Journal of Financial Intermediation最新文献

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Open data and API adoption of U.S. banks 美国银行的开放数据和API采用

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-07-01 Epub Date: 2025-06-19 DOI: 10.1016/j.jfi.2025.101162

Xiangyu Lin , S. Sarah Zhang , Markos Zachariadis

Bank adoption of external application programming interfaces (APIs) enables bank customers to share their data more efficiently and securely with other third-party financial institutions and FinTechs, thus enabling open banking and bank data portability. Analyzing determinants of API adoption by U.S. banks from 2007 to 2022, we show that banks that adopt APIs tend to be larger and face lower competitive pressures. The announcement of President Biden’s executive order in July 2021 encouraged increased bank data portability and led to an acceleration in bank API adoption. Banks that adopt APIs experience an increase in Return on Assets (ROA) and Tobin’s Q and a decrease in loan loss provisions, particularly after President Biden’s executive order. We find that APIs’ ability to facilitate data access and sharing improves bank information flows and supports banks’ loan and deposit services which form the foundation of notable improvements in bank performance. Overall, our results on the determinants and implications of API adoption have important policy implications for the discussion on open banking regulation and bank data portability.

银行采用外部应用程序编程接口（api）使银行客户能够更高效、更安全地与其他第三方金融机构和金融科技公司共享数据，从而实现开放银行业务和银行数据可移植性。通过分析2007年至2022年美国银行采用API的决定因素，我们发现采用API的银行往往规模更大，面临的竞争压力更小。拜登总统于2021年7月宣布的行政命令鼓励了银行数据可移植性的提高，并加速了银行API的采用。采用api的银行在资产回报率（ROA）和托宾Q （Tobin’s Q）方面有所增加，贷款损失准备金有所减少，尤其是在拜登总统发布行政命令之后。我们发现api促进数据访问和共享的能力改善了银行信息流，并支持银行的贷款和存款服务，这是银行业绩显著改善的基础。总的来说，我们关于API采用的决定因素和影响的研究结果对开放式银行监管和银行数据可移植性的讨论具有重要的政策意义。

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引用次数: 0

Value creation and stability in financial services: How should we regulate banks? 金融服务的价值创造与稳定：我们应该如何监管银行？

IF 3.7 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-07-01 Epub Date: 2025-08-05 DOI: 10.1016/j.jfi.2025.101169

Jan Pieter Krahnen , Ted Lindblom , Deborah Lucas , Magnus Olsson , Paolo Fulghieri , Anjan Thakor

This paper is based on a panel discussion at the international bank conference on Frontier Risks, Financial Innovation and Prudential Regulation of Banks in Gothenburg, Sweden, June 2–4, 2024. The panelists were Deborah Lucas, Jan Pieter Krahnen, and Magnus Olsson, with Ted Lindblom moderating. This paper contains the panel presentations, along with a unifying discussion by Paolo Fulghieri and Anjan Thakor. The main themes in the paper focus on how society should balance costs and benefits in designing the prudential regulation of banks. Optimal regulation should take into account how banks and markets interact, the dangers of both under-regulation that spawns excessive risk-taking and over-regulation that depresses value-enhancing innovation in financial services, the somewhat fragmented nature of national-sovereignty-constrained European banking and financial markets regulation relative to bank regulation in the US, and how prudential regulation can be improved by more explicitly dealing with interest rate risk.

本文基于2024年6月2日至4日在瑞典哥德堡举行的“前沿风险、金融创新和银行审慎监管”国际银行会议上的小组讨论。小组成员是Deborah Lucas， Jan Pieter Krahnen和Magnus Olsson， Ted Lindblom主持。本文包含小组演讲，以及Paolo Fulghieri和Anjan Thakor的统一讨论。本文的主要主题集中在社会应该如何平衡成本和利益在设计审慎的银行监管。最佳监管应考虑到银行和市场如何相互作用，监管不足的危险（会导致过度冒险）和监管过度（会抑制金融服务中的增值创新），相对于美国的银行监管，国家主权约束下的欧洲银行业和金融市场监管有些碎片化的性质，以及如何通过更明确地处理利率风险来改善审慎监管。

引用次数: 0

Financial regulatory cycles: A political economy model 金融监管周期：一个政治经济学模型

IF 3.7 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-07-01 Epub Date: 2025-07-18 DOI: 10.1016/j.jfi.2025.101164

Pooya Almasi , Jihad Dagher , Carlo Prato

A historical look at financial boom-bust cycles shows that pro-cyclicality in financial regulation is a common and recurring pattern. This paper shows that inefficient regulatory cycles can naturally arise when electoral concerns are introduced into a simple model of financial intermediation. We explore how financial innovations, public opinion and policymakers’ incentives shape financial regulation within this framework. We show that in the presence of incompetent politicians, competent politicians take regulatory risks to signal their competence. This amplifies the influence of public opinion on policy, leading to an ex ante inefficient pro-cyclicality in financial regulation.

