar Hasan and Mingming Zhou. Bank ownership and efficiency in China:What will happen in the world's largest nation?, Journal of Banking & Finance, 2009,33(1):113-130.
[11]Adolfo Barajas, Roberto Steiner, Natalia Salazar. The impact of liberalization and foreign investment in Colombia's financial sector, Journal of Development Economics, 2000(1),157-196.
[12]Bang Nam Jeon, Maria Pia Olivero, Ji Wu. Do foreign banks increase competition? Evidence from emerging Asian and Latin American banking markets, Journal of Banking &Financje, 2011,35(4):856-875.
[13]Beck Thorsten, Levine Ross, Loayza Norman. Finance and the sources of growth, Journal of Financial Economics,2000,58(1):261-300.
[14]Berger, A. N. and Humphrey, D. B. Efficiency of Financial Institution:International Survey and Directions for future Research, European Journal Operational Research,1997(2), pp.175-212
[15]Betty C. Daniel and John Bailey Jones. Financial Liberalization and Banking Crises in Emerging Economies, Journal of International Economics,2007(72), pp.202-221.
[16]Berge, T.O., Boye, K.G. An analysis of bank's problem loans. Norges Bank Economic Bulletin,2007(78), pp.65-76.
[17]Boot, A.W.A., Marine, M. Competition and entry in banking:Implications for stability and capital regulation. Discussion paper,2006(5518), CEPR.
[18]Boyd, J. Hanweck, G. and Pithyachariyakul, P. Bank holding company diversification. In: Proceedings from a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago,1980(5), pp.105-120.
[19]Boss, M., Fenz, G., Pann, J., Puhr, C., Schneider, M., Ubl, E. Modeling credit risk through the Austrian business cycle:an update of the OeNB Model. OeNB Financial Stability Report,2009(17), pp.85-101.
[20]Carol Ann Northcott. Competition in Banking:A Review of the Literature, Working Papers, 2004,04-24, Bank of Canada.
[21]Claessens S., Demirguc-Kunt A. and Huizinga H. How does foreign entry affect the domestic banking market?, Journal of Banking & Finance,2001,25(5):891-911.
[22]Claessens S., N. Van Horen, T. Gurcanlar, and J. Mercado. Foreign Bank Presence in Developing Countries 1995-2006:Data and Trends, Working Paper,2008.
[23]Claeys S. and Hainz C. Acquisition versus greenfield:The impact of the mode of foreign bank entry on information and bank lending rates.Theory and evidence, Working paper,2006, 653, ECB.
[24]Chunxia Jiang, Shujie Yao and Zongyi Zhang. The effects of governance changes on bank efficiency in China:A stochastic distance function approach, China Economic Review, 2009,20(4):717-731.
[25]Chun-Yu Ho. Market structure, welfare, and banking reform in China, Journal of Comparative Economics,2012(40), pp.291-313.
[26]Chunxin Jia. The effect of ownership on the prudential behavior of banks:The case of China, Journal of Banking & Finance,2009,33(1):77-87.
[27]Calomiris, Charles and Joseph Mason. Fundamentals, Panics, and Bank Distress during the Depression. The American Economic Review,2003(93), pp.1615-1647.
[28]Cecchetti, Stephen G. Prices During the Great Depression:Was the Deflation of 1930-1932 Really Unanticipated? The American Economic Review.1992(82),pp.141-156.
[29]CCER. Seeking effective policy combination under multi economic objectives:Analyses of China's macroeconomic situation in 1998 and some recommendations, Economic Research Journal,1998(4), pp.1-10.
[30]Cifter, A., Yilmazer, S., Cifter, E. Analysis of sectoral credit default cycle dependency with wavelet networks:evidence from Turkey. Economic Modelling,2009(26), pp.1382-1388.
[31]Chung, Y.H.,R.Fare,and S.Grosskopf. Productivity and Undesirable Outputs:A Directional Distance function Approach, Journal of Environmental Management,1997(51), pp.229-240
[32]Clarke, G., Cull, R., Peria, M. S. M. and Sanchez, S. M. Foreign Bank Entry:Experience, Implications for Developing Economies, and Agenda for Further Research, the World Bank Research Observer,2003(1), pp.25-59
[33]Clarke, George R.G., Cull, Robert, Martinez Peria, Maria S., Sanchez, Susana. Bank lending to small businesses in Latin America:Does bank origin matter? Journal of Money, Credit and Banking,2005(37),pp.83-118
[34]Decreuse, B., and P. Maarek. FDI and the Labor S hare in Developing Countries:A Theory and Some Evidence, Munich Personal RePEc Archive Paper, No.11224,2008
[35]Degryse H. and Ongena S. Distance. Lending relationships, and competition, Journal of Finance,2005(1), pp.231-266.
[36]De la Torre A., Martinez Peria M.S. and Schmukler S. Bank involvement with SMEs:beyond relationship lending, Journal of Banking & Finance,2010(9), pp.2280-2293.
[37]Detragiache E., Tressel T. and Gupta P. Foreign banks in poor countries:theory and evidence, Journal of Finance,2008(5), pp.2123-2160.
[38]Diamond D W. and Raj an R G. Liquidity risk, liquidity creation and financial fragility:a theory of banking, Journal of Political Economy,2001(109), pp.287-327.
[39]Demsetz, R., Strahan, P. Diversification, size, and risk at bank holding companies. Journal of Money, Credit and Banking,1997(3),pp.300-313.
[40]De Young, R. and Roland, K. Product mix and earnings volatility at commercial banks: Evidence from a degree of total leverage model, Journal of Financial Intermediation, 2001(10), pp.54-84.
[41]Dani Rodrik, Arvind Subramanian and Francesco Trebbi. Institutions Rule:The Primacy of Institutions over Geography and Integration in Economic Development, Journal of Economic Growth,2004(2), pp.131-165.
[42]Daron Acemoglu, Simon Johnson and James A. Robinson. Institutions as the Fundamental Cause of Long-Run Growth, Handbook of Economic Growth,2005(1), pp.385-472.
[43]Dominik Maltritz. A Compound Option Approach to Model the Interrelation between Banking Crises and Country Defaults:The Case of Hungary 2008, Journal of Banking & Finance,2010(12), pp.3025-3036.
[44]Daniel Houser, Barbara Sands, Erte Xiao. Three parts natural, seven parts man-made: Bayesian analysis of China's Great Leap Forward demographic disaster, Journal of Economic Behavior & Organization,2009(69), pp.148-159.
[45]Demirguc-Kunt, A. and Detragiache, E. Financial Liberation and Financial Fragility. IMF Working Paper, WP 9883,1998.
[46]Dimitrios P. Louzis, Angelos T. Vouldis, Vasilios L. Metaxas. Macroeconomic and bank-specific determinants of non-performing loans in Greece:A comparative study of mortgage, business and consumer loan portfolios, Journal of Banking & Finance,2012(36), pp.1012-1027.
[47]Dages, B. G.,Goldberg, L., and Kinney D. Foreign and Domestic Bank Participation in Emerging Markets:Lessons from Mexico and Argentina. Federal Reserve Bank of New York Economic Policy Review,2000(3), pp.17-36.
[48]Evan Kraft and Tomislav Galac. Deposit Interest Rates, Asset Risk and Bank Failure in Croatia, Journal of Financial Stability,2007(4), pp.312-336.
[49]Erkki Koskela, Rune Stenbacka. Is there a tradeoff between bank competition and financial fragility? Journal of Banking & Finance,2000(24), pp.1853-1873.
[50]Francisco Vazquez, Benjamin M. Tabak, Marcos Souto. A macro stress test model of credit risk for the Brazilian banking sector, Journal of Financial Stability, 2012(8), pp.69-83.
[51]Friedman, Milton, and Anna (Jacobson) Schwartz. The Great Contraction,A Monetary History of the United States,1867-1960. Princeton:Princeton UP,1963.
[52]Gallo, J. Apilado, V. and Kolari, J. Commercial bank mutual fund activities:Implications for bank risk and profitability, Journal of Banking and Finance,1996(20), pp.1775-1791.
[53]George R.G. Clarke, Robert Cull and Maria Soledad Martinez Peria. Foreign bank participation and access to credit across firms in developing countries, Journal of Comparative Economics,2006(4), pp.774-795.
[54]Goldberg L.S. Financial Sector FDI and Host Countries:New and Old Lessons, Economic Policy Review,2007, pp.1-17.
[55]Guiso, L., P. Sapienza, and L. Zingales. Does local financial development matter? Quarterly Journal of Economics,2004 (3), pp.929-969.
[56]Giovanni Ferri. Are new tigers supplanting old mammoths in China's banking system? Evidence from a sample of city commercial banks,Journal of Banking and Finance,2009(33), pp.131-140.
[57]Goldberg L.S. Financial Sector FDI and Host Countries:New and Old Lessons, Economic Policy Review,2007(5), pp.1-17
[58]G6rg H. and Strobl E. Spillovers from foreign firms through worker mobility:An empirical investigation, Scandinavian Journal of Economics,2005(4), pp.693-709
[59]Gorton, G. and Winton, A. Banking in Transition Economies:Does Efficiency Require Instability?, Journal of Money, Credit and Banking, Blackwell Publishing,1998(3), pp. 621-50
[60]Guilherme Carmona. Bank failures caused by Large withdrawals:An explanation based purely on liquidity, Journal of Mathematical Economics,2001(43), pp.818-841.
