Interbank market, stock market, and bank performance in East Asia
Interbank market, stock market, and bank performance in East Asia
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东亚银行间市场、股票市场和银行绩效
DOI：
10.1016/j.pacfin.2013.08.006
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发表时间：
2013
影响因子：
4.6
通讯作者：
Masahiro Inoguchi
中科院分区：
文献类型：
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作者：
Masahiro Inoguchi
本文研究了韩国、马来西亚和泰国的股票市场和银行间市场在衡量银行绩效方面的作用。关于金融市场是否对银行的评估和纪律起作用的研究在发达国家已经进行;但是，对于这个问题，适用于东亚国家银行的研究有限。单个银行的股价可以反映一家银行的风险状况，对风险较高、业绩较差的国内银行的同业贷款可能会下降，向银行收取的同业拆借利率可以对银行业绩做出反应。从维持和加强东亚国内银行业和金融体系的角度来看，股票和银行间市场的这种运作尤其重要。本文采用面板回归技术，并探讨是否银行间交易和股票价格的国内商业银行的银行风险和业绩在这些亚洲国家。回归结果表明，银行同业拆借，借款利率，外币借款的影响，银行风险变量后，1997年在泰国的危机。在韩国，国内银行的外币借款可能会在危机后应对银行风险。在股票市场的情况下，回归表明，银行风险影响了韩国和马来西亚的每个银行的股票价格。泰国的结果表明，银行风险和成本影响了危机后的银行股票价格。这些发现意味着，改善银行间市场和股票市场可以通过市场约束效应在建立健全的银行体系中发挥作用。
This paper investigates the role of stock and interbank markets in measuring bank performance in Korea, Malaysia, and Thailand. Research on whether financial markets served in terms of assessment and discipline of banks has been done in advanced countries; however, there has been limited research on this question as it applies to banks in East Asian countries. The stock price of individual banks can reflect a bank's risk profile, interbank loans to domestic banks with higher risk and bad performance may decline, and interbank borrowing rates charged to banks can respond to bank performance. This functioning of the stock and interbank markets is particularly important from the view of maintaining and strengthening the domestic banking sectors and the financial system in East Asia. This paper employs panel regression techniques and examines whether interbank transactions and stock prices of domestic commercial banks responded to bank risk and performance in those Asian countries. The regression results suggest that interbank borrowing, the borrowing rate, and foreign currency borrowing were affected by bank risk variables subsequent to the 1997 crisis in Thailand. In Korea, foreign currency borrowing of domestic banks may respond to bank risk after the crisis. In the case of stock markets, the regression shows that bank risk influenced each bank's stock price in Korea and Malaysia. The results for Thailand suggest that bank risk and cost affected bank stock prices after the crisis. These findings imply that improving both the interbank market and the stock market may play a role in establishing a sound banking system through market discipline effects.