对金融繁荣-萧条周期的历史观察表明，金融监管的顺周期性是一种常见且反复出现的模式。本文表明，当选举问题被引入一个简单的金融中介模型时，低效的监管周期自然会出现。我们将探讨金融创新、公众舆论和政策制定者的激励如何在这一框架内塑造金融监管。我们表明，在不称职的政治家面前，有能力的政治家冒着监管风险来表明他们的能力。这放大了公众舆论对政策的影响，导致金融监管出现事先低效的顺周期性。

引用次数: 0

Sideshow or center stage? Information transmission between CDS and equity markets 杂耍还是中心舞台？CDS与股票市场之间的信息传递

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-07-01 Epub Date: 2025-05-10 DOI: 10.1016/j.jfi.2025.101151

Alexandre Rubesam, Paul Zimmermann

Recent studies provide strong evidence that credit default swap (CDS) markets play a leading role in information intermediation. This paper proposes a model to rationalize the information transmission mechanism between the CDS and equity markets. In our model, informed traders with an informational advantage obtained from monitoring credit markets engage in capital structure arbitrage and trade strategically to exploit mispricings between individual stocks and CDS. In line with our model’s prediction, our empirical results provide evidence of a contemporaneous channel transmitting structural CDS shocks to equities. A positive shock to CDS decreases stock returns contemporaneously and over the long run. This credit-to-equity channel dominates the reverse transmission channel from stocks to CDS. Robustness tests confirm the role of the CDS market as a preferred venue for informed trading, independently of credit rating events or business sectors.

最近的研究提供了强有力的证据，证明信用违约互换（CDS）市场在信息中介中起着主导作用。本文提出了一个模型来理顺CDS与股票市场之间的信息传递机制。在我们的模型中，通过监测信贷市场获得信息优势的知情交易者参与资本结构套利，并策略性地利用个股和CDS之间的错误定价进行交易。与我们的模型预测一致，我们的实证结果提供了将结构性CDS冲击传递给股票的同步渠道的证据。对CDS的正面冲击会同时降低股票收益，而且从长期来看也是如此。这种信用到股权的渠道主导着从股票到CDS的反向传导渠道。稳健性测试证实了CDS市场作为独立于信用评级事件或商业部门的知情交易首选场所的作用。

引用次数: 0

Why DeFi lending? Evidence from Aave V2 为什么是DeFi贷款？来自Aave V2的证据

IF 3.7 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-07-01 Epub Date: 2025-08-08 DOI: 10.1016/j.jfi.2025.101166

Giulio Cornelli , Leonardo Gambacorta , Rodney Garratt , Alessio Reghezza

Decentralised finance (DeFi) lending protocols have experienced significant growth recently, yet the motivations driving investors remain largely unexplored. We use granular, transaction-level data from Aave, a leading player in the DeFi lending market, to study these motivations. Our theoretical and empirical findings reveal that the search for yield predominantly drives liquidity provision in DeFi lending pools, whereas borrowing activity is mainly influenced by speculative and, to some extent, governance motives. Both retail and large investors seek potential high returns through market movements and price speculation, however the latter engage in DeFi borrowing relatively more than the former also to influence protocol decisions and accrue more significant governance rights.