[61]Guiso, L., P. Sapienza, and L. Zingales. Does local financial development matter? Quarterly Journal of Economics,2004 (19), pp.929-969.
[62]George R.G. Clarke, Robert Cull and Maria Soledad Martinez Peria. Foreign bank participation and access to credit across firms in developing countries, Journal of Comparative Economics,2006(4), pp.774-795.
[63]Giannetti M. and Ongena S. Financial integration and firm performance:evidence from foreign bank entry in emerging markets, Review of Finance,2009(2), pp.181-223.
[64]Hauswald R. and Marquez R. Competition and strategic information acquisition in credit markets, Review of Financial Studies,2006(3), pp.967-1000.
[65]Hay D.A., and G.S.Liu. The Efficiency of Finns:What Difference Does Competition Make?, The Economic Journal,1997(107), pp.597-617
[66]Huidan Lin. Foreign bank entry and firms'access to bank credit:Evidence from China, Journal of Banking & Finance,2011,35(4):1000-1010.
[67]H. Semih Yildirim and George C. Philippatos. Restructuring, consolidation and competition in Latin American banking markets, Journal of Banking & Finance,2007(31), pp.629-639.
[68]Hongbin Li, Li-An Zhou. Political turnover and economic performance:the incentive role of personnel control in China, Journal of Public Economics,2005(89), pp.1743-1762.
[69]Humphrey, D.B. Why do estimates of bank scale economics differ? Federal Reserve Bank of Richmond Economic Review,1990(76), pp.38-50.
[70]Ilan Noy. Financial Liberalization, Prudential Supervision, and the Onset of Banking Crises, Emerging Markets Review,2004(3), pp.341-359.
[71]I.S. Dine. Politicians and banks:political influences on government-owned banks in emerging markets, Journal of Financial Economics,2005(77),pp.453-479.
[72]James R. Barth, Gerard Caprio Jr., Ross Levine. Bank regulation and supervision:what works best? Journal of Financial Intermediation,2004(13), pp.205-248.
[73]Jack Glen, Camilo Mondragon-Velez. Business cycle effects on commercial bank loan portfolio performance in developing economies, Review of Development Finance,2011(1), pp.150-165.
[74]John P. Bonin, Yiping Huang. Dealing with the bad loans of the Chinese banks, Journal of Asian Economics, Volume 12, Issue 2, Summer 2001, pp.197-214.
[75]Juri Marcucci, Mario Quagliariello. Asymmetric effects of the business cycle on bank credit risk, Journal of Banking & Finance,2009(33), pp.1624-1635.
[76]Justin Yifu Lin, Dennis Tao Yang. On the causes of China's agricultural crisis and the great leap famine, China Economic Review,1998(9), pp.125-140.
[77]Jiirg M. Blum. Why 'Basel II' may need a leverage ratio restriction, Journal of Banking & Finance,2008(32), pp.1699-1707.
[78]J.H. Boyd, S.L. Graham. The profitability and risk effects of allowing bank holding companies to merge with other financial firms:a simulation study Federal Reserve, Bank of Minneapolis Quarterly Review,1988(23), pp.476-514.
[79]Kadri Mannasoo and David G. Mayes. Explaining Bank Distress in Eastern European Transition Economies, Journal of Banking & Finance,2009(2), pp.244-253.
[80]Kent Matthews and Nina (Xu) Zhang. Bank productivity in China 1997-2007:Measurement and convergence, China Economic Review,2010,21(4):617-628.
[81]Klein, P., Saidenberg, M. Diversification, organization, and efficiency:evidence from bank holding companies. Federal Reserve Bank of New York. Working Paper,1998.
[82]Koehn M,A M Santomero. Regulation of Bank Capital and Portfolio Risk, Journal of Finance,1980(35), pp.121-134.
[83]King, R.G., Levine, R. Finance and growth:Schumpeter might be right. Quarterly Journal of Economics 1993(108),pp.717-737.
[84]Kaas, L. and Europeo, B. C., Financial Market Integration and Loan Competition:When is Entry Deregulation Socially Beneficial?, European Central Bank Working Paper, No.403, 2004
[85]Kim,H.E., and B.Y.Lee. The Effect of Foreign Bank Entry on Performance of Private Domestic Banks in Korea, Bank of Korea Working Paper,2004,March
[86]Kellee Tsai. Imperfect Substitutes:The Local Political Economy of Informal Finance and Microfinance in Rural China and India, World Development,2004(32), pp.1487-1507.
[87]Laeven Luc and Fabian Valencia. Resolution of Banking Crises:The Good, the Bad, and the Ugly, IMF working paper,2010,10/146.
[88]Lane, Philip R., Milesi-Ferretti and Gian Maria. Capital flows to Central and Eastern Europe, Emerging Markets Review,2007(2), pp.106-123.
[89]Lehner, M. and M. Schnitzer. Entry of Foreign Banks and Their Impact on Host Countries, Journal of Comparative Economics,2008,36(3):430-452.
[90]Levy-Yeyati E.L. and Micco A. Concentration and foreign penetration in Latin American banking sectors:impact on competition and risk, Journal of Banking & Finance,2007(6), pp.1633-1647.
[91]Levine R. Foreign banks, financial development, and economic growth", In:Barfield, C.E. (Ed.), International Financial Markets:Harmonization versus Competition. The AEI Press, Washington, DC,1996.
[92]Lei Xu, Chien-Ting Lin. Can Chinese banks compete after accession to WTO? Journal of Asian Economics,2007(18), pp.883-903.
[93]L. Laeven, R. Levine. Is there a diversification discount in financial conglomerates? Journal of Financial Economics,2007(85), pp.331-367.
[94]Lev Ratnovski. Liquidity and transparency in bank risk management, Journal of Financial Intermediation, In Press, Corrected Proof, Available online 4 February 2013.
[95]Lepetit, L., Emmanuelle Nys, Philippe Rous, Amine Tarazi. Bank income structure and risk: An empirical analysis of European banks, Journal of Banking & Finance,2008(16), pp: 1452-1467.
[96]Lardy, N. R. China's unfinished economic revolution, Washington, DC:Brookings Institution and Institute for International Economics,1998.
[97]Loren Brandt, Hongbin Li. Bank discrimination in transition economies:ideology, information, or incentives? Journal of Comparative Economics,2003(31), pp.387-413.
[98]Leonardo V. Vera. Recession, high interest rates and instability:simple macro-dynamics, Economics Letters,2004(85), pp.171-177.
[99]Longzhen Fan, Anders C. Johansson. China's official rates and bond yields, Journal of Banking & Finance,2010(34), pp.996-1007.
[100]Maria Pia Olivero, Yuan Li and Bang Nam Jeon. Competition in banking and the lending channel:Evidence from bank-level data in Asia and Latin America, Journal of Banking & Finance,2011(3), pp.560-571.
[101]Mian, A. Distance constraints:the limits of foreign lending in poor economies, Journal of Finance,2006(3), pp.1465-1505.
[102]Moguillansky G., Stuart R. and Vergara S. Foreign banks in Latin America:a paradoxical result, CEPAL Review,2004(82),pp.19-28.
[103]Mohamed ARIFF, Luc CAN. Cost and profit efficiency of Chinese banks:A non-parametric analysis, China Economic Review,2008(19), pp.260-273.
[104]Manthos D. Delis, Georgios P. Kouretas. Interest rates and bank risk-taking, Journal of Banking & Finance,2011(35), pp.840-855.
[105]M. Bertrand, A. Schoar, D. Thesmar. Banking deregulation and industry structure:Evidence from the French banking reforms of 1985. Journal of Finance,2007 (62), pp.597-628.
[106]Michael Horrocks, Venkataramanan Ramaswamy, Keri Rupp. Financial reforms in Chinese banking:The impact on personal lending and operational efficiency, Business Horizons, 2008(51), pp.511-517.
[107]Mariassunta Giannetti. Financial Liberalization and Banking Crises:The Role of Capital Inflows and Lack of Transparency, Journal of Financial Intermediation,2007(1), pp.32-63.
[108]Martin Brown, Maria Rueda Maurer, Tamara Pak and Nurlanbek Tynaev. The Impact of Banking Sector Reform in a Transition Economy:Evidence from Kyrgyzstan, Journal of Banking& Finance,2009(9), pp.1677-1687.
[109]Mundlak Yair. On the Pooling of Time Series and Cross Section Data", Econometrica, 1978(46), pp.69-85.
[110]M. Bertrand, A. Schoar, D. Thesmar. Banking deregulation and industry structure:Evidence from the French banking reforms of 1985. Journal of Finance,2007(62), pp.597-628.
[111]Michael Firth, Chen Lin, Ping Liu, Sonia M.L. Wong. Inside the black box:Bank credit allocation in China's private sector, Journal of Banking & Finance,2009(33), pp.1144-1156.
[112]M. Iskandar-Datta, R. McLaughlin. Global diversification:new evidence from corporate operating performance, Corporate Ownership and Control,2007(4), pp.228-250.
[113]Marcia Millon Cornett, Jamie John McNutt, Philip E. Strahan, Hassan Tehranian. Liquidity risk management and credit supply in the financial crisis, Journal of Financial Economics,2011(101), pp.297-312.
[114]Michiru Sawada. Liquidity risk and bank portfolio management in a financial system without deposit insurance:Empirical evidence from prewar Japan, International Review of Economics & Finance,2010(19), pp.392-406.
