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Transparency and market discipline: evidence from the Russian interbank market
Annals of Finance. 2020. Vol. 16. No. 2. P. 219-251.
Guillemin F., Semenova M.
This article investigates the role of bank voluntary disclosure, as a source of information about risk, in the interbank market. Using data on the 179 largest Russian banks over the period of 2004–2013 we test whether the ability to attract interbank loans is sensitive to various transparency indices such as those disclosing bank risks, board composition, or even corporate event details. We show that larger but riskier banks—at least in terms of credit risk—behave more transparently and disclose more. The article is the first to provide evidence that the ability to attract funds in the interbank market is positively correlated with the degree of transparency. This result is stable for various aspects of disclosure.
Publication based on the results of:
Tovar-García E. D., Cuadernos de Economía: Spanish Journal of Economics and Finance 2016 No. 39 P. 157-174
Banks can avoid bank runs and panic using the interbank market as a type of coinsurance. Moreover, because of the possibility of losing financial assets, they theoretically have incentives to monitor their peers, borrowing in this market. This paper examines whether bank risks are explained by their exposure to the interbank market. The market discipline ...
Added: December 24, 2015
Semenova M., Journal of Banking Regulation 2012 Vol. 13 No. 3 P. 241-248
The primary goal of enhancing banking system transparency by introducing additional disclosure requirements suggested by Basel II is to provide market participants with additional incentives to monitor their banks. This article attempts to discover the statistically significant relationship between quantitative market discipline and banking system transparency using cross-country data from 1990 to 2003. We use ...
Added: September 4, 2012
Semenova M., Andrievskaya I. K., Eastern European Economics 2015 Vol. 53 No. 2 P. 69-98
The efficiency of the interbank market depends largely on its inherent disciplining mechanisms. This paper investigates the discipline mechanisms of Russia’s interbank market, testing the hypothesis that market discipline in Russia was strong enough to constrain excessive risk-taking by participating banks before, during, and after the 2008–2009 financial crisis. The existence and efficiency of quantity-based ...
Added: July 16, 2015
Semenova M., Andrievskaya I. K., / Высшая школа экономики. Series FE "Financial Economics". 2012. No. 07.
Market discipline is usually studied in the retail or the corporate deposit markets, while the interbank loan market is disregarded. Banks' abilities to exert market discipline are taken for granted, as they are expected to have the expertise to assess correctly the riskiness of other banks. However, the “crises of trust” (as one in 2004 ...
Added: December 4, 2012
Semenova M., Andrievskaya I., Journal of Financial Stability 2016 Vol. 23 P. 33-50
There seems to be a consensus among regulators and scholars that in order to improve the functioning of a banking system it is necessary to raise the level of bank information disclosure. However, its influence on bank competition – which is an important factor affecting the efficiency and stability of the banking system – is ...
Added: April 6, 2016
Tovar-García E. D., Revista de Metodos Cuantitativos para la Economia y la Empresa 2016 Vol. 21 No. 1 P. 205-229
Basel III proposes market discipline (banking disclosure requirements) as a key instrument to achieve soundness in the banking system. Consequently, it is necessary to test the presence of responses to bank risk on the part of the economic agents. This article empirically studies the mechanisms of market discipline (price, quantity, and maturity) in the interbank ...
Added: June 30, 2016
Ерохина И. П., Альманах современной науки и образования 2009 № 12(31) Ч.2 С. 187-189
В данной статье рассматривается модель коррумпированной банковской системы, поскольку банкиры сознательно предоставляют более рискованные процентные ставки нелегальным проектам по сравнению с рыночными индикаторами. Сталкиваясь с преждевременным аннулированием, банкиры возвращаются на межбанковский рынок, который может быть абсолютно доступен; доступен, но для входа на него необходимо подвергнуться проверке более крупного банка, или он может быть вообще недоступен. ...
Added: April 13, 2013
Guillemin F., Semenova M., / Высшая школа экономики. Series FE "Financial Economics". 2018. No. WP BRP 67/FE/2018.
This paper investigates the role of bank voluntary disclosure, as a source of information about risk, in the interbank market. Using data on the 179 largest Russian banks over the period of 2004-2013 we test whether the ability to attract interbank loans is sensitive to various transparency indices such as those disclosing bank risks, board ...
Added: August 2, 2018
Schoors K., Karas A., Degryse H., Economics Letters 2019 Vol. 182 P. 1-4
We exploit uncertainty regarding banks’ involvement in money laundering activities as a natural experiment to study the functioning of the interbank market in uncertain times. We show that bank couples with a stronger relationship (i.e., more frequent and reciprocal interactions before the event) are more likely to continue lending to one another, and at lower ...
Added: May 31, 2019
Semenova M., Журнал Новой экономической ассоциации 2011 № 10 С. 31-52
In this paper, we model the deposit market with costly information on bank risks. The model adds to the volume of literature related to the Diamond Dybvig mod el and related models of information based bank runs. The inclusion of costly information signals indicates that depositors must decide whether to pay for information regarding changes ...
Added: September 3, 2012
Irina Andrievskaya, Semenova M., / Bank of Finland Institute for Economies in Transition. Series DP "BOFIT Discussion Papers". 2013. No. 29/2013.
The interbank market plays an important role in the overall function of the financial system. The efficiency of the interbank market, in turn, depends largely on its inherent disciplining mechanisms. This paper investigates the discipline mechanisms of Russia’s interbank market, testing the hypothesis that market discipline in Russia was strong enough to constrain excessive risk-taking ...
Added: November 17, 2013
Popova P., / HSE University. Series WP BRP "Series FE "Financial Economics""". 2024. No. WP BRP 93.