去中心化金融（DeFi）贷款协议最近经历了显着增长，但驱动投资者的动机在很大程度上仍未被探索。我们使用来自DeFi贷款市场领先企业Aave的细粒度交易级数据来研究这些动机。我们的理论和实证研究结果表明，对收益率的追求主要推动了DeFi贷款池的流动性供应，而借款活动主要受到投机动机和某种程度上的治理动机的影响。散户和大型投资者都通过市场波动和价格投机寻求潜在的高回报，但后者参与DeFi借贷的次数相对多于前者，这也是为了影响协议决策并积累更重要的治理权。

引用次数: 0

Anticipating binding constraints: An analysis of debt covenants 预期约束：债务契约分析

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-07-01 Epub Date: 2025-06-20 DOI: 10.1016/j.jfi.2025.101160

Ken Teoh

This paper shows that anticipation can meaningfully impact inferences about the effects of covenant violations. Using textual analysis of SEC filings and earnings call transcripts, I construct a measure of covenant concerns that identifies instances where firms disclose forward-looking risks related to their debt covenants. On average, nearly 30 percent of U.S. non-financial firms report covenant concerns each year. While the real effects of covenant violations are robust for most outcomes, the estimated impact of some variables, including cash acquisitions, default risk, and credit line availability, can be overstated. This finding highlights the importance of selection around violation: firms that anticipate and successfully avoid violations differ systematically from firms that fail to avoid them.

本文的研究表明，预期可以有效地影响对契约违约影响的推断。通过对美国证券交易委员会文件和收益电话会议记录的文本分析，我构建了一个契约关注的衡量标准，该标准确定了公司披露与其债务契约相关的前瞻性风险的实例。平均每年有近30%的美国非金融公司报告契约问题。虽然违反契约的实际影响对大多数结果来说是强大的，但一些变量的估计影响，包括现金收购、违约风险和信贷额度的可用性，可能被夸大了。这一发现突出了围绕违规行为进行选择的重要性：预测并成功避免违规行为的公司与未能避免违规行为的公司在系统上是不同的。

引用次数: 0

Disclosure mandate, trust, and asset securitization 披露授权、信托和资产证券化

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-07-01 Epub Date: 2025-04-16 DOI: 10.1016/j.jfi.2025.101145

Lantian Liang , Harold H. Zhang , Feng Zhao , Xiaofei Zhao

Utilizing a unique and novel setting of disclosure mandate threshold under Regulation AB (Reg AB), we investigate the relationship between disclosure and trust in asset securitization. Post-Reg AB enactment, we observe a significant bunching of originators just below the disclosure threshold. Less trustworthy originators are more likely to adjust their portfolio sizes to remain below this threshold, particularly when loan originators and deal sponsors are unaffiliated, which are cases in which disclosure plays a greater role in reducing information asymmetry. Additionally, these originators are more likely to misrepresent loan quality. Our findings reveal a strong relationship between disclosure and trust—trustworthy originators disclose more and originate higher-quality loans, while less trustworthy originators disclose less and produce lower-quality loans.

本文利用英国《金融监管条例》（Reg AB）中独特而新颖的披露授权门槛设置，研究了资产证券化中披露与信任之间的关系。在reg AB颁布后，我们观察到一大批发起人刚好低于披露门槛。可信度较低的发起人更有可能调整其投资组合规模，以保持在这一门槛以下，特别是当贷款发起人和交易发起人没有关联时，在这种情况下，披露在减少信息不对称方面发挥了更大的作用。此外，这些发起人更有可能歪曲贷款质量。我们的研究结果表明，信息披露与信任之间存在很强的关系——值得信任的发起人披露得更多，发放的贷款质量更高，而不值得信任的发起人披露得更少，发放的贷款质量更低。

引用次数: 0

Carbon transition risk and corporate loan securitization 碳转型风险与企业贷款证券化

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-07-01 Epub Date: 2025-05-02 DOI: 10.1016/j.jfi.2025.101146

Isabella Mueller , Huyen Nguyen , Trang Nguyen

We examine how banks manage carbon transition risk by selling loans given to polluting borrowers to less regulated shadow banks in securitization markets. Exploiting the election of Donald Trump as an exogenous shock that reduces carbon transition risk, we find that banks engage in regulatory arbitrage and use brown loan securitization to manage their exposure to carbon transition risk. Banks are more likely to securitize brown loans when carbon transition risk is high but keep these loans on their balance sheets when the risk is reduced. In addition, securitization enables banks to offer lower interest rates to polluting borrowers but does not affect the supply of green loans. Our findings are more pronounced among banks with low levels of capitalization, domestic banks, and banks that do not display green lending preferences. We discuss how securitization can weaken the effectiveness of bank climate policies.