[115]N. Cetorelli, M. Gambera. Banking market structure, financial dependence and growth: International evidence from industry data, Journal of Finance,2001 (56), pp.617-648.
[116]Nicholas C. Kyriazis, Michel S. Zouboulakis, Modeling Institutional Change in Transition Economies, Communist and Post-Communist Studies,2005(1), pp.109-120.
[117]North and Douglass. Institutions, Institutional Change and Economic Performance. Cambridge, MA:Cambridge University Press,1990
[118]Nicola Cetorelli, Pietro F. Peretto. Credit quantity and credit quality; Bank competition and capital accumulation, Journal of Economic Theory,2012(147), pp.967-998.
[119]N. Cetorelli, P.E. Strahan. Finance as a barrier to entry:Bank competition and industry structure in local U.S. markets, Journal of Finance,2006(61), pp.437-461.
[120]Olena Havrylchyk and Emilia Jurzyk. Inherited or earned? Performance of foreign banks in Central and Eastern Europe, Journal of Banking & Finance,2011(5), pp.1291-1302.
[121]PriceWaterhouseCoopers. Going for growth-the outlook for M&A in the financial services sector in Asia, Price WaterhouseCoopers,2006.
[122]Ping XIE. Reforms of China's rural credit cooperatives and policy options, China Economic Review,2003(14), pp.434-442.
[123]Philip C. Chang, Chunxin Jia, Zhicheng Wang. Bank fund reallocation and economic growth: Evidence from China, Journal of Banking & Finance,2010(34), pp.2753-2766.
[124]Pesola, J. The role of macroeconomic shocks in banking crises. Discussion Paper,2001(6), Bank of Finland.
[125]P.S. Rose. Diversification of the banking firm, Financial Review,1989(24),pp.251-280.
[126]Paola Sapienza.The effects of government ownership on bank lending, Journal of Financial Economics,2004(72), pp.357-384.
[127]Qian Wang, T.J. Wong, Lijun Xia. State ownership, the institutional environment, and auditor choice:Evidence from China, Journal of Accounting and Economics,2008(46), pp.112-134.
[128]Rambaldi,A.N.,Rao,D.S.P. and Dolan,D. Measuring Productivity Growth Performance Using Metafrontiers:with Applications to Regional Productivity Growth Analysis in a Global Context,In:O'Dornell,C.J.,Australian Meeting of the Econometrics Society ES AM07.Brisbane,(1-33),2007
[129]Ralph de Haas and Iman van Lelyveld. Foreign Banks and Credit Stability in Central and Eastern Europe. A panel data analysis, Journal of Banking & Finance,2006(7), pp.1927-1952.
[130]Rajdeep Sengupta. Foreign entry and bank competition, Journal of Financial Economics, 2007(2), pp.502-528.
[131]Reinhart, C., Rogoff, K. From Financial Crash to Debt Crisis. NBER Working Paper,2010, W15795.
[132]Richardson, Gary. Quarterly Data on the Categories and Causes of Bank Distress during the Great Depression. NBER Working Paper,2006, W12715.
[133]Richardson, Gary. The Collapse of the United States Banking System during the Great Depression,1929 to 1933, New Archival Evidence. The Australasian Accounting Business & Finance Journal,2007(1), pp.39-50.
[134]Robert Cull, Lixin Colin Xu. Who gets credit? The behavior of bureaucrats and state banks in allocating credit to Chinese state-owned enterprises, Journal of Development Economics,2003(71), pp.533-559.
[135]Robert Kollmann, Stefan Zeugner. Leverage as a predictor for real activity and volatility, Journal of Economic Dynamics and Control, In Press, Accepted Manuscript, Available online 2 April 2012.
[136]Robert Lensink and Niels Hermes. The short-term effects of foreign bank entry on domestic bank behavior:Does economic development matter?, Journal of Banking& Finance,2004(3), pp.553-568.
[137]Ross Levine. Finance and growth:Theory and evidence, Philippe Aghion, Steven Durlauf (Eds.), Handbook of Economic Growth, North-Holland, Amsterdam (2005), pp.865-934.
[138]Rupa Duttagupta and Paul Cashin. Anatomy of Banking Crises in Developing and Emerging Market countries, Journal of International Money and Finance,2011(2), pp.354-376.
[139]R. La Porta, F. Lopez-De-Silanes, A. Shleifer. Government ownership of banks Journal of Finance,2002(57), pp.265-301.
[140]Salas, V., Saurina, J. Credit risk in two institutional settings:Spanish commercial and saving banks, Journal of Financial Services Research,2002(22),pp.203-224.
[141]Sophocles N. Brissimis, Manthos D. Delis and Nikolaos I. Papanikolaou. Exploring the Nexus between Banking Sector Reform and Performance:Evidence from Newly Acceded EU Countries, Journal of Banking & Finance,2008(12), pp.2674-2683.
[142]Shen C.H., Lu C.H. and Wu M.W. Impact of foreign bank entry on the performance of Chinese banks, China & World Economy,2009(17), pp.102-121.
[143]S. Drucker, M. Puri. On loan sales, loan contracting, and lending relationships, Review of Financial Studies,2009(22), pp.2835-2872.
[144]S. Deng, E. Elyasiani. Geographic diversification and BHC return and risk performance. Journal of Money, Credit and Banking,2008(40), pp.1217-1238.
[145]Sebnem Kalemli-Ozcan, Bent Sorensen, Sevcan Yesiltas. Leverage across firms, banks, and countries, Journal of International Economics, In Press, Corrected Proof, Available online 13 March 2012.
[146]Stiroh, K. Diversification in banking:Is noninterest income the answer? Journal of Money, Credit, and Banking,2004(5), pp.853-882.
[147]Steve Mercieca, Klaus Schaeck, Simon Wolfe. Small European banks:Benefits from diversification? Journal of Banking & Finance,2007(31), pp.1975-1998.
[148]Shirley J. Ho, Su-Chu Hsu. Leverage, performance and capital adequacy ratio in Taiwan's banking industry, Japan and the World Economy,2010(22), pp.264-272.
[149]Shu-Hwa Chang, Liang-Chou Huang. The nexus of finance and GDP growth in Japan:Do real interest rates matter? Japan and the World Economy,2010(22), pp.235-242.
[150]Stiglitz, J. E., Jaramillo-Vallejo, J. and Park, Y.C. The Role of the State in Financial Markets, World Bank Research Observer, Annual Conference on Development Economics Supplement, 1993, pp.19-61
[15 l]Stiglitz, J. E. The Role of the State in Financial Market. Proceeding of the World Bank annual conference on development economics,1993.
[152]Terhi Jokipii and Brian Lucey. Contagion and Interdependence:Measuring CEE Banking Sector Co-movements, Economic Systems,2007(1), pp.71-96.
[153]T. Beck, R. Levine, A. Levkov. Big bad banks? The winners and losers from bank deregulation in the united states, Journal of Finance.,2010(5), pp.1637-1667.
[154]T. Rice, P.E. Strahan. Does credit competition affect small-firm finance?Journal of Finance, 2010(3), pp.861-889.
[155]Tigran Poghosyan. Re-examining the impact of foreign bank participation on interest margins in emerging markets, Emerging Markets Review,2010(4), pp.390-403.
[156]Thomas, S., & Ji, C. Banking on reform. China Business Review. Retrieved July 20,2006, from http://www.chinabusinessreview.com/public/0605/thomas.html
[157]Tuuli Koivu. Has the Chinese economy become more sensitive to interest rates? Studying credit demand in China, China Economic Review,2009 (20), pp.455-470.
[158]Unite, A.A. and Sullivan, M.J. The effect of foreign entry and ownership structure on the Philippine domestic banking market, Journal of Banking and Finance,2003(12), pp.2323-2345.
[159]Ulrike Rondorf. Are bank loans important for output growth?:A panel analysis of the euro area, Journal of International Financial Markets, Institutions and Money,2012(22), pp.103-119.
[160]Valeriya Dinger. Do Foreign-owned Banks Affect Banking System Liquidity Risk?, Journal of Comparative Economics,2009(37), pp.647-657.
[161]White, Eugene. A Reinterpretation of the Banking Crisis of 1930, The Journal of Economic History,1984(44), pp.119-138.
[162]Wahyoe Soedarmono, Fouad Machrouh, Amine Tarazi. Bank market power, economic growth and financial stability:Evidence from Asian banks, Journal of Asian Economics,2011(22), pp.460-470.
[163]Wang,Y. North—South Technology Diffusion:How Import ant Are Trade, FDI and International Telecommunications, Working Paper, Carleton University,2005
[164]Walter, I. and Gray, H. P. Protectionism and International Banking:Sectional Efficiency, Competitive Structure and National Policy. Journal of Banking and F inance,1983(7).
[165]Winton, A. Don't put all your eggs in one basket? Diversification and specialization in lending, University of Minnesota, Working Paper,1999.
[166]Wu, J., Jeon, B.N., Luca, A. Foreign bank penetration, resource allocation and economic growth:evidence from emerging economies, Journal of Economic Integration,2010 (25), pp.166-192.
[167]W.K. Templeton, J.T. Severiens. The effects of non-bank diversification on bank holding company risk Quarterly, Journal of Business and Economics,1992(31), pp.3-17.
[168]Wolf Wagner. The liquidity of bank assets and banking stability, Journal of Banking & Finance,2007(31), pp.121-139.