The COVID-19 pandemic had an extremely negative impact on the corporate sector across many economies. This study examines the relationship between the spread of the COVID-19 virus and the quality of corporate loan portfolios and the volume of corporate loans in Russian regions. Using cross-regional variation in the number of COVID-19 cases in Russia from ...
Added: January 19, 2024
Safonov G., Галенович А., Федоров Ю. Н., Энергия: экономика, техника, экология 2012 № 5 С. 37-39
The article discusses the potential role of Russia in global carbon markets, prospects and opportunities for national businesses in greenhouse gas emission reduction ...
Added: July 20, 2016
Ивлиев С. В., Penikas H. I., Экономика и управление: проблемы, решения 2016 Т. 2 № 8 С. 247-252
Под эгидой Гильдии финансовых аналитиков и риск-менеджеров и Русского общества управления рисками разработан новый профессиональный стандарт «Специалист по управлению финансовыми рисками», который предназначен для оценки квалификации риск-менеджеров. В статье описываются предпосылки создания и краткое содержание стандарта с целью его популяризации. ...
Added: September 5, 2016
Pilnik N., Pospelov I. G., Radionov S., Вестник АКСОР 2017 Т. 43 № 3-4 С. 71-78
In this article we consider the issues of preparing statistical data for using in applied macroeconomic models, based on balance equalities. We propose a description of every macroeconomic agent, which consists of four balances of different kind. The described construction is filled with statistical data, which describes the condition of main sectors of Russian economy, ...
Added: November 26, 2017
Smirnov S. V., Balashova E., Posvianskaia L., Problems of Economic Transition 2010 Vol. 53 No. 3 P. 69-95
The article considers different approaches, all based on detailed statistical data, to determine which industries and commodities have high, medium, or low sensitivity to exchange rate fluctuations. The authors conclude that any exchange rate policy is an inappropriate tool to influence the structure of Russian economy. ...
Added: April 12, 2013
Neretina Ekaterina, Neretina E., Journal of Accounting, Finance and Economics 2013 Vol. 3 No. 1 P. 65-76
The last market crash of 2008-2009 showed that the construction sphere is one of the most fragile subject to the crisis effect. The destructive effect of this crash resulted in substantial decrease in mortgage lending, price index, capital investment, and in growth of the cost level. As the construction industry remains strategically important, the eruption ...
Added: September 5, 2013
Polishchuk L., Natkhov T., Журнал Новой экономической ассоциации 2017 № № 3(35) С. 12-32
We discuss the evolving views on institutions and development in modern political economy, and in particular the contribution to the field by D. Acemoglu and J. Robinson, explaining root causes of successes and failures in economic development. The focus of discussion is on inclusive and extractive institutional regimes — the former sustain economic growth, whereas ...
Added: October 23, 2017
Larchenko L. V., Колесников Р. А., Инновации 2016 № 1 С. 79-84
Предмет/тема. В статье показано, что основной проблемой социально-экономического развития монопрофильных городов Ямало-Ненецкого автономного округа является узкая специализация хозяйства, основанная на эксплуатации нефтегазовых ресурсов. Методология. Методологической базой для достижения поставленных в статье целей выступают системный подход и статистические методы анализа. Результаты. Исследование проведено на примере городов Ноябрьск, Муравленко, Губкинский, являющиеся центрами добычи углеводородов. В исследуемых городах ...
Added: October 19, 2016
М. : КноРус, 2012
Представлена экономическая оценка природно-ресурсного потенциала РФ, рассмотрены закономерности размещения природных ресурсов и основные особенности экологической ситуации в регионах страны, описано влияние экологических факторов на демографический потенциал и здоровье населения, приведена характеристика основных загрязнителей окружающей среды, изложены основы природно-ресурсной политики России и хозяйственный механизм ее осуществления, раскрыты региональные различия современной экологической обстановки в стране и тенденции ...
Added: March 10, 2013
Parshakov P., Shakina E., Barajas A., Economic Research-Ekonomska Istraživanja 2022 Vol. 35 No. 1 P. 122-142
This article contributes to the development of contestable market theory by investigating how competitiveness in the eSports industry influences the size of this industry, as measured by the volume of monetary prizes. We use data on each gamer's prize earnings for each tournament from 1999 to 2015 to estimate panel vector autoregression (VAR) model with ...
Added: April 22, 2021
Kuchmaeva O., Население и экономика 2018 Т. 2 № 4 С. 47-84
Статья посвящена анализу масштабов и видов социальной активности пожилых россиян. Актуальность данной проблемы обусловлена масштабами демографического старения, ставшего уже предметом целенаправленной социальной политики в России и странах мира. Реализуя Международный план действий по проблемам старения, в частности, в рамках Стратегии действий в интересах граждан старшего поколения в Российской
Федерации до 2025 г., важно понимать, насколько сейчас ...
Added: October 30, 2019
Chulok A., Slobodianik S., Moiseichev E. Y., Foresight 2017 Vol. 19 No. 5 P. 511-527
Purpose
This study aims to assess future prospects for Russian energy exports until 2040, as global energy markets are undergoing major changes, with possible impacts on Russia.
Design/methodology/approach
Qualitative and quantitative approaches are integrated under a proposed foresight framework. The qualitative method involves an expert survey aimed at identifying major energy trends and their influence on ...
Added: October 3, 2017
Surinov A., М. : Юрайт, 2018
В учебнике рассматриваются вопросы использования официальной статистики для эффективной организации страхового дела. Подробно описаны существующая система сбора экономической информации о страховой деятельности и показатели, ее характеризующие. В качестве самостоятельного раздела выделена глава, посвященная отражению страхования в национальных счетах. В учебнике описаны такие сферы статистических наблюдений, как статистика предпринимательства, статистика цен, демографическая статистика, статистика труда, статистика ...
Added: September 28, 2018