我们研究了银行如何通过向证券化市场上监管较少的影子银行出售给污染借款人的贷款来管理碳转型风险。利用特朗普当选作为降低碳转型风险的外生冲击，我们发现银行从事监管套利并利用棕色贷款证券化来管理其碳转型风险。当碳转型风险较高时，银行更有可能将棕色贷款证券化，但当风险降低时，银行将这些贷款保留在资产负债表上。此外，证券化使银行能够向污染借款人提供更低的利率，但不影响绿色贷款的供应。我们的发现在资本水平较低的银行、国内银行和没有表现出绿色贷款偏好的银行中更为明显。我们讨论了证券化如何削弱银行气候政策的有效性。

引用次数: 0

Lending relationships and access to currency hedging: Evidence from Brazil 贷款关系和获取货币对冲的途径：来自巴西的证据

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-07-01 Epub Date: 2025-06-14 DOI: 10.1016/j.jfi.2025.101153

Sergio Leão , Rafael Schiozer , Raquel F. Oliveira , Gustavo Araujo

Firms’ currency exposure can lead to financial distress and macroeconomic instability. Over-the-counter (OTC) derivatives provided by financial institutions are the primary risk management tool for nonfinancial firms. However, the role of financial institutions in providing these derivatives remains underexplored in the literature. Using novel loan and derivatives microdata, we examine how lending relationships influence access to foreign exchange (FX) OTC derivatives. We find that firms are more likely to trade derivatives with their lending relationship banks than with other banks, with a stronger preference for their main lender. These effects are more pronounced for small firms and first-time derivatives users, highlighting how lending relationships reduce informational and search costs, thereby facilitating access to hedging. Additionally, derivatives prices are lower when traded with the firms’ main lender and lenders providing loans in foreign currency, indicating that banks encourage hedging to reduce risks in their loan portfolios.

企业的货币风险敞口可能导致财务困境和宏观经济不稳定。金融机构提供的场外衍生品是非金融企业的主要风险管理工具。然而，金融机构在提供这些衍生品方面的作用在文献中仍未得到充分探讨。利用新的贷款和衍生品微观数据，我们研究了贷款关系如何影响外汇（FX）场外衍生品的获取。我们发现，企业更有可能与他们的贷款关系银行交易衍生品，而不是与其他银行交易，对他们的主要贷款人有更强的偏好。这些影响在小企业和首次使用衍生品的用户中更为明显，突出了贷款关系如何降低信息和搜索成本，从而促进了对冲的获取。此外，当与公司的主要贷款人和提供外币贷款的贷款人时，衍生品价格较低，这表明银行鼓励对冲以降低其贷款组合中的风险。

引用次数: 0

How to release capital requirements in an economic downturn? Evidence from euro area credit register 如何在经济低迷时期释放资本要求？来自欧元区信用登记的证据

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-07-01 Epub Date: 2025-04-21 DOI: 10.1016/j.jfi.2025.101148

Cyril Couaillier , Alessio Reghezza , Costanza Rodriguez d’Acri , Alessandro Scopelliti

This paper investigates the impact of the first system-wide capital relief package adopted by euro area prudential authorities, to support bank lending to firms at the outbreak of the COVID-19 pandemic. By leveraging confidential supervisory and credit register data, we uncover two main findings. First, capital relief measures support banks’ capacity to supply credit to firms. Second, the type of relief matters. Banks increase their credit supply in response to measures that reduce binding capital requirements and affect banks’ ability to distribute dividends. By contrast, discretionary relief measures that do not affect dividend policy are met with limited success. Moreover, requirement releases are more effective for banks with ex-ante lower capital headroom and for lending to smaller firms. These findings provide novel insights on the design of effective bank capital requirement releases in crisis times and, more generally, of policies to support bank credit in times of economic distress.

本文调查了欧元区审慎当局在COVID-19大流行爆发时为支持银行向企业提供贷款而采取的首个全系统资本救助计划的影响。通过利用保密的监管和信用登记数据，我们发现了两个主要发现。首先，资本减免措施支持银行向企业提供信贷的能力。其次，救济的类型很重要。银行增加信贷供应，以应对降低约束性资本要求和影响银行分配股息能力的措施。相比之下，不影响股息政策的自由裁量救济措施取得了有限的成功。此外，对于资本净额事先较低的银行和向较小的公司放贷的银行，释放要求更为有效。这些发现为在危机时期有效的银行资本要求释放的设计，以及在经济困难时期更普遍地支持银行信贷的政策，提供了新的见解。

引用次数: 0

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