[169]Xiaochi Lin, Yi Zhang. Bank ownership reform and bank performance in China, Journal of Banking& Finance,2009 (33), pp.20-29.
[170]Xiaoqing (Maggie) Fu, Shelagh Heffernan. The effects of reform on China's bank structure and performance, Journal of Banking & Finance,2009(33), pp.39-52.
[171]Xinwei Che, Bin Li, Kun Guo, Jue Wang. Property Prices and Bank Lending:Some Evidence from China's Regional Financial Centres, Procedia Computer Science,2011(4), pp.1660-1667.
[172]Xiaogang Chen, Michael Skully, Kym Brown. "Banking efficiency in China:Application of DEA to pre-and post-deregulation eras:1993-2000," China Economic Review,2005 (16),pp.229-245.
[173]Xiaoqing Eleanor Xu, Tao Chen. The effect of monetary policy on real estate price growth in China Pacific-Basin, Finance Journal,2012(20), pp.62-77.
[174]Ying Xu. Towards a more accurate measure of foreign bank entry and its impact on domestic banking performance:The case of China, Journal of Banking & Finance,2011(4), pp.886-901.
[175]Yiping HUANG. Is meltdown of the Chinese banks inevitable?, China Economic Review, 2002(13), pp.382-387.
[176]Yildirim, H. S. & Philippatos, G. Restructuring, consolidation and competition in Latin American banking markets, Journal of Banking & Finance,2007(3), pp.629-639
[177]Yoshiaki Ogura. Lending competition and credit availability for new firms:Empirical study with the price cost margin in regional loan markets, Journal of Banking & Finance,2012(36), pp.1822-1838.
[178]Yunkui Xue, Xiuli Zhu. Institutional changes, earnings quality and debt contract empirical evidence from the Chinese banking system reform, China Accounting and Finance Review, 2010 (3), pp.57-106.
[179]Zheng,X Liu and A.Bigsten. Efficiency, Technical Progress, and the Best Practice in Chinese State Enterprises (1980-1994), Journal of Comparative Economics,2003(31), pp.134-152
[180]Zhu Xiuli, Li Lianjun, Xue Yunkui. Banking system reform, earnings quality and credit allocation China, Journal of Accounting Research,2012(5), pp.217-229.
[181]蔡跃洲,郭梅军.我国上市商业银行全要素生产率的实证分析,经济研究,2009(9)：52-65
[182]董青马,卢满生.金融开放度与发展程度差异对银行危机生成机制影响的实证分析.国际金融研究,2010(6)：79-85
[183]董彦岭,张继华、吴立振.国有商业银行引进战略投资者的偏失及矫正思路,财经科学,2008年第2期：17-24
[184]窦菲菲.转型国家银行改革对经济增长影响分析,法律出版社,2009年。
[185]国务院发展研究中心金融研究所.中国银行体系贷款供给的决定及其对经济波动的影响,金融研究,2003(8)
[186]郭妍,张立光.外资银行进入对我国银行业影响效应的实证研究,经济科学,2005(2)：58-67
[187]何维达;于一.外资进入与中国商业银行的风险承担,金融论坛,2011(1)：43-50
[188]何德旭.外资进入中国银行业：趋势、影响及对策.财经论丛(浙江财经学院学报)2004(2)：1-16
[189]侯晓辉,李婉丽,王青.所有权、市场势力与中国商业银行的全要素生产率,世界经济,2011(2)：135-156
[190]黄静.影响转轨国家银行业FDI流入的因素分析——基于DEA及面板协整的研究.金融研究,2010(7)：71-83
[191]柯孔林,冯宗贤.中国银行全要素生产率测度：基于Malmquist-Luenberger指数研究,数量经济技术经济研究,2008年第4期：110-120
[192]李伟,韩立岩.外资银行进入对我国银行业市场竞争度的影响：基于Panzar-Rosse模型的实证研究,金融研究,2008(5)：87-98
[193]李双杰,宋秋文.我国商业银行战略引资的效应研究,数量经济技术经济研究,2010(9)：53-66
[194]李麟,索彦峰.经济波动、不良贷款与银行业系统性风险.国际金融研究,2009(6)：55-63
[195]林跃勤.全球金融风暴冲击下的转型经济,俄罗斯中亚东欧市场,2009(4)：14-21
[196]刘哲,孙熠.金融危机视角下转型国家资本流动和外资依赖问题分析——以波兰、捷克、匈牙利为例.世界经济与政治论坛,2010(2)：34-43
[197]刘春航.金融脆弱性视角下的两次大危机比较研究,中国银行业监督管理委员会工作论文,2012(8)
[198]刘澜飚,王博.门槛效应、管制放松与银行效率的改进——理论假说及其来自中国的经验研究.金融研究,2010(3)：67-79
[199]卢嘉圆,孔爱国.境外战略投资者对我国商业银行的影响：2002-2007,上海金融,2009(9)：86-89
[200]钱小安.信贷紧缩与不良贷款陷阱的形成及其治理,金融研究,2000(5)
[201]邱立成,王凤丽.外资银行进入对东道国银行体系稳定性影响的实证研究.南开经济研究,2010(4)：21-32
[202]邱立成,殷书炉.外资进入、制度变迁与银行危机——基于中东欧转型国家的研究.金融研究,2011(12)：115-130
[203]邱立成,殷书炉,Gary Richardson外资进入对我国银行绩效存在闽值效应吗?——基于银行财务指标的研究,南开经济研究,2013(4)
[204]邵敏,黄玖立.外资与我国劳动收入份额——基于工业行业的经验研究,经济学(季刊),2010(4)：1189-1210
[205]邵军,徐康宁.制度质量、外资进入与增长效应：一个跨国的经验研究,世界经济,2008(7)：3-14
[206]施华强.国有商业银行帐面不良贷款、调整因素和严重程度：1994—2004.金融研究,2005(12)：25-39
[207]王兵,朱宁.不良贷款约束下的中国银行业全要素生产率增长研究.经济研究,2011(5)：32-44
[208]王一江,田国强.中国银行业：改革两难与外资作用,比较,2003(10)：157-176
[209]吴玉立.境外投资者对中国银行业影响的实证分析.经济评论,2009(1)：93-114
[210]闵锐,李谷成.环境约束条件下的中国粮食全要素生产率增长与分解——基于省域面板数据与序列Malmquist-Luenberger旨数的观察,经济评论,2012(5)：34-43
[211]闫庆悦,王彬.外资银行进入对我国银行绩效的影响——基于面板数据的实证分析.山东大学学报(哲学社会科学版),2010(3)：1-10
[212]叶欣,冯宗宪.外资银行进入对本国银行体系稳定性影响的实证研究,经济科学,2003(2)：50-57
[213]叶欣,冯宗宪.外资银行进入对本国银行体系稳定性的影响.世界经济,2004(1)：29-36
[214]姚树洁,姜春霞、冯根福.中国银行业的改革与效率：1995—2008.经济研究,2011(8)
[215]杨有振,赵瑞.国内商业银行引进境外战略投资者的效用：实证分析,财贸经济,2008(10)：38-43
[216]袁晓玲,张宝山.中国商业银行全要素生产率的影响因素研究——基于DEA模型的Malmquist指数分析,金融研究,2008(4)：110-120
[217]张诚,莫扬.我国银行业外资并购影响的因素分析,南开经济研究,2003(6)：21-25
[218]张金清,吴有红.外资银行进入水平影响商业银行效率的“阙值效应”分析——来自中国商业银行的经验证据.金融研究,2010(6)：60-75
[219]张荔,张蓉.外资银行进入与东道国银行体系的效率改进——新兴市场国家的截面数据分析,南开经济研究,2006(1)：127-136
[220]张燕玲.从贸易金融领域看新资本协议及改革方案.中国金融,2010(12)：14-17
[221]张健华,王鹏.中国银行业广义Malmquist生产率指数研究,经济研究,2010(8)：128-14
[222]张蓉.外资银行进入与东道国银行体系的稳定性：以新兴市场国家为例,经济与管理研究,2008(2)：74-80
[223]朱盈盈,曾勇,李平,何佳.中资银行引进境外战略投资者：背景、争论及评述.管理世界,2008(1)：22-38
[224]朱盈盈.中资银行引进境外战略投资者效果的实证研究,电子科技大学博士论文,2011
[225]周慧君,顾金宏.外资银行渗透对中国银行业体系稳定性的影响——基于阶段理论与演化理论的实证研究,国际金融研究,2009(12)：67-72
[1]A.A. Dick, A. Lehnert. Personal bankruptcy and credit market competition, Journal of Finance, 2010(65):655-686.
[2]Allen N. Berger. Obstacles to a Global Banking system:"Old Europe" versus "New Europe", Journal of Banking & Finance,2007,31(7):1955-1973.
[3]Allen, Franklin, Qian, Jun and Qian, Meijun. China's Financial System:Past, Present, and Future, NBER working papers w17828, March 28,2007.
[4]Anastasia Koutsomanoli-Filippaki, Dimitris Margaritis and Christos Staikouras. Efficiency and Productivity Growth in the Banking Industry of Central and Eastern Europe, Journal of Banking & Finance,2009,33(3):557-567.
[5]Albert Park, Kaja Sehrt. Tests of Financial Intermediation and Banking Reform in China, Journal of Comparative Economics,2001,29(4):608-644.
