7外文原文及译文复习课程.doc
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1、7外文原文及译文精品文档北京联合大学毕业论文外文原文及译文题目: 浦发银行核心竞争力研究 专业: 金融学 指导教师:刘迎春 学院: 商务学院 学号: 2012030403041 班级: 金融1202S 姓名:方杨阳 一、外文原文What Drives the Persistent Competitiveness of Small BankBill Bassett, Tom Brady.Finance and Economics Discussion Series (Vol.5 2002), 24-30Thedeclineintherealvalueofdepositinsurance,howe
2、ver,isonlyoneofseveraltrendsinthefinancialindustrythatcouldhaveweakenedthecompetitivenessofsmallbanksinrecentyears.Amongtheseotherdevelopmentshavebeenthereturntohealthoflargebanknumerousmergersthathaveincreasedthesizeandscopeoflargebanks,andthecontinuedincreaseincompetitionfrommutualfundsandothernon
3、bankfinancialcompanies.MergersandacquisitionshavereducedthenumberofbanksintheUnitedStatesfrommorethan14,000in1985toabout8,300attheendof2000,andduringthistimetheshareofdomesticbankingassetsheldbythelargest100banksrosefromabouthalftoalmostthree-fourths(Chart2).Studiesofconsolidationinthebankingindustr
4、yandofitsimpactonsmallbankcompetitivenesshavereacheddifferingconclusions.However,consolidationinteractswiththedeclineintherealvalueofdepositinsurancetocreateanotherpotentiallyadverseimpactonthecompetitivenessofsmallbanks.Thecreationof“mega-banks”increasesthepossibilitythatdepositorswouldconsiderthes
5、elargerbankstobe“toobigtofail”(TBTF),whichwouldimplicitlyconferagreaterlevelofdepositinsuranceuponlargebankcustomersthanthoseofsmallbanks.SmallerbankscontendthatanincreaseinthenominalvalueofdepositinsuranceisneededtohelpoffsetthisperceptionofaTBTFpolicy(IndependentCommunityBankersAssociation2000).Th
6、eevolutionoflarge,complexbankingorganizationshasledfederalbankregulatorstowarnthattheseinstitutionscreatethepotentialforunusuallylargesystemicriskstothenationalandinternationaleconomiesshouldtheyfail(Greenspan1999).However,theFederalDepositInsuranceCorporationImprovementActof1991(FDICIA)circumscribe
7、dregulatorsabilitytoinvokeTBTF.ItrequiredthattheFDICpursuetheresolutionmethodthatposestheleastcosttoitsinsurancefundwhendealingwithafailedbank,andstipulatedthatexceptionstothe“leastcost”methodmustgarnertheapprovalofsupermajoritiesofboththeFederalReserveandFDICboardsplusthatoftheSecretaryoftheTreasur
8、yinconsultationwiththePresidentoftheUnitedStates.AngbazoandSaunders1997foundthecostoffundstolargebanksincreasedafterFDICIAwasimplemented,suggestingthatbankcreditorsbelievedthatFDICIAreducedthelikelihoodofalargebankbenefitingfromaTBTFpolicy.Moreover,bankregulatoryagenciesmaintainthatnobankistoolargef
9、orshareholdersandnondepositliabilityholderstofacecompleteloss,andforuninsureddepositorstobesubjecttolessthan100percentreimbursement,shouldthedeclineinbankassetvaluesbelargeenough(Greenspan2001).Inadditiontotheconsolidationofthebankingsystem,thecontinuedgrowthofnonbankfinancialinstitutionsmayhaveweak
10、enedthecompetitivesituationofsmallrelativetolargebanksinrecentyears(DAristaandSchlesinger1993).Althoughsavingsandloanassociations,creditunions,mutualfundsandfinancecompaniescompetewithbanksofallsizes,theylikelyposeagreatercompetitivechallengetosmallerbanks.Inadditiontobeingmoredependentondepositfund
