{"title":"Watchdogs or Petdogs: The role of media freedom on banking system stability","authors":"My Nguyen , Ama Samarasinghe , Michael Skully","doi":"10.1016/j.pacfin.2024.102499","DOIUrl":null,"url":null,"abstract":"<div><p>This paper documents a positive impact of media freedom on bank stability at both bank- and systemic- levels. The results are robust after addressing endogeneity concerns as well as macroeconomic and regulatory factors that impact the association between media freedom and bank stability. We further find that greater media freedom diffuses more information about intermediaries to depositors, incentivising them to discipline and limit bank risk-taking activities. Media freedom also exerts a greater influence on bank stability in more developed countries. Overall, our results highlight the importance of media freedom in enhancing individual bank and systemic stability around the world.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"87 ","pages":"Article 102499"},"PeriodicalIF":4.8000,"publicationDate":"2024-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Pacific-Basin Finance Journal","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0927538X24002518","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This paper documents a positive impact of media freedom on bank stability at both bank- and systemic- levels. The results are robust after addressing endogeneity concerns as well as macroeconomic and regulatory factors that impact the association between media freedom and bank stability. We further find that greater media freedom diffuses more information about intermediaries to depositors, incentivising them to discipline and limit bank risk-taking activities. Media freedom also exerts a greater influence on bank stability in more developed countries. Overall, our results highlight the importance of media freedom in enhancing individual bank and systemic stability around the world.
期刊介绍：
The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.
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