Avoiding toxic assets and ensuring bank stability: English commercial bank investments, 1880-1910
Avoiding toxic assets and ensuring bank stability: English commercial bank investments, 1880-1910
复制标题
避免有毒资产并确保银行稳定：英国商业银行投资，1880-1910
DOI：
10.1080/00076790903268261
复制
发表时间：
2009
期刊：
影响因子：
1.1
通讯作者：
Baker M
中科院分区：
文献类型：
--
作者：
Baker M
新的估计是由银行的资产结构内的投资的相对重要性，银行投资在市场上作为一个整体的重要性，这些投资的组成，以及如何在一个时期内，经历了显着增加的规模，流动性和多样性在英国的有组织的二级资本市场的变化。在整个市场和保险公司之间的投资持股被用作基准。一个主要的发现是，银行投资规模相对于总资产有很大的差异，没有证据表明存在“标准”投资比率。另一个发现是，尽管有一些证据表明随着时间的推移，多样性越来越大，但保守主义--特别是对公共部门证券的持续严重依赖--更加明显。总的来说，各方承诺对投资组合管理采取高流动性、规避风险的办法，这有助于银行的稳定，并限制了私营部门的融资。
New estimates are made of the relative importance of investments within the banks' assets structure, of the significance of bank investments in the market as a whole, of the composition of those investments, and of how those changed in a period that experienced a significant increase in the scale, liquidity and diversity in Britain's organised secondary capital markets. Investment holdings in the total market and amongst insurance companies are used as benchmarks. One main finding is that there was a great deal of variation in the size of bank investments relative to total assets, with no evidence of a ‘norm’ investments ratio. Another finding is that although there is some evidence of greater diversity over time, conservatism – and especially the continued heavy reliance on public sector securities – is more evident. Overall, there was a commitment to a high liquidity, risk-averse approach to portfolio management which contributed to bank stability and limited the financing of the private sector.