Emilio [email protected]
www.afi.es
www.emilioontiveros.com
@ontiverosemilio
Octubre de 2019
Curso 2019-2020
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Objetivo de la lección:
Financial intermediaries and markets can alleviate market frictions through producing
information and risk sharing in different ways. In practice, the structure of financial
systems can be bank-based or market-based, varying across countries. The influence of
financial structure on economic growth is dependent on the overall development of the
real economy and institutions. The association is also different during crisis periods and
non-crisis periods. Market-based systems tend to have an advantage for financially
dependent industries in good times but are a disadvantage in bad times. The recent rapid
growth of shadow banking benefits economic growth but also poses additional risks to
the financial system and real economy.
Lectura básica:
Fuente: Franklin Allen, Xian Gu, Oskar Kowalewski (2017)
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BANK VS. CAPITAL MARKET
What defines a bank traditionally?
Takes deposits (short-term obligations) and makes loans (long-term assets), both on balance sheet
What defines a capital market traditionally?
Purchase and sale of securities (equity or debt, stocks orbonds), traditionally through an underwriter (market risk, short-term on balance sheet) in primary market and through a broker(only settlement risk, effectively off balance sheet except forguaranty) in secondary market
Fuente: David K. Linnan (2002)
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Bancos Vs. Mercados. Antecedentes:
Hamilton (1781): “banks are the happiest engines that ever were
invented” for spurring economic growth.”
Gerschenkron (1962) underlined the crucial role of universal banks in German
industrialization between the middle and end of the
nineteenth century.
Calomiris (1995) compared the American and German systems of investment between
1870 and 1914 and argued that the German system was
superior.
Kennedy (1987) claimed that the failure of British financial intermediaries to behave
as German universal banks did hamper British economic
performance in the late nineteenth and early twentieth centuries.
Bagehot (1873) and Hicks (1969) claimed that financial markets played an important role
in the UK’s Industrial Revolution.
Fuente: Franklin Allen, Xian Gu, Oskar Kowalewski (2017)
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Caracterización de un Sistema Financiero. Fohlin (2015)
A financial system is the set of institutions and markets that gathers excess funds from
savers— whether households or businesses--and allocates financial capital to those with
entrepreneurs and others in need of credit. In the process, the financial system produces
information and distributes risk throughout the economy and among its participants.
Merton (1993) summarizes even more succinctly the primary function of any financial
system: “to facilitate the allocation and deployment of economic resources, both
spatially and temporally, in an uncertain environment.”
Well-functioning financial systems must provide several core functions (Merton, 1993;
Crane et al 1995):
- Clearing and settling payments
- Pooling or mobilizing resources
- Transferring economic resources, inter-temporally or geographically
- Managing risk
- Pricing information
- Dealing with information and incentive problems
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Three of the key areas of research and debate revolve
around the following three topics:
1. The design of financial institutions and systems: Functional versus
institutional approaches
2. Why do financial systems differ across countries: legal origins versus political
and economic explanations
3. Does financial system design affect an economy’s long-run economic growth
rates?
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In the literature, the classification of the financial system typically follows a binary approach (Fohlin,
2012). It often focuses on the dependence of savers and firms on banks or capital markets and
draws a distinction between countries with market- and bank-oriented systems.
a) Bank-oriented systems are those displaying high levels of bank finance, equity holding by
banks, long-term relationships, close monitoring and active corporate governance by banks.
Typically, bank-based financial systems correspond to countries in which commercial banks are
mainly universal.
b) Market-oriented financial systems support large, active securities markets, and firms use
market-based financing. In market-based financial systems, banks are very often specialized with an
important group being investment banks. This oversimplified characterization provides only a partial
picture of the financial system, so some authors classify the financial system as relationship-based
or arms-length systems, which captures the degree of separation between investor and firm
(Rajan and Zingales, 2002).
The rapid changes in the financial industry in recent decades have further complicated the
distinction. In reality, there is no clear-cut distinction between financial systems, and the
classifications fit only in a rough manner empirically
Fuente: Franklin Allen, Xian Gu, Oskar Kowalewski (2017)
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The literature usually associates bank-based financial systems with universal
banking and market-oriented systems with specialized banking.