[6]Alicia Garcia-Herrero, Sergio Gavila, Daniel Santabarbara. What explains the low profitability of Chinese banks?, Journal of Banking & Finance,2009,33(11):2080-2092.
[7]Allen N. Berger, Iftekhar Hasan, Mingming Zhou. The effects of focus versus diversification on bank performance:Evidence from Chinese banks, Journal of Banking & Finance,2010,34(7):1417-1435.
[8]Allen N. Berger, Leora F. Klapper and Gregory F. Udell. The Ability of Banks to Lend to Informationally Opaque Small Businesses, Journal of Banking & Finance,2001,25(12): 2127-2167.
[9]A.N. Berger, R. Demsetz, P. Strahan. The consolidation of financial services industry:causes, consequences, and implications for the future, Journal of Banking and Finance,1999,23(2): 135-194.
[10]Allen N. Berger, Iftekhar Hasan and Mingming Zhou. Bank ownership and efficiency in China:What will happen in the world's largest nation?, Journal of Banking & Finance, 2009,33(1):113-130.
[11]Adolfo Barajas, Roberto Steiner, Natalia Salazar. The impact of liberalization and foreign investment in Colombia's financial sector, Journal of Development Economics, 2000(1),157-196.
[12]Bang Nam Jeon, Maria Pia Olivero, Ji Wu. Do foreign banks increase competition? Evidence from emerging Asian and Latin American banking markets, Journal of Banking &Financje, 2011,35(4):856-875.
[13]Beck Thorsten, Levine Ross, Loayza Norman. Finance and the sources of growth, Journal of Financial Economics,2000,58(1):261-300.
[14]Berger, A. N. and Humphrey, D. B. Efficiency of Financial Institution:International Survey and Directions for future Research, European Journal Operational Research,1997(2), pp.175-212
[15]Betty C. Daniel and John Bailey Jones. Financial Liberalization and Banking Crises in Emerging Economies, Journal of International Economics,2007(72), pp.202-221.
[16]Berge, T.O., Boye, K.G. An analysis of bank's problem loans. Norges Bank Economic Bulletin,2007(78), pp.65-76.
[17]Boot, A.W.A., Marine, M. Competition and entry in banking:Implications for stability and capital regulation. Discussion paper,2006(5518), CEPR.
[18]Boyd, J. Hanweck, G. and Pithyachariyakul, P. Bank holding company diversification. In: Proceedings from a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago,1980(5), pp.105-120.
[19]Boss, M., Fenz, G., Pann, J., Puhr, C., Schneider, M., Ubl, E. Modeling credit risk through the Austrian business cycle:an update of the OeNB Model. OeNB Financial Stability Report,2009(17), pp.85-101.
[20]Carol Ann Northcott. Competition in Banking:A Review of the Literature, Working Papers, 2004,04-24, Bank of Canada.
[21]Claessens S., Demirguc-Kunt A. and Huizinga H. How does foreign entry affect the domestic banking market?, Journal of Banking & Finance,2001,25(5):891-911.
[22]Claessens S., N. Van Horen, T. Gurcanlar, and J. Mercado. Foreign Bank Presence in Developing Countries 1995-2006:Data and Trends, Working Paper,2008.
[23]Claeys S. and Hainz C. Acquisition versus greenfield:The impact of the mode of foreign bank entry on information and bank lending rates.Theory and evidence, Working paper,2006, 653, ECB.
[24]Chunxia Jiang, Shujie Yao and Zongyi Zhang. The effects of governance changes on bank efficiency in China:A stochastic distance function approach, China Economic Review, 2009,20(4):717-731.
[25]Chun-Yu Ho. Market structure, welfare, and banking reform in China, Journal of Comparative Economics,2012(40), pp.291-313.
[26]Chunxin Jia. The effect of ownership on the prudential behavior of banks:The case of China, Journal of Banking & Finance,2009,33(1):77-87.
[27]Calomiris, Charles and Joseph Mason. Fundamentals, Panics, and Bank Distress during the Depression. The American Economic Review,2003(93), pp.1615-1647.
[28]Cecchetti, Stephen G. Prices During the Great Depression:Was the Deflation of 1930-1932 Really Unanticipated? The American Economic Review.1992(82),pp.141-156.
[29]CCER. Seeking effective policy combination under multi economic objectives:Analyses of China's macroeconomic situation in 1998 and some recommendations, Economic Research Journal,1998(4), pp.1-10.
[30]Cifter, A., Yilmazer, S., Cifter, E. Analysis of sectoral credit default cycle dependency with wavelet networks:evidence from Turkey. Economic Modelling,2009(26), pp.1382-1388.
[31]Chung, Y.H.,R.Fare,and S.Grosskopf. Productivity and Undesirable Outputs:A Directional Distance function Approach, Journal of Environmental Management,1997(51), pp.229-240
[32]Clarke, G., Cull, R., Peria, M. S. M. and Sanchez, S. M. Foreign Bank Entry:Experience, Implications for Developing Economies, and Agenda for Further Research, the World Bank Research Observer,2003(1), pp.25-59
[33]Clarke, George R.G., Cull, Robert, Martinez Peria, Maria S., Sanchez, Susana. Bank lending to small businesses in Latin America:Does bank origin matter? Journal of Money, Credit and Banking,2005(37),pp.83-118
[34]Decreuse, B., and P. Maarek. FDI and the Labor S hare in Developing Countries:A Theory and Some Evidence, Munich Personal RePEc Archive Paper, No.11224,2008
[35]Degryse H. and Ongena S. Distance. Lending relationships, and competition, Journal of Finance,2005(1), pp.231-266.
[36]De la Torre A., Martinez Peria M.S. and Schmukler S. Bank involvement with SMEs:beyond relationship lending, Journal of Banking & Finance,2010(9), pp.2280-2293.
[37]Detragiache E., Tressel T. and Gupta P. Foreign banks in poor countries:theory and evidence, Journal of Finance,2008(5), pp.2123-2160.
[38]Diamond D W. and Raj an R G. Liquidity risk, liquidity creation and financial fragility:a theory of banking, Journal of Political Economy,2001(109), pp.287-327.
[39]Demsetz, R., Strahan, P. Diversification, size, and risk at bank holding companies. Journal of Money, Credit and Banking,1997(3),pp.300-313.
[40]De Young, R. and Roland, K. Product mix and earnings volatility at commercial banks: Evidence from a degree of total leverage model, Journal of Financial Intermediation, 2001(10), pp.54-84.
[41]Dani Rodrik, Arvind Subramanian and Francesco Trebbi. Institutions Rule:The Primacy of Institutions over Geography and Integration in Economic Development, Journal of Economic Growth,2004(2), pp.131-165.
[42]Daron Acemoglu, Simon Johnson and James A. Robinson. Institutions as the Fundamental Cause of Long-Run Growth, Handbook of Economic Growth,2005(1), pp.385-472.
[43]Dominik Maltritz. A Compound Option Approach to Model the Interrelation between Banking Crises and Country Defaults:The Case of Hungary 2008, Journal of Banking & Finance,2010(12), pp.3025-3036.
[44]Daniel Houser, Barbara Sands, Erte Xiao. Three parts natural, seven parts man-made: Bayesian analysis of China's Great Leap Forward demographic disaster, Journal of Economic Behavior & Organization,2009(69), pp.148-159.
[45]Demirguc-Kunt, A. and Detragiache, E. Financial Liberation and Financial Fragility. IMF Working Paper, WP 9883,1998.
[46]Dimitrios P. Louzis, Angelos T. Vouldis, Vasilios L. Metaxas. Macroeconomic and bank-specific determinants of non-performing loans in Greece:A comparative study of mortgage, business and consumer loan portfolios, Journal of Banking & Finance,2012(36), pp.1012-1027.
[47]Dages, B. G.,Goldberg, L., and Kinney D. Foreign and Domestic Bank Participation in Emerging Markets:Lessons from Mexico and Argentina. Federal Reserve Bank of New York Economic Policy Review,2000(3), pp.17-36.
[48]Evan Kraft and Tomislav Galac. Deposit Interest Rates, Asset Risk and Bank Failure in Croatia, Journal of Financial Stability,2007(4), pp.312-336.
[49]Erkki Koskela, Rune Stenbacka. Is there a tradeoff between bank competition and financial fragility? Journal of Banking & Finance,2000(24), pp.1853-1873.
[50]Francisco Vazquez, Benjamin M. Tabak, Marcos Souto. A macro stress test model of credit risk for the Brazilian banking sector, Journal of Financial Stability, 2012(8), pp.69-83.
[51]Friedman, Milton, and Anna (Jacobson) Schwartz. The Great Contraction,A Monetary History of the United States,1867-1960. Princeton:Princeton UP,1963.
[52]Gallo, J. Apilado, V. and Kolari, J. Commercial bank mutual fund activities:Implications for bank risk and profitability, Journal of Banking and Finance,1996(20), pp.1775-1791.
[53]George R.G. Clarke, Robert Cull and Maria Soledad Martinez Peria. Foreign bank participation and access to credit across firms in developing countries, Journal of Comparative Economics,2006(4), pp.774-795.
[54]Goldberg L.S. Financial Sector FDI and Host Countries:New and Old Lessons, Economic Policy Review,2007, pp.1-17.
[55]Guiso, L., P. Sapienza, and L. Zingales. Does local financial development matter? Quarterly Journal of Economics,2004 (3), pp.929-969.
