Banking sector development in transition countries: the impact of multinational banks
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| Main Author: | |
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| Format: | Book |
| Language: | English |
| Published: |
Saarbrücken
VDM Verlag Müller
2007
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| Subjects: | |
| Online Access: | Inhaltstext Inhaltsverzeichnis |
| Item Description: | Hergestellt on demand. - Literaturverz. S. 203 - 230 |
| Physical Description: | 230 S. graph. Darst. |
| ISBN: | 9783836427203 |
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Record in the Search Index
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Contents
List of tables, figures, annexes and abbreviations
1 Introduction 1
1.1 Multinational banks and credit growth in transition economies 1
1.2 How to build up a banking system? 3
1.3 The rationale of multinational banking 5
1.4 Multinational bank efficiency versus multinational bank stability 6
1.4.1 Multinational bank efficiency 7
1.4.2 Multinational bank stability 9
14.3 Is there a trade-off between the efficiency and the stability of 10
multinational banks?
1.5 Credit supply and credit demand 12
1.6 Outline of this book 14
2 Law, finance and economic growth during transition: A survey 19
2.1 Introduction 19
2.2 The legal view on finance and growth 19
2.2.1 The debate on finance and growth 19
2.2.2 The legal view 23
2.2.3 The contribution of the legal view: An appraisal 25
2.3 A legal view on transition? 31
2.3.1 Soft budget constraints as a manifestation of a deficient legal 31
system
2.3.2 Law and finance during transition 34
2.3.3 (International) finance and real economic developments in transition 37
countries
2.4 Summary and conclusions 40
3 A model of multinational banks, shocks and credit growth 43
3.1 Introduction 43
3.2 Multinational banks and international business cycles: A review of the 45
literature
3.3 A closed-economy model of bank credit, firms and investments 48
3.4 A two-country model of bank credit, firms and investments 54
3.4.1 A model of multinational banking 54
3.4.2 Multinational banking and bank capital shocks 55
3.4.3 Multinational banking and firm capital shocks 57
3.4.4 The match between the theoretical and the empirical literature 58
3.5 Multinational banking and simultaneous shocks to firm capital and bank 59
capital
3.6 Multinational banking and changing monitoring costs 64
3.6.1 Multinational banking when monitoring intensity is endogenous 64
3.6.2 Multinational banking and international differences in monitoring 68
efficiency
3.7 Conclusions and link with other chapters 70
The dynamic adjustment towards target capital structures of firms in 73
transition economies
4.1 Introduction 73
4.2 Modelling capital structure dynamics 74
4.2.1 Theories of capital structure choice 74
4.2.2 The target capital structure 75
4.2.3 The adjustment process towards the target capital structure 76
4.2.4 The speed of adjustment and the general functional relationships 77
4.2.5 The estimation strategy 77
4.3 The capital structure measure and the explanatory variables 79
4.3.1 The capital structure measure 79
4.3.2 The determinants of the target capital structure 83
4.3.3 The determinants of the adjustment speed 88
4.4 Empirical results 90
4.4.1 Determinants of the target capital structure and the adjustment 90
speed
4.4.2 The ratio between the target capital structure and the actual capital 94
structure
4.4.3 The speed of adjustment 100
4.5 Summary and conclusions 101
The stability of multinational bank lending in transition economies 107
Cross-border credit versus local credit
5.1 Introduction 107
5.2 Measuring multinational bank penetration in transition economies 108
5.3 Multinational bank penetration in the CEB region: A country analysis 111
5.4 More comprehensive measures of multinational bank penetration 118
5.5 The stability of multinational bank credit during adverse economic times 123
5.6 A comparison with multinational banking in Latin America 124
5.7 Summary and conclusions 126
6 Multinational banks and credit stability in transition economies 131
A panel data analysis
6.1 Introduction 131
6.2 Multinational banks and financial stability: Theoretical considerations 131
6.3 BankScope dataset and descriptive statistics 134
6.3.1 The BankScope dataset 134
6.3.2 Differences between foreign and domestic banks in CEB: 135
Descriptive statistics
6.4 Econometric methodology and results 136
6.5 Summary and conclusions 149
7 Multinational banks in transition economies: Small business lending and 153
internal capital markets
7.1 Introduction 153
7.2 Motivation and methodology 154
7.2.1 Motivation and existing literature 154
7.2.2 Some methodological remarks 158
7.3 Changes in multinational bank subsidiaries' small business lending 161
7.3.1 Increased competition in the credit market for large corporations 163
7.3.2 Improved screening and monitoring systems and the use of leasing 165
7.4 Intra-bank financial relationships and the steering of local credit 169
7.4.1 Financial intra-bank relationships in multinational banks 169
7.4.2 Foreign parent banks' steering of their CEB subsidiaries 174
7.4.3 Credit steering by multinational banks under exceptional 181
circumstances
7.5 Summary and conclusions 184
8 Summary and concluding remarks 193
8.1 Summary and conclusions 193
8.2 Some policy implications 196
8.3 Directions for further work 200
References 203
List of tables, figures, annexes and abbreviations
Tables
Table 1.1 Bank ownership structure in European transition economies 2
Table 3.1 Net host-country effect of simultaneous home-country shocks 64
Table 3.2 Monitoring intensity and efficiency: comparative statics 68