The three-part financial system paradigm that aligns universal banking,
relationship banking, and bank-oriented financing on the one hand, and
specialized banking, arms-length lending, and market orientation on the
other.
Germany, with its dozen or more large-scale universal banks, offers the classic
example of universal banking (Fohlin, 2007), but most of continental Europe
followed a similar pattern. Universal banks had emerged in Belgium even earlier
and in France almost simultaneously. Universal banking spread to several other
European countries in the 1890s: Finland, Italy, Spain, Sweden, Ireland and
Switzerland. In Italy, the financial system remained compartmentalized until the
early 1890s, when it suffered a severe crisis and the failure of many banks.
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1.- Elementos de comparación
Orientación a mercados o a intermediarios financieros
Mayor o menor participación pública
Mayor o menor propensión a innovar y financiar innovación
Costes de transacción
Exigencias informativas
Gobierno corporativo
Convergencia gradual
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1.- Elementos de comparación
Overview of financial systems
Financial Markets:
Banks:
External Corporate
Governance:
Central Central Developed Fairly Unimportant
unimportant
Competitive concentrated
Hostile Hostile Main Hausbank
Takeovers takeovers bank system
system
United United
States Kingdom Japan France Germany
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Fuente: Franklin Allen, Xian Gu, Oskar Kowalewski (2017)
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2.- Instituciones y mercados
Mercados financieros
Bolsas
Deuda Pública
Renta Fija Privada
Derivados
Sistema bancario
Inversión Institucional
Seguros
Pensiones
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3.- El gobierno de las empresas
Corporación empresarial: conceptos y definiciones
Estructura de propiedad y control
Mecanismos de Gobierno
El cuestionamiento de los mismos a la luz de los escándalos
recientes
Formas especiales de corporación (entidades mutualistas; sin
ánimo de lucro, etc.): el caso de las cajas
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4.- Las limitaciones de los mercados
Mercados eficientes en cuestión
Mercados incompletos
Conflictos de intereses entre grupos de accionistas
Asimetrías informativas y riesgo moral
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Discusión
16
There is not such a thing as the “ideal” financial system
Banks based
– Pro: long-term relationship
– Con: possible misallocation in case of crisis (Rajan-Zingales)
Markets (arm-length)
– Pro: Public information through prices
– Con: Markets are not perfect
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Discusión
Banks solve the free rider problem of atomistic market participants, as theyhave greater incentives to search for information on valuable projects
– If they don’t do it, nobody will do it
– They don’t have to display the information they collected, so they cantake advantage of this monoplistic position. By contrast, privateinformation collection by market participants is immediately revealed in the stock price
Takeovers are not always socially beneficial, as they may simply benefitthe raider
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Discusión
Banks with close ties to their creditors may have too high an influence on them
– Banks can extract rents from firms because they have a lot of privateinformation
– In case of debt renegotiation or liquidity injection, banks have a lot of bargaining power and can extract more of the future profits of the firms
-> this may reduce the effort extended by firms to undertake innovativeventures
– Banks may be more risk averse and favor conservative and slow growth strategies
– Banks may not be effective gatherers of information in new and uncertain situations (think of venture capital)
– Main banks may exert influence over corporate decisions or fail to bankrupt distressed firms because of long run ties
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Discusión
It does not matter whether finance comes from banks or markets
Bank and market-based finance are complementary:
– The availability of both systems may spur competition to provide
finance
– Each system may be more appropriate for a certain type of firms: e.g.