[56]Giovanni Ferri. Are new tigers supplanting old mammoths in China's banking system? Evidence from a sample of city commercial banks,Journal of Banking and Finance,2009(33), pp.131-140.
[57]Goldberg L.S. Financial Sector FDI and Host Countries:New and Old Lessons, Economic Policy Review,2007(5), pp.1-17
[58]G6rg H. and Strobl E. Spillovers from foreign firms through worker mobility:An empirical investigation, Scandinavian Journal of Economics,2005(4), pp.693-709
[59]Gorton, G. and Winton, A. Banking in Transition Economies:Does Efficiency Require Instability?, Journal of Money, Credit and Banking, Blackwell Publishing,1998(3), pp. 621-50
[60]Guilherme Carmona. Bank failures caused by Large withdrawals:An explanation based purely on liquidity, Journal of Mathematical Economics,2001(43), pp.818-841.
[61]Guiso, L., P. Sapienza, and L. Zingales. Does local financial development matter? Quarterly Journal of Economics,2004 (19), pp.929-969.
[62]George R.G. Clarke, Robert Cull and Maria Soledad Martinez Peria. Foreign bank participation and access to credit across firms in developing countries, Journal of Comparative Economics,2006(4), pp.774-795.
[63]Giannetti M. and Ongena S. Financial integration and firm performance:evidence from foreign bank entry in emerging markets, Review of Finance,2009(2), pp.181-223.
[64]Hauswald R. and Marquez R. Competition and strategic information acquisition in credit markets, Review of Financial Studies,2006(3), pp.967-1000.
[65]Hay D.A., and G.S.Liu. The Efficiency of Finns:What Difference Does Competition Make?, The Economic Journal,1997(107), pp.597-617
[66]Huidan Lin. Foreign bank entry and firms'access to bank credit:Evidence from China, Journal of Banking & Finance,2011,35(4):1000-1010.
[67]H. Semih Yildirim and George C. Philippatos. Restructuring, consolidation and competition in Latin American banking markets, Journal of Banking & Finance,2007(31), pp.629-639.
[68]Hongbin Li, Li-An Zhou. Political turnover and economic performance:the incentive role of personnel control in China, Journal of Public Economics,2005(89), pp.1743-1762.
[69]Humphrey, D.B. Why do estimates of bank scale economics differ? Federal Reserve Bank of Richmond Economic Review,1990(76), pp.38-50.
[70]Ilan Noy. Financial Liberalization, Prudential Supervision, and the Onset of Banking Crises, Emerging Markets Review,2004(3), pp.341-359.
[71]I.S. Dine. Politicians and banks:political influences on government-owned banks in emerging markets, Journal of Financial Economics,2005(77),pp.453-479.
[72]James R. Barth, Gerard Caprio Jr., Ross Levine. Bank regulation and supervision:what works best? Journal of Financial Intermediation,2004(13), pp.205-248.
[73]Jack Glen, Camilo Mondragon-Velez. Business cycle effects on commercial bank loan portfolio performance in developing economies, Review of Development Finance,2011(1), pp.150-165.
[74]John P. Bonin, Yiping Huang. Dealing with the bad loans of the Chinese banks, Journal of Asian Economics, Volume 12, Issue 2, Summer 2001, pp.197-214.
[75]Juri Marcucci, Mario Quagliariello. Asymmetric effects of the business cycle on bank credit risk, Journal of Banking & Finance,2009(33), pp.1624-1635.
[76]Justin Yifu Lin, Dennis Tao Yang. On the causes of China's agricultural crisis and the great leap famine, China Economic Review,1998(9), pp.125-140.
[77]Jiirg M. Blum. Why 'Basel II' may need a leverage ratio restriction, Journal of Banking & Finance,2008(32), pp.1699-1707.
[78]J.H. Boyd, S.L. Graham. The profitability and risk effects of allowing bank holding companies to merge with other financial firms:a simulation study Federal Reserve, Bank of Minneapolis Quarterly Review,1988(23), pp.476-514.
[79]Kadri Mannasoo and David G. Mayes. Explaining Bank Distress in Eastern European Transition Economies, Journal of Banking & Finance,2009(2), pp.244-253.
[80]Kent Matthews and Nina (Xu) Zhang. Bank productivity in China 1997-2007:Measurement and convergence, China Economic Review,2010,21(4):617-628.
[81]Klein, P., Saidenberg, M. Diversification, organization, and efficiency:evidence from bank holding companies. Federal Reserve Bank of New York. Working Paper,1998.
[82]Koehn M,A M Santomero. Regulation of Bank Capital and Portfolio Risk, Journal of Finance,1980(35), pp.121-134.
[83]King, R.G., Levine, R. Finance and growth:Schumpeter might be right. Quarterly Journal of Economics 1993(108),pp.717-737.
[84]Kaas, L. and Europeo, B. C., Financial Market Integration and Loan Competition:When is Entry Deregulation Socially Beneficial?, European Central Bank Working Paper, No.403, 2004
[85]Kim,H.E., and B.Y.Lee. The Effect of Foreign Bank Entry on Performance of Private Domestic Banks in Korea, Bank of Korea Working Paper,2004,March
[86]Kellee Tsai. Imperfect Substitutes:The Local Political Economy of Informal Finance and Microfinance in Rural China and India, World Development,2004(32), pp.1487-1507.
[87]Laeven Luc and Fabian Valencia. Resolution of Banking Crises:The Good, the Bad, and the Ugly, IMF working paper,2010,10/146.
[88]Lane, Philip R., Milesi-Ferretti and Gian Maria. Capital flows to Central and Eastern Europe, Emerging Markets Review,2007(2), pp.106-123.
[89]Lehner, M. and M. Schnitzer. Entry of Foreign Banks and Their Impact on Host Countries, Journal of Comparative Economics,2008,36(3):430-452.
[90]Levy-Yeyati E.L. and Micco A. Concentration and foreign penetration in Latin American banking sectors:impact on competition and risk, Journal of Banking & Finance,2007(6), pp.1633-1647.
[91]Levine R. Foreign banks, financial development, and economic growth", In:Barfield, C.E. (Ed.), International Financial Markets:Harmonization versus Competition. The AEI Press, Washington, DC,1996.
[92]Lei Xu, Chien-Ting Lin. Can Chinese banks compete after accession to WTO? Journal of Asian Economics,2007(18), pp.883-903.
[93]L. Laeven, R. Levine. Is there a diversification discount in financial conglomerates? Journal of Financial Economics,2007(85), pp.331-367.
[94]Lev Ratnovski. Liquidity and transparency in bank risk management, Journal of Financial Intermediation, In Press, Corrected Proof, Available online 4 February 2013.
[95]Lepetit, L., Emmanuelle Nys, Philippe Rous, Amine Tarazi. Bank income structure and risk: An empirical analysis of European banks, Journal of Banking & Finance,2008(16), pp: 1452-1467.
[96]Lardy, N. R. China's unfinished economic revolution, Washington, DC:Brookings Institution and Institute for International Economics,1998.
[97]Loren Brandt, Hongbin Li. Bank discrimination in transition economies:ideology, information, or incentives? Journal of Comparative Economics,2003(31), pp.387-413.
[98]Leonardo V. Vera. Recession, high interest rates and instability:simple macro-dynamics, Economics Letters,2004(85), pp.171-177.
[99]Longzhen Fan, Anders C. Johansson. China's official rates and bond yields, Journal of Banking & Finance,2010(34), pp.996-1007.
[100]Maria Pia Olivero, Yuan Li and Bang Nam Jeon. Competition in banking and the lending channel:Evidence from bank-level data in Asia and Latin America, Journal of Banking & Finance,2011(3), pp.560-571.
[101]Mian, A. Distance constraints:the limits of foreign lending in poor economies, Journal of Finance,2006(3), pp.1465-1505.
[102]Moguillansky G., Stuart R. and Vergara S. Foreign banks in Latin America:a paradoxical result, CEPAL Review,2004(82),pp.19-28.
[103]Mohamed ARIFF, Luc CAN. Cost and profit efficiency of Chinese banks:A non-parametric analysis, China Economic Review,2008(19), pp.260-273.
[104]Manthos D. Delis, Georgios P. Kouretas. Interest rates and bank risk-taking, Journal of Banking & Finance,2011(35), pp.840-855.
[105]M. Bertrand, A. Schoar, D. Thesmar. Banking deregulation and industry structure:Evidence from the French banking reforms of 1985. Journal of Finance,2007 (62), pp.597-628.
[106]Michael Horrocks, Venkataramanan Ramaswamy, Keri Rupp. Financial reforms in Chinese banking:The impact on personal lending and operational efficiency, Business Horizons, 2008(51), pp.511-517.
[107]Mariassunta Giannetti. Financial Liberalization and Banking Crises:The Role of Capital Inflows and Lack of Transparency, Journal of Financial Intermediation,2007(1), pp.32-63.
[108]Martin Brown, Maria Rueda Maurer, Tamara Pak and Nurlanbek Tynaev. The Impact of Banking Sector Reform in a Transition Economy:Evidence from Kyrgyzstan, Journal of Banking& Finance,2009(9), pp.1677-1687.
[109]Mundlak Yair. On the Pooling of Time Series and Cross Section Data", Econometrica, 1978(46), pp.69-85.