Table 4.1 Firm-specific variables and expected relationship with target leverage ratio 87
Table 4.2 Regression results dynamic adjustment model 92
Table 4.3 Average ratio target leverage (L*) to actual leverage (L) in 2000-2001 98
Table 4.4 L*/L of domestic and foreign firms in selected countries (median ratio) 99
Table 4.5 Average adjustment speed (in %) 100
Table A4.1 Summary statistics 105
Table A4.2 Nyblom-Harvey (2000) stationarity test results 106
Table 5.1 Stability of multinational bank credit during domestic credit contraction 123
Table 5.2 Importance of different bank credit sources (% of GDP in 1999) 125
Table 6.1 Credit growth 144
Table 6.2 Credit growth (including interaction terms (IT)) 146
Table 6.3 Credit market share growth (including interaction terms (IT)) 147
Table 7.1 Summary of information on the activities of multinational banks in CEB 160
Table 7.2 Summary of the development of multinational banks' SME finance in CEB 162
Figures
Figure 1.1 The effect of bank efficiency on savings and investment
Figure 1.2 Outline of the book
Figure 3.1 Empirical results on multinational banks as conduits for financial and real
shocks
Figure 3.2 Theoretical links in a two-country model of multinational banking
Figure 3.3 Endogenous monitoring intensity
Figure 3.4 Multinational banks and shocks: overview of this book
Figure 4.1 Debt to total value non-financial firms in % (all book value)
Figure 4.2 Development of actual leverage ratios of CEB firms (in %)
Figure 4.3 Development of target leverage ratios of CEB firms (in %)
Figure 4.4 Ratio target leverage to actual leverage (L*/L) of CEB firms
Figure 5.1 Complementarity, overlap and lack of data sources
Figure 5.2 Development of foreign bank penetration in Estonia (1993-2000)
Figure 5.3 Development of foreign bank penetration in Hungary (1993-2000)
Figure 5.4 Development of foreign bank penetration in Poland (1993-2000)
Figure 5.5 Development of foreign bank penetration in Slovenia (1993-2000)
Figure 5.6 Development of foreign bank penetration in Czech Republic (1993-2000)
14
46
59
67
71
80
82
95
97
110
112
113
115
116
117
Figure 5.7 Broad and narrow multinational bank penetration measures 120
Figure A5.1 Deceleration/accelerating of domestic and multinational bank credit during 128
periods of declining domestic bank credit
Figure 7.1 Increase in funding sources of large CEB companies 164
Figure 7.2 Parent banks' steering of credit in Central Europe and the Baltics 178
Annexes
Annex 4.1
Annex 5.1
Annex 6.1
Annex 6.2
Annex 7.1
Annex 7.2
Additional information on the firm data 103
Speed of the credit decline 128
Number of domestic banks, takeover multinational banks and greenfield 151
multinational banks in dataset
Descriptive statistics: Domestic banks, greenfields and takeovers 152
Example of questionnaire 187
Overview of interviews 190 |
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| discipline | Wirtschaftswissenschaften |
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| spelling | Haas, Ralph de Verfasser (DE-588)136659918 aut Banking sector development in transition countries the impact of multinational banks Ralph de Haas Saarbrücken VDM Verlag Müller 2007 230 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Hergestellt on demand. - Literaturverz. S. 203 - 230 Internationale Bank / Bank / Kredit / Makroökonomischer Einfluss / Transformationsstaaten / Osteuropa Internationale Bank (DE-588)4140009-4 gnd rswk-swf Systemtransformation (DE-588)4060633-8 gnd rswk-swf Wirtschaftssystem (DE-588)4117663-7 gnd rswk-swf Marktwirtschaft (DE-588)4037653-9 gnd rswk-swf Internationale Bank (DE-588)4140009-4 s Wirtschaftssystem (DE-588)4117663-7 s Systemtransformation (DE-588)4060633-8 s Marktwirtschaft (DE-588)4037653-9 s DE-604 text/html http://deposit.dnb.de/cgi-bin/dokserv?id=3005094&prov=M&dok_var=1&dok_ext=htm Inhaltstext HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017063145&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Haas, Ralph de Banking sector development in transition countries the impact of multinational banks Internationale Bank / Bank / Kredit / Makroökonomischer Einfluss / Transformationsstaaten / Osteuropa Internationale Bank (DE-588)4140009-4 gnd Systemtransformation (DE-588)4060633-8 gnd Wirtschaftssystem (DE-588)4117663-7 gnd Marktwirtschaft (DE-588)4037653-9 gnd |
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| title | Banking sector development in transition countries the impact of multinational banks |
| title_auth | Banking sector development in transition countries the impact of multinational banks |
| title_exact_search | Banking sector development in transition countries the impact of multinational banks |
| title_full | Banking sector development in transition countries the impact of multinational banks Ralph de Haas |
| title_fullStr | Banking sector development in transition countries the impact of multinational banks Ralph de Haas |
| title_full_unstemmed | Banking sector development in transition countries the impact of multinational banks Ralph de Haas |
| title_short | Banking sector development in transition countries |
| title_sort | banking sector development in transition countries the impact of multinational banks |
| title_sub | the impact of multinational banks |
| topic | Internationale Bank / Bank / Kredit / Makroökonomischer Einfluss / Transformationsstaaten / Osteuropa Internationale Bank (DE-588)4140009-4 gnd Systemtransformation (DE-588)4060633-8 gnd Wirtschaftssystem (DE-588)4117663-7 gnd Marktwirtschaft (DE-588)4037653-9 gnd |
| topic_facet | Internationale Bank / Bank / Kredit / Makroökonomischer Einfluss / Transformationsstaaten / Osteuropa Internationale Bank Systemtransformation Wirtschaftssystem Marktwirtschaft |
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