banks finance low-risk projects, markets high-risk ones
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5.- Sistema financiero europeo
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Ratio of bank credit to total private sector fundingIn per cent
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Bank funding ratio1
In per cent
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Percentage of the banking system that is foreign owned
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DimensiónTotal loans to private sector and securities market capitalisation as a ratio of GDP
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The relative importance of loans and securities
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Referencias:
− Banco Mundial. Blog: All about finance: http://blogs.worldbank.org/allaboutfinance/
− Allan, F. –Gale, D., Comparing Financial Systems, MIT Press, Cambridge (Mass), 2000
− Banco Central Europeo: Financial stability Review, semestral,
https://www.ecb.europa.eu/pub/fsr/html/index.en.html
− Barth, James R., Caprio, Gerard y Levine, Jr., Ross. NBER working paper series. BANK REGULATION AND
SUPERVISION IN 180 COUNTRIES FROM 1999 TO 2011. Working Paper 18733
http://www.nber.org/papers/w18733 National Bureau of Economic Research
− Beck, Thorsten y Feyen, Erik. Benchmarking Financial Systems. Introducing the Financial Possibility Frontier
The World Bank, Development Economics, Office of the Senior Vice President and Chief Economist. September
2013
− Berges, Angel, Ontiveros, Emilio y Valero, Francisco José. La Unión Bancaria desde una perspectiva española.
Fundación Alternativas y Fundación ICO. Documento de trabajo Opex nº 71/2012. Enero 2013
− Berges, Angel, Ontiveros, Emilio y Valero, Francisco José. La Unión Bancaria: avances e incertidumbres para el
año 2014. Fundación Alternativas. Documento de trabajo Opex nº 75/2014. Enero 2014
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Referencias:
− Berges, Angel y Ontiveros, Emilio. Financiación de la economía. Bancarización frente a mercados. Un nuevo
modelo económico para España. Mediterráneo económico nº 25. Colección Estudios Socioeconómicos. Fundación
Cajamar. Mayo 2014
− Bernanke, Ben (sesiones): http://www.federalreserve.gov/newsevents/lectures/about.htm
− Čihák, Martin, Demirgüč-Kunt, Asli, Feyen, Erik y Levine, Ross. Financial Development in 205 Economies, 1960 TO
2010. Working Paper 18946 http://www.nber.org/papers/w18946 National Bureau of Economic Research
− Demirguc-Kunt, Asli, Feyen, Erik y Levine, Ross “The evolving importance of banks and securities markets”
(NBER Working Paper Series. Working paper 18004) http://www.nber.org/papers/w18004. National Bureau of
Economic Researh
− Demirgüç-Kunt, A. –Levine, Ross, Financial Structure and Economic Growth. A Cross-Country Comparison of
Banks, Markets and Development, Cambridge (Mass), The MIT Press, 2001.
− Easterly, William y Levine, Ross, 2012 “The European origins of economic development” (NBER Working Paper
Series. Working paper 18162) http://www.nber.org/papers/w18162. National Bureau of Economic Researh
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Referencias:
− Fohlin, Caroline (2015) “Financial Systems and Economic Development in Historical
Perspective,” Forthcoming (2015) in Claude Diebolt and Michael Haupert (Eds.), Handbook
of Cliometrics, Springer Verlag. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2524109
− Fundación Estudios Bursátiles “Finance Glossary” Bancaja, IVF, Fundación de Estudios
Bursátiles y Financieros, Thomson Reuters
− Levine, Ross, 2004 “Finance and Growth: Theory and Evidence” (NBER Working Paper
Series. Working paper 10766) http://www.nber.org/papers/w10766. National Bureau of
Economic Researh
−
− Levine, Ross, 2004. “Bank-based or market-based financial systems: Which is better?”.
Journal of Financial Intermediation 11, 398-428.
- Merton, Robert C. y Bodie, Zvi ,2005 “Design of financial systems: towards a synthesis of
function and structure” Journal of Investment Management. Vol. 3. Nº 1 pp.1-23
- Merton, R. –Bodie, Z., A Conceptual Framework for Analyzing the Financial Environment,
Harvard University Press, 1995
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Referencias:
- Ontiveros, Emilio, 2013 «Bancarización declinante”, Blog Finanzas a las nueve, El País,
20 de junio
- Rajan, R. –Zingales, L., Banks and Markets: The Changing Character of European Finance,
CRSP Working Paper No. 546 january 2003. Available at SSRN:
http://ssrn.com/abstract=389100
- World Economic Forum “The Financial Development Report”, 2012
- Wray, L.R, Financial Markets Meltdown. What Can We Learn from Minsky?, The Levy
Economic Institute, 2008