Journal of Money and Economy

Journal of Money and Economy

Journal of Money and Economy, Vol. 14, No. 2, Spring 2019 (مقاله علمی وزارت علوم)

مقالات

۱.

The Effect of Relationship Lending on Loan Contract Terms(مقاله علمی وزارت علوم)

کلید واژه ها: Bank Borrower Lender Asymmetry Information Relationship-Lending

حوزه های تخصصی:
تعداد بازدید : ۱۶۹ تعداد دانلود : ۱۲۳
This paper investigates the effect of relationship-lending on loan contract terms, especially on the interest rate, loan value, and collateral requirements. For this purpose, data on 4850 loans granted by a bank in 2016 is employed. Our estimations show a negative and significant relationship between the interest rate and quality and quantity of borrower-lender relationship. Furthermore, there has been a positive and significant relationship between loan volumes granted to the borrower and the scope of his/her relation with the bank. Finally, there has been a positive and insignificant relationship between customer relationship with the bank and pledged collateral. The relationship-lending, as a solution for asymmetry information problems, is a winner-winner game such that the lender saves on screening expenses and the borrower is financed at lower costs. Thus, deliberate regulation in support of relationship lending increases the welfare of both sides of the credit market.
۲.

Globalization and Income Inequality: Does the Level of Financial Development Matter?(مقاله علمی وزارت علوم)

نویسنده:

کلید واژه ها: Globalization Financial development income inequality GMM

حوزه های تخصصی:
تعداد بازدید : ۲۱۰ تعداد دانلود : ۱۱۱
This paper examines the impact of globalization on income inequality in a panel of 78 developed and developing countries over 2002–2015. Moreover, the indirect effect of financial development in the link between globalization and income inequality is also analyzed by incorporating the interaction term between globalization and financial development. The empirical evidence based on the first-difference generalized method of moments (difference GMM) estimator suggested by Arellano and Bond (1991) and the system GMM estimator proposed by Arellano and Bover (1995) shows that globalization tends to worsen income inequality. However, the magnitude of the impact of globalization on income inequality is decreased with higher levels of financial development. These findings suggest that a higher level of financial development results in equal income distribution in a globalized world. As a policy implication, policymakers should improve the level of financial development to mitigate the adverse effects of globalization on income distribution.
۳.

Evaluating the Application of a Financial Early Warning System in the Iranian Banking System(مقاله علمی وزارت علوم)

کلید واژه ها: Abasgholipour M. (2010). Factors Affecting the Improvement of the Performance of Banks. Banking and Economy Quarterly 106 24-35. Abounouri a Erfani A. (2008). Markov Switching Algorithm and Predicting the Probability of Incidence of Liquidity Rati

حوزه های تخصصی:
تعداد بازدید : ۳۴۶ تعداد دانلود : ۱۱۹
One of the significant problems of banks and investors in Iran is the lack of precise awareness about the financial performance of each bank and the roadmap for improving the conditions. Besides, the undesirable status of the financial performance of banks becomes evident only when the improvement of conditions is complicated. In this paper, a data mining-based early warning system (EWS) model has been presented to capture the financial performance of banks. To design this model, the CHAID decision tree has been used. Using this model, the banks have been classified as poor, medium, and good regarding financial performance, and the roadmap to achieving the desirable status has been determined. For this purpose, 13 Iranian banks have been investigated within the years 2003-2017. Eventually, the results obtained from the decision tree have been compared with the findings achieved from the CAMELS model. Based on the designed decision tree, 8 profiles have been extracted; 2 representing good, 3 medium, and 3 poor financial performance. Based on these profiles, according to the latest reports published by the studied banks, eight banks have a mediocre financial performance while five banks suffer poor financial performance. According to these profiles, four variables of the asset to shareholders’ equity ratio, the shareholders’ equity to loans ratio, the long-term debt to equity ratio, and liquidity coverage ratio were identified as the most relevant variables associated with the financial performance of banks.
۴.

Macroeconomic, International Linkage and Effects of External Shocks in Southeast Asian Emerging Economies(مقاله علمی وزارت علوم)

کلید واژه ها: Global VAR International Linkage VECM Models Impulse Response Error Variance Decomposition Emerging Economies

حوزه های تخصصی:
تعداد بازدید : ۲۸۳ تعداد دانلود : ۱۲۱
This study is an attempt to examine the effects of external shocks on macroeconomic variables in selective small open emerging economies in Southeast Asia. A quarterly Global Vector Autoregressive (GVAR) model, including 33 countries, was used throughout 1979–2013. The empirical results showed that the target countries were affected by external shocks, especially the shocks in the U.S, Euro area, China, South Korea, Singapore, and oil price, due to a high dependency on exports and a high degree of globalization in financial markets. The difference in the economic structure of these countries has led to different reactions to shocks. Meanwhile, equity price, exchange rate, and the real output were the most important transmitters of shocks to the interior economy. Furthermore, the shock to the macroeconomic situation in the U.S, the U.K, and South Korea is related to the top ten effective factors on Forecast Error Variance Decomposition (FEVD) of these three variables. Concurrently, the domestic shock in GDP and the exchange rate in each country, except Indonesia, have the highest share in FEVD. According to the results, the effects of the mentioned shocks have to be noticed by macro-prudential analysis studies in the target countries to optimally manage the risks in the various areas of the economy.
۵.

Determining the Competitiveness in Iran Banking Industry: Case study of private banks(مقاله علمی وزارت علوم)

کلید واژه ها: private banks Panzar - Rosse model Panel Data

حوزه های تخصصی:
تعداد بازدید : ۳۲۱ تعداد دانلود : ۱۵۷
Iran's banking industry has faced a wide range of changes during recent years and its banks' performance has been affected by these changes. On the one hand, the entry of private banks to the industry has made various changes in the industry's concentration and the market share of banks, on the other hand, banking technologies and strengthened competitive environment have led banks to increase efficiency and improve their performance. Given the importance of competition and efficiency in different components of the economy, the present study aims to investigate the competitiveness of private banks over the period 2005 to 2017. For this purpose, according to Panzar-Rosse model in the framework of panel data models, required data are collected from all private banks, then the competitiveness of private banks is calculated using the Panzar-Rosse model. According to the results, markets of Iran’s private banks are involved in monopolistic competition during the underlying time period.
۶.

Examination of Loan Loss provision Model of Iranian Banks from Managerial Discretion Perspective(مقاله علمی وزارت علوم)

کلید واژه ها: Earning management Non Performing Loans External Finance Capital Management

حوزه های تخصصی:
تعداد بازدید : ۲۱۲ تعداد دانلود : ۱۴۱
The purpose of this paper is to study the suitability of loan loss provision (LLP) of Iranian banks when the industry is dealing with earning management behaviors. This goal has been reached using a two-step approach to analyze the discretionary component of LLP and then examine the relevant factors. This empirical study uses an unbalanced panel data of 15 listed banks during the 2006-2017 period. Estimating Iranian banks’ discretionary loan loss provision and ranking them according to the average of DLLP is one of our findings. The results show that there is a significant relationship between DLLP and earning management, capital management, and external financing.

آرشیو

آرشیو شماره ها:
۳۶