[110]M. Bertrand, A. Schoar, D. Thesmar. Banking deregulation and industry structure:Evidence from the French banking reforms of 1985. Journal of Finance,2007(62), pp.597-628.
[111]Michael Firth, Chen Lin, Ping Liu, Sonia M.L. Wong. Inside the black box:Bank credit allocation in China's private sector, Journal of Banking & Finance,2009(33), pp.1144-1156.
[112]M. Iskandar-Datta, R. McLaughlin. Global diversification:new evidence from corporate operating performance, Corporate Ownership and Control,2007(4), pp.228-250.
[113]Marcia Millon Cornett, Jamie John McNutt, Philip E. Strahan, Hassan Tehranian. Liquidity risk management and credit supply in the financial crisis, Journal of Financial Economics,2011(101), pp.297-312.
[114]Michiru Sawada. Liquidity risk and bank portfolio management in a financial system without deposit insurance:Empirical evidence from prewar Japan, International Review of Economics & Finance,2010(19), pp.392-406.
[115]N. Cetorelli, M. Gambera. Banking market structure, financial dependence and growth: International evidence from industry data, Journal of Finance,2001 (56), pp.617-648.
[116]Nicholas C. Kyriazis, Michel S. Zouboulakis, Modeling Institutional Change in Transition Economies, Communist and Post-Communist Studies,2005(1), pp.109-120.
[117]North and Douglass. Institutions, Institutional Change and Economic Performance. Cambridge, MA:Cambridge University Press,1990
[118]Nicola Cetorelli, Pietro F. Peretto. Credit quantity and credit quality; Bank competition and capital accumulation, Journal of Economic Theory,2012(147), pp.967-998.
[119]N. Cetorelli, P.E. Strahan. Finance as a barrier to entry:Bank competition and industry structure in local U.S. markets, Journal of Finance,2006(61), pp.437-461.
[120]Olena Havrylchyk and Emilia Jurzyk. Inherited or earned? Performance of foreign banks in Central and Eastern Europe, Journal of Banking & Finance,2011(5), pp.1291-1302.
[121]PriceWaterhouseCoopers. Going for growth-the outlook for M&A in the financial services sector in Asia, Price WaterhouseCoopers,2006.
[122]Ping XIE. Reforms of China's rural credit cooperatives and policy options, China Economic Review,2003(14), pp.434-442.
[123]Philip C. Chang, Chunxin Jia, Zhicheng Wang. Bank fund reallocation and economic growth: Evidence from China, Journal of Banking & Finance,2010(34), pp.2753-2766.
[124]Pesola, J. The role of macroeconomic shocks in banking crises. Discussion Paper,2001(6), Bank of Finland.
[125]P.S. Rose. Diversification of the banking firm, Financial Review,1989(24),pp.251-280.
[126]Paola Sapienza.The effects of government ownership on bank lending, Journal of Financial Economics,2004(72), pp.357-384.
[127]Qian Wang, T.J. Wong, Lijun Xia. State ownership, the institutional environment, and auditor choice:Evidence from China, Journal of Accounting and Economics,2008(46), pp.112-134.
[128]Rambaldi,A.N.,Rao,D.S.P. and Dolan,D. Measuring Productivity Growth Performance Using Metafrontiers:with Applications to Regional Productivity Growth Analysis in a Global Context,In:O'Dornell,C.J.,Australian Meeting of the Econometrics Society ES AM07.Brisbane,(1-33),2007
[129]Ralph de Haas and Iman van Lelyveld. Foreign Banks and Credit Stability in Central and Eastern Europe. A panel data analysis, Journal of Banking & Finance,2006(7), pp.1927-1952.
[130]Rajdeep Sengupta. Foreign entry and bank competition, Journal of Financial Economics, 2007(2), pp.502-528.
[131]Reinhart, C., Rogoff, K. From Financial Crash to Debt Crisis. NBER Working Paper,2010, W15795.
[132]Richardson, Gary. Quarterly Data on the Categories and Causes of Bank Distress during the Great Depression. NBER Working Paper,2006, W12715.
[133]Richardson, Gary. The Collapse of the United States Banking System during the Great Depression,1929 to 1933, New Archival Evidence. The Australasian Accounting Business & Finance Journal,2007(1), pp.39-50.
[134]Robert Cull, Lixin Colin Xu. Who gets credit? The behavior of bureaucrats and state banks in allocating credit to Chinese state-owned enterprises, Journal of Development Economics,2003(71), pp.533-559.
[135]Robert Kollmann, Stefan Zeugner. Leverage as a predictor for real activity and volatility, Journal of Economic Dynamics and Control, In Press, Accepted Manuscript, Available online 2 April 2012.
[136]Robert Lensink and Niels Hermes. The short-term effects of foreign bank entry on domestic bank behavior:Does economic development matter?, Journal of Banking& Finance,2004(3), pp.553-568.
[137]Ross Levine. Finance and growth:Theory and evidence, Philippe Aghion, Steven Durlauf (Eds.), Handbook of Economic Growth, North-Holland, Amsterdam (2005), pp.865-934.
[138]Rupa Duttagupta and Paul Cashin. Anatomy of Banking Crises in Developing and Emerging Market countries, Journal of International Money and Finance,2011(2), pp.354-376.
[139]R. La Porta, F. Lopez-De-Silanes, A. Shleifer. Government ownership of banks Journal of Finance,2002(57), pp.265-301.
[140]Salas, V., Saurina, J. Credit risk in two institutional settings:Spanish commercial and saving banks, Journal of Financial Services Research,2002(22),pp.203-224.
[141]Sophocles N. Brissimis, Manthos D. Delis and Nikolaos I. Papanikolaou. Exploring the Nexus between Banking Sector Reform and Performance:Evidence from Newly Acceded EU Countries, Journal of Banking & Finance,2008(12), pp.2674-2683.
[142]Shen C.H., Lu C.H. and Wu M.W. Impact of foreign bank entry on the performance of Chinese banks, China & World Economy,2009(17), pp.102-121.
[143]S. Drucker, M. Puri. On loan sales, loan contracting, and lending relationships, Review of Financial Studies,2009(22), pp.2835-2872.
[144]S. Deng, E. Elyasiani. Geographic diversification and BHC return and risk performance. Journal of Money, Credit and Banking,2008(40), pp.1217-1238.
[145]Sebnem Kalemli-Ozcan, Bent Sorensen, Sevcan Yesiltas. Leverage across firms, banks, and countries, Journal of International Economics, In Press, Corrected Proof, Available online 13 March 2012.
[146]Stiroh, K. Diversification in banking:Is noninterest income the answer? Journal of Money, Credit, and Banking,2004(5), pp.853-882.
[147]Steve Mercieca, Klaus Schaeck, Simon Wolfe. Small European banks:Benefits from diversification? Journal of Banking & Finance,2007(31), pp.1975-1998.
[148]Shirley J. Ho, Su-Chu Hsu. Leverage, performance and capital adequacy ratio in Taiwan's banking industry, Japan and the World Economy,2010(22), pp.264-272.
[149]Shu-Hwa Chang, Liang-Chou Huang. The nexus of finance and GDP growth in Japan:Do real interest rates matter? Japan and the World Economy,2010(22), pp.235-242.
[150]Stiglitz, J. E., Jaramillo-Vallejo, J. and Park, Y.C. The Role of the State in Financial Markets, World Bank Research Observer, Annual Conference on Development Economics Supplement, 1993, pp.19-61
[15 l]Stiglitz, J. E. The Role of the State in Financial Market. Proceeding of the World Bank annual conference on development economics,1993.
[152]Terhi Jokipii and Brian Lucey. Contagion and Interdependence:Measuring CEE Banking Sector Co-movements, Economic Systems,2007(1), pp.71-96.
[153]T. Beck, R. Levine, A. Levkov. Big bad banks? The winners and losers from bank deregulation in the united states, Journal of Finance.,2010(5), pp.1637-1667.
[154]T. Rice, P.E. Strahan. Does credit competition affect small-firm finance?Journal of Finance, 2010(3), pp.861-889.
[155]Tigran Poghosyan. Re-examining the impact of foreign bank participation on interest margins in emerging markets, Emerging Markets Review,2010(4), pp.390-403.
[156]Thomas, S., & Ji, C. Banking on reform. China Business Review. Retrieved July 20,2006, from http://www.chinabusinessreview.com/public/0605/thomas.html
[157]Tuuli Koivu. Has the Chinese economy become more sensitive to interest rates? Studying credit demand in China, China Economic Review,2009 (20), pp.455-470.
[158]Unite, A.A. and Sullivan, M.J. The effect of foreign entry and ownership structure on the Philippine domestic banking market, Journal of Banking and Finance,2003(12), pp.2323-2345.
[159]Ulrike Rondorf. Are bank loans important for output growth?:A panel analysis of the euro area, Journal of International Financial Markets, Institutions and Money,2012(22), pp.103-119.
[160]Valeriya Dinger. Do Foreign-owned Banks Affect Banking System Liquidity Risk?, Journal of Comparative Economics,2009(37), pp.647-657.
[161]White, Eugene. A Reinterpretation of the Banking Crisis of 1930, The Journal of Economic History,1984(44), pp.119-138.
[162]Wahyoe Soedarmono, Fouad Machrouh, Amine Tarazi. Bank market power, economic growth and financial stability:Evidence from Asian banks, Journal of Asian Economics,2011(22), pp.460-470.
