Interest Rates and Bank Profitability: Additional Evidence
Interest Rates and Bank Profitability: Additional Evidence
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利率和银行盈利能力：额外证据
DOI：
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发表时间：
1983
期刊：
影响因子：
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通讯作者：
M. Flannery
中科院分区：
文献类型：
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作者：
M. Flannery
大型银行组织(1978年资产超过20亿美元)对利率波动进行了很好的对冲[2]。当市场利率变化时，它们的收入和成本调整得同样迅速，当前净营业利润基本不受影响。在机构的另一个极端，储蓄机构严重错配资产负债表[1，4]，导致它们的收益在利率变化时剧烈波动。小型商业银行在很多方面都介于大银行和储蓄银行之间。小银行与储蓄机构(通常持有大量抵押贷款组合)一样，主要以零售为导向，但拥有更广泛的资产和负债权。因此，小银行在利率风险敞口方面是否与储蓄银行或大型商业银行有更大的相似之处，在事前尚不清楚。为了经验性地解决这个问题，这份报告将[2]的方法应用于一组60家较小的银行。经验结果与大型银行的结果相似：数据并不支持银行长期和广泛地“借短贷长”的传统智慧。
Large banking organizations (1978 assets greater than $2 billion) are well hedged against interest rate fluctuations [2]. When market rates change, their revenues and costs adjust equally quickly, leaving net current operating earnings largely unaffected. At the other institutional extreme, thrift institutions have seriously mismatched balanced sheets [1, 4], causing their earnings to fluctuate violently when interest rates change. Small commercial banks in many ways lie between their larger counterparts and the thrifts. Small banks share the predominantly retail orientation of thrifts (often holding large mortgage portfolios), but have access to a broader range of asset and liability powers. It is therefore unclear ex ante whether small banks bear a greater resemblance to thrifts or large commercial banks in terms of interest rate risk exposure. To resolve the issue empirically, this note applies the methodology of [2] to a set of sixty smaller banks. The empirical results are similar to the results for large banks: the data do not support the conventional wisdom that banks chronically and extensively "borrow short and lend long."