11、ingthanthelargerbanks,smallbanksalsotendtobemoreconcentratedthanlargebanksinthetypesofloansextendedbyfinancecompanies(Dynan,Johnson,andSlowinski2002).Overtheperiodstudied,however,anoutrightdeclineinthriftindustryassetsoffsettheaddedcompetitionfromothertypesofnonbankfinancialcompanies,particularlymon
12、eymarketmutualfunds.Inthelate1980sandearly1990s,thecompetitivepositionofsmallbankslikelywasboostedasaresultofthemoreseveredeteriorationinassetqualityatlargebanks,andthewidergapatlargebanksbetweenactualcapitallevelsandthosebeingdemandedbymarketsandthenewBasleaccord(Chart3).However,thesubsequenteconom
13、icrecoveryandbriskexpansionofthesecondhalfofthe1990scauseddelinquencyratestodropdramatically,particularlyatlargebanks.Atthesametime,thegapbetweentheleverageratiossmallbanksandlargebanksalsonarrowednoticeably,aslargebanksboostedtheircapitalfollowingtheimplementationoftheBasleAccordsin1991.Despitethea
14、forementionedheadwindsaffectingsmallbankscompetitiveness,BassettandBrady2001foundthatsmallbankshavegrownmorerapidlythanlargerbanksovertheperiodfrom1985to2000.Moreover,theyshowedthatsmallbankshavelargelymaintainedorevenincreasedtheirlevelsofprofitabilitythroughoutmuchoftheperiodstudied,despitepayingi
15、ncreasinglylargepremiumsontheirdepositsrelativetolargebanksinordertofundtheirmorerapidassetexpansion.Thepurposeofthisstudyistoextendthisresearchbymoreformallyexaminingthedifferentialimpactoftheinfluencesmentionedaboveonthecompetitiveperformanceofsmallbanksovertheperiodfromthemid-1980sto2001.First,we
16、employanarbitragemodeltoexaminetherelationshipbetweenrelativeaverageinterestratesondepositsatsmallandlargebanks,thelevelofdepositinsurance,bankfailurerates,andperceptionsaboutTBTF.ThemodeldemonstratesthatthesensitivityofrelativedepositratestothelevelofdepositinsuranceorviewsabouttheimportanceofTBTFi
17、squitelowwhenbankfailureratesarelow,astheyhavebeeninrecentyears.Wethenpresenteconometricevidencesuggestingthattherisingrelativecostofdepositsatsmallbanksvis-vislargebanksoverthepastdecadelargelyreflectssmallbanksneedtoattractfundingtosustaintheiraggressiveandprofitableassetexpansion.Theshareofuninsu
18、reddeposits,whichhasrisenastherealvalueofdepositinsurancehasdeclined,andamarkedimprovementinthebalancesheethealthoflargebanksduringthe1990splayedsomewhatsmallerrolesinboostingdepositratesatsmallbanks.Thenextsectiondescribesthedatausedinthearticleandidentifiessomekeybalancesheetdifferencesbetweenlarg
19、eandsmallbanks.SectionIIIillustratesthatsmallbankshavebeenabletogrowfasterthanlargebanksbyofferingbetterdepositratesandthatthepremiumtheypayhasbeenrisingovertime.SectionIVpresentsanarbitragemodelofdepositpricingatlargeandsmallbanksthatincorporatesdepositinsuranceand“TooBigToFail”effects.SectionVpres
20、entsregressionestimatesfromareducedformmodelofdepositratedeterminationatlargeandsmallbanks.ConclusionsarepresentedinsectionVI.II.DataandSummaryStatisticsExceptwhereotherwiseindicated,datainthispaperarefromthequarterlyReportsofConditionandIncome(CallReports)forthedomesticofficesofinsureddomesticallyc
21、harteredcommercialbanksandnondeposittrustcompanies(hereafter,banks).Inthisarticle,largebanksarethoseranked1through100basedonassetsatthestartofeachquarter.Smallbanksarethoserankedoutsideofthelargest1,000.Atthestartofthefourthquarterof2000,largebankshadassetsofatleast$6.94billion,whileallsmallbankshad
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