主  题:Effect of Interbank Activities on Bank Risk: Why is China Different?

内容简介:Shadow  banking commonly occurs outside the banking system to avoid regulation.  However, in China, shadow banking could occur inside the banking  system, in which one of the instruments is interbank activities. This  unique Chinese style of shadow banking provides a natural environment to  examine how this shadow banking, proxied by interbank activities,  affects credit rating. To prove this, we conduct two comparisons. First,  we compare the local Chinese commercial banks with foreign bank  subsidiaries in China, where the two types of banks are subject to the  same macroeconomic environments, policies and regulations but the latter  do not engage in the Chinese style shadow banking. Next, we compare the  interbank activities of five developed countries (Germany, France,  Japan, the United Kingdom, and the United States), where the unique  shadow banking system is absent. Results show that credit rating is  downgraded in Chinese banks when they conduct interbank activities. The  results do not hold for foreign bank subsidiaries in China, agencies  upgrade or remain neutral on the interbank activities of foreign bank  subsidiaries. Furthermore，after we control country heteroscedasticity,  agencies upgrade or have no effect on the interbank activities of the  banks from the five developed countries.

报告人:沈中华      教授

时  间:2018-11-28    14:30

地  点:位育楼117