[163]Wang,Y. North—South Technology Diffusion:How Import ant Are Trade, FDI and International Telecommunications, Working Paper, Carleton University,2005
[164]Walter, I. and Gray, H. P. Protectionism and International Banking:Sectional Efficiency, Competitive Structure and National Policy. Journal of Banking and F inance,1983(7).
[165]Winton, A. Don't put all your eggs in one basket? Diversification and specialization in lending, University of Minnesota, Working Paper,1999.
[166]Wu, J., Jeon, B.N., Luca, A. Foreign bank penetration, resource allocation and economic growth:evidence from emerging economies, Journal of Economic Integration,2010 (25), pp.166-192.
[167]W.K. Templeton, J.T. Severiens. The effects of non-bank diversification on bank holding company risk Quarterly, Journal of Business and Economics,1992(31), pp.3-17.
[168]Wolf Wagner. The liquidity of bank assets and banking stability, Journal of Banking & Finance,2007(31), pp.121-139.
[169]Xiaochi Lin, Yi Zhang. Bank ownership reform and bank performance in China, Journal of Banking& Finance,2009 (33), pp.20-29.
[170]Xiaoqing (Maggie) Fu, Shelagh Heffernan. The effects of reform on China's bank structure and performance, Journal of Banking & Finance,2009(33), pp.39-52.
[171]Xinwei Che, Bin Li, Kun Guo, Jue Wang. Property Prices and Bank Lending:Some Evidence from China's Regional Financial Centres, Procedia Computer Science,2011(4), pp.1660-1667.
[172]Xiaogang Chen, Michael Skully, Kym Brown. "Banking efficiency in China:Application of DEA to pre-and post-deregulation eras:1993-2000," China Economic Review,2005 (16),pp.229-245.
[173]Xiaoqing Eleanor Xu, Tao Chen. The effect of monetary policy on real estate price growth in China Pacific-Basin, Finance Journal,2012(20), pp.62-77.
[174]Ying Xu. Towards a more accurate measure of foreign bank entry and its impact on domestic banking performance:The case of China, Journal of Banking & Finance,2011(4), pp.886-901.
[175]Yiping HUANG. Is meltdown of the Chinese banks inevitable?, China Economic Review, 2002(13), pp.382-387.
[176]Yildirim, H. S. & Philippatos, G. Restructuring, consolidation and competition in Latin American banking markets, Journal of Banking & Finance,2007(3), pp.629-639
[177]Yoshiaki Ogura. Lending competition and credit availability for new firms:Empirical study with the price cost margin in regional loan markets, Journal of Banking & Finance,2012(36), pp.1822-1838.
[178]Yunkui Xue, Xiuli Zhu. Institutional changes, earnings quality and debt contract empirical evidence from the Chinese banking system reform, China Accounting and Finance Review, 2010 (3), pp.57-106.
[179]Zheng,X Liu and A.Bigsten. Efficiency, Technical Progress, and the Best Practice in Chinese State Enterprises (1980-1994), Journal of Comparative Economics,2003(31), pp.134-152
[180]Zhu Xiuli, Li Lianjun, Xue Yunkui. Banking system reform, earnings quality and credit allocation China, Journal of Accounting Research,2012(5), pp.217-229.
[181]蔡跃洲,郭梅军.我国上市商业银行全要素生产率的实证分析,经济研究,2009(9)：52-65
[182]董青马,卢满生.金融开放度与发展程度差异对银行危机生成机制影响的实证分析.国际金融研究,2010(6)：79-85
[183]董彦岭,张继华、吴立振.国有商业银行引进战略投资者的偏失及矫正思路,财经科学,2008年第2期：17-24
[184]窦菲菲.转型国家银行改革对经济增长影响分析,法律出版社,2009年。
[185]国务院发展研究中心金融研究所.中国银行体系贷款供给的决定及其对经济波动的影响,金融研究,2003(8)
[186]郭妍,张立光.外资银行进入对我国银行业影响效应的实证研究,经济科学,2005(2)：58-67
[187]何维达;于一.外资进入与中国商业银行的风险承担,金融论坛,2011(1)：43-50
[188]何德旭.外资进入中国银行业：趋势、影响及对策.财经论丛(浙江财经学院学报)2004(2)：1-16
[189]侯晓辉,李婉丽,王青.所有权、市场势力与中国商业银行的全要素生产率,世界经济,2011(2)：135-156
[190]黄静.影响转轨国家银行业FDI流入的因素分析——基于DEA及面板协整的研究.金融研究,2010(7)：71-83
[191]柯孔林,冯宗贤.中国银行全要素生产率测度：基于Malmquist-Luenberger指数研究,数量经济技术经济研究,2008年第4期：110-120
[192]李伟,韩立岩.外资银行进入对我国银行业市场竞争度的影响：基于Panzar-Rosse模型的实证研究,金融研究,2008(5)：87-98
[193]李双杰,宋秋文.我国商业银行战略引资的效应研究,数量经济技术经济研究,2010(9)：53-66
[194]李麟,索彦峰.经济波动、不良贷款与银行业系统性风险.国际金融研究,2009(6)：55-63
[195]林跃勤.全球金融风暴冲击下的转型经济,俄罗斯中亚东欧市场,2009(4)：14-21
[196]刘哲,孙熠.金融危机视角下转型国家资本流动和外资依赖问题分析——以波兰、捷克、匈牙利为例.世界经济与政治论坛,2010(2)：34-43
[197]刘春航.金融脆弱性视角下的两次大危机比较研究,中国银行业监督管理委员会工作论文,2012(8)
[198]刘澜飚,王博.门槛效应、管制放松与银行效率的改进——理论假说及其来自中国的经验研究.金融研究,2010(3)：67-79
[199]卢嘉圆,孔爱国.境外战略投资者对我国商业银行的影响：2002-2007,上海金融,2009(9)：86-89
[200]钱小安.信贷紧缩与不良贷款陷阱的形成及其治理,金融研究,2000(5)
[201]邱立成,王凤丽.外资银行进入对东道国银行体系稳定性影响的实证研究.南开经济研究,2010(4)：21-32
[202]邱立成,殷书炉.外资进入、制度变迁与银行危机——基于中东欧转型国家的研究.金融研究,2011(12)：115-130
[203]邱立成,殷书炉,Gary Richardson外资进入对我国银行绩效存在闽值效应吗?——基于银行财务指标的研究,南开经济研究,2013(4)
[204]邵敏,黄玖立.外资与我国劳动收入份额——基于工业行业的经验研究,经济学(季刊),2010(4)：1189-1210
[205]邵军,徐康宁.制度质量、外资进入与增长效应：一个跨国的经验研究,世界经济,2008(7)：3-14
[206]施华强.国有商业银行帐面不良贷款、调整因素和严重程度：1994—2004.金融研究,2005(12)：25-39
[207]王兵,朱宁.不良贷款约束下的中国银行业全要素生产率增长研究.经济研究,2011(5)：32-44
[208]王一江,田国强.中国银行业：改革两难与外资作用,比较,2003(10)：157-176
[209]吴玉立.境外投资者对中国银行业影响的实证分析.经济评论,2009(1)：93-114
[210]闵锐,李谷成.环境约束条件下的中国粮食全要素生产率增长与分解——基于省域面板数据与序列Malmquist-Luenberger旨数的观察,经济评论,2012(5)：34-43
[211]闫庆悦,王彬.外资银行进入对我国银行绩效的影响——基于面板数据的实证分析.山东大学学报(哲学社会科学版),2010(3)：1-10
[212]叶欣,冯宗宪.外资银行进入对本国银行体系稳定性影响的实证研究,经济科学,2003(2)：50-57
[213]叶欣,冯宗宪.外资银行进入对本国银行体系稳定性的影响.世界经济,2004(1)：29-36
[214]姚树洁,姜春霞、冯根福.中国银行业的改革与效率：1995—2008.经济研究,2011(8)
[215]杨有振,赵瑞.国内商业银行引进境外战略投资者的效用：实证分析,财贸经济,2008(10)：38-43
[216]袁晓玲,张宝山.中国商业银行全要素生产率的影响因素研究——基于DEA模型的Malmquist指数分析,金融研究,2008(4)：110-120
[217]张诚,莫扬.我国银行业外资并购影响的因素分析,南开经济研究,2003(6)：21-25
[218]张金清,吴有红.外资银行进入水平影响商业银行效率的“阙值效应”分析——来自中国商业银行的经验证据.金融研究,2010(6)：60-75
[219]张荔,张蓉.外资银行进入与东道国银行体系的效率改进——新兴市场国家的截面数据分析,南开经济研究,2006(1)：127-136
[220]张燕玲.从贸易金融领域看新资本协议及改革方案.中国金融,2010(12)：14-17
[221]张健华,王鹏.中国银行业广义Malmquist生产率指数研究,经济研究,2010(8)：128-14
[222]张蓉.外资银行进入与东道国银行体系的稳定性：以新兴市场国家为例,经济与管理研究,2008(2)：74-80
[223]朱盈盈,曾勇,李平,何佳.中资银行引进境外战略投资者：背景、争论及评述.管理世界,2008(1)：22-38
[224]朱盈盈.中资银行引进境外战略投资者效果的实证研究,电子科技大学博士论文,2011
[225]周慧君,顾金宏.外资银行渗透对中国银行业体系稳定性的影响——基于阶段理论与演化理论的实证研究,国际金融研究,2009(12)：67-72