Banking and trading /:
We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, shortterm, capital constrained, and with t...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
|
| Schriftenreihe: | IMF working paper ;
WP/12/238. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, shortterm, capital constrained, and with the ability to generate risk from concentrated positions. When a bank engages in trading, it can use its 'spare' capital to profitablity expand the scale of trading. However, there are two inefficiencies. A bank may allocate too much capital to trading ex-post, compromising the incentives to build relationships ex-ante. And a bank may use trading for risk-shifting. Financial development augments the scalability of trading, which initially benefits conglomeration, but beyond some point inefficiencies dominate. The deepending of the financial markets in recent decades leads trading in banks to become increasingly risky, so that problems in managing and regulating trading in banks will persist for the foreseeable future. The analysis has implications for capital regulation, subsidiarization, and scope and scale restrictions in banking. |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed October 5, 2012). "Research Department." "October 2012." |
| Beschreibung: | 1 online resource (48 pages) |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 9781475512472 1475512473 1475511213 9781475511215 1475512465 9781475512465 1475512481 9781475512489 |
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| 520 | |a We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, shortterm, capital constrained, and with the ability to generate risk from concentrated positions. When a bank engages in trading, it can use its 'spare' capital to profitablity expand the scale of trading. However, there are two inefficiencies. A bank may allocate too much capital to trading ex-post, compromising the incentives to build relationships ex-ante. And a bank may use trading for risk-shifting. Financial development augments the scalability of trading, which initially benefits conglomeration, but beyond some point inefficiencies dominate. The deepending of the financial markets in recent decades leads trading in banks to become increasingly risky, so that problems in managing and regulating trading in banks will persist for the foreseeable future. The analysis has implications for capital regulation, subsidiarization, and scope and scale restrictions in banking. | ||
| 504 | |a Includes bibliographical references. | ||
| 500 | |a "Research Department." | ||
| 500 | |a "October 2012." | ||
| 505 | 0 | |a Cover; Contents; I. Introduction; II. Relationship to the Literature; III. Model; A. Approach; B. Credit Constraints; C. Banking; D. Trading; IV. Benefits of Conglomeration; V. Time Inconsistency of Capital Allocation; A. Setup: Long-term Banking; B. The Consequences of Time Inconsistency; C. Cost of Conglomeration under Time Inconsistency; VI. Trading as Risk-Shifting; A. Setup: Risky Trading; B. Risk-Shifting; C. The Interaction of Time Inconsistency and Risk Shifting; VII. Discussion; A. Front-loaded Income in Relationship Banking; B. External Equity and Internal Capital Allocation. | |
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| author | Boot, Arnoud W. A. (Willem Alexander), 1960- |
| author2 | Ratnovski, Lev |
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| author_GND | http://id.loc.gov/authorities/names/n87884086 |
| author_corporate | International Monetary Fund. Research Department |
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| contents | Cover; Contents; I. Introduction; II. Relationship to the Literature; III. Model; A. Approach; B. Credit Constraints; C. Banking; D. Trading; IV. Benefits of Conglomeration; V. Time Inconsistency of Capital Allocation; A. Setup: Long-term Banking; B. The Consequences of Time Inconsistency; C. Cost of Conglomeration under Time Inconsistency; VI. Trading as Risk-Shifting; A. Setup: Risky Trading; B. Risk-Shifting; C. The Interaction of Time Inconsistency and Risk Shifting; VII. Discussion; A. Front-loaded Income in Relationship Banking; B. External Equity and Internal Capital Allocation. |
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| discipline | Wirtschaftswissenschaften |
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| id | ZDB-4-EBA-ocn812041171 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-27T13:24:59Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/n77001219 |
| isbn | 9781475512472 1475512473 1475511213 9781475511215 1475512465 9781475512465 1475512481 9781475512489 |
| language | English |
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| publishDateSort | 2012 |
| publisher | International Monetary Fund, |
| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Boot, Arnoud W. A. (Willem Alexander), 1960- http://id.loc.gov/authorities/names/n87884086 Banking and trading / prepared by Arnoud W.A. Boot and Lev Ratnovski. [Washington, D.C.] : International Monetary Fund, ©2012. 1 online resource (48 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier polychrome. rdacc http://rdaregistry.info/termList/RDAColourContent/1003 data file IMF working paper ; WP/12/238 Title from PDF title page (IMF Web site, viewed October 5, 2012). We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, shortterm, capital constrained, and with the ability to generate risk from concentrated positions. When a bank engages in trading, it can use its 'spare' capital to profitablity expand the scale of trading. However, there are two inefficiencies. A bank may allocate too much capital to trading ex-post, compromising the incentives to build relationships ex-ante. And a bank may use trading for risk-shifting. Financial development augments the scalability of trading, which initially benefits conglomeration, but beyond some point inefficiencies dominate. The deepending of the financial markets in recent decades leads trading in banks to become increasingly risky, so that problems in managing and regulating trading in banks will persist for the foreseeable future. The analysis has implications for capital regulation, subsidiarization, and scope and scale restrictions in banking. Includes bibliographical references. "Research Department." "October 2012." Cover; Contents; I. Introduction; II. Relationship to the Literature; III. Model; A. Approach; B. Credit Constraints; C. Banking; D. Trading; IV. Benefits of Conglomeration; V. Time Inconsistency of Capital Allocation; A. Setup: Long-term Banking; B. The Consequences of Time Inconsistency; C. Cost of Conglomeration under Time Inconsistency; VI. Trading as Risk-Shifting; A. Setup: Risky Trading; B. Risk-Shifting; C. The Interaction of Time Inconsistency and Risk Shifting; VII. Discussion; A. Front-loaded Income in Relationship Banking; B. External Equity and Internal Capital Allocation. English. Banks and banking. http://id.loc.gov/authorities/subjects/sh85011609 Commerce. http://id.loc.gov/authorities/subjects/sh85028901 Commerce https://id.nlm.nih.gov/mesh/D003132 Commerce. BUSINESS & ECONOMICS Finance. bisacsh Banks and banking fast Commerce fast Ratnovski, Lev. International Monetary Fund. Research Department. http://id.loc.gov/authorities/names/n77001219 1-4755-1247-3 1-4755-1121-3 IMF working paper ; WP/12/238. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568124 Volltext |
| spellingShingle | Boot, Arnoud W. A. (Willem Alexander), 1960- Banking and trading / IMF working paper ; Cover; Contents; I. Introduction; II. Relationship to the Literature; III. Model; A. Approach; B. Credit Constraints; C. Banking; D. Trading; IV. Benefits of Conglomeration; V. Time Inconsistency of Capital Allocation; A. Setup: Long-term Banking; B. The Consequences of Time Inconsistency; C. Cost of Conglomeration under Time Inconsistency; VI. Trading as Risk-Shifting; A. Setup: Risky Trading; B. Risk-Shifting; C. The Interaction of Time Inconsistency and Risk Shifting; VII. Discussion; A. Front-loaded Income in Relationship Banking; B. External Equity and Internal Capital Allocation. Banks and banking. http://id.loc.gov/authorities/subjects/sh85011609 Commerce. http://id.loc.gov/authorities/subjects/sh85028901 Commerce https://id.nlm.nih.gov/mesh/D003132 Commerce. BUSINESS & ECONOMICS Finance. bisacsh Banks and banking fast Commerce fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85011609 http://id.loc.gov/authorities/subjects/sh85028901 https://id.nlm.nih.gov/mesh/D003132 |
| title | Banking and trading / |
| title_auth | Banking and trading / |
| title_exact_search | Banking and trading / |
| title_full | Banking and trading / prepared by Arnoud W.A. Boot and Lev Ratnovski. |
| title_fullStr | Banking and trading / prepared by Arnoud W.A. Boot and Lev Ratnovski. |
| title_full_unstemmed | Banking and trading / prepared by Arnoud W.A. Boot and Lev Ratnovski. |
| title_short | Banking and trading / |
| title_sort | banking and trading |
| topic | Banks and banking. http://id.loc.gov/authorities/subjects/sh85011609 Commerce. http://id.loc.gov/authorities/subjects/sh85028901 Commerce https://id.nlm.nih.gov/mesh/D003132 Commerce. BUSINESS & ECONOMICS Finance. bisacsh Banks and banking fast Commerce fast |
| topic_facet | Banks and banking. Commerce. Commerce BUSINESS & ECONOMICS Finance. Banks and banking |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568124 |
| work_keys_str_mv | AT bootarnoudwa bankingandtrading AT ratnovskilev bankingandtrading AT internationalmonetaryfundresearchdepartment bankingandtrading |