G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8276
DP8276 Do we need big banks? Evidence on performance, strategy and market discipline
Harry Huizinga; Asli Demirgüç-Kunt
发表日期2011-02-28
出版年2011
语种英语
摘要For an international sample of banks, we construct measures of a bank?s absolute size and its systemic size defined as size relative to the national economy. We then examine how a bank?s risk and return, its activity mix and funding strategy, and the extent to which it faces market discipline depend on both size measures. While absolute size presents banks with a trade-off between risk and return, systemic size is an unmitigated bad, reducing return without a reduction in risk. Despite too-big-to-fail subsidies, we find that systemically large banks are subject to greater market discipline as evidenced by a higher sensitivity of their funding costs to risk proxies, suggesting that they are often too big to save. The finding that a bank?s interest cost tends to rise with its systemic size can also in part explain why a bank?s rate of return on assets tends to decline with systemic size. Overall, our results cast doubt on the need to have systemically large banks. Bank growth has not been in the interest of bank shareholders in small countries, and it is not clear whether those in larger countries have benefited. While market discipline through increasing funding costs should keep systemic size in check, clearly it has not been effective in preventing the emergence of such banks in the first place. Inadequate corporate governance structures at banks seem to have enabled managers to pursue high-growth strategies at the expense of shareholders, providing support for greater government regulation.
主题Financial Economics
关键词Market discipline Systemic risk Bank size
URLhttps://cepr.org/publications/dp8276
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/537113
推荐引用方式
GB/T 7714
Harry Huizinga,Asli Demirgüç-Kunt. DP8276 Do we need big banks? Evidence on performance, strategy and market discipline. 2011.
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