The demand for banking and shadow banking services

Serletis Apostolos; Xu Libo

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The demand for banking and shadow banking services

机译：对银行和影子银行服务的需求

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摘要

We explore the hypothesis that the substitutability/complementarity relationship between banking and shadow banking services is a major factor affecting the transmission mechanism of monetary policy. We take the parametric approach to demand analysis, which allows estimation and testing in a systems-of-equations context, and use the Minflex Laurent flexible functional form for the underlying aggregator function. We relax the homoskedasticity assumption and assume Markov regime switching to relax the assumption of fixed consumer preferences. We generate inference consistent with neoclassical microeconomic theory and provide evidence against simple-sum money supply measures. We also show that the emergence of shadow banking has increased the stability of money demand functions. This means that money supply measures based on a nonlinear aggregator function might be a better measure of the stance of monetary policy than the interest rate.

机译：我们探讨了银行和影子银行业务之间的可替代性/互补关系的假设是影响货币政策传输机制的主要因素。我们采用参数化方法来进行分析，这允许在方程式上下文中估算和测试，并使用Minflex Laurent灵活功能形式进行底层聚合器功能。我们放宽HomoskEmastity的假设，并假设马尔可夫政权切换以放宽定向固定的消费者偏好。我们产生了与新古典微观经济理论一致的推理，并提供了针对简单金额供应措施的证据。我们还表明，影子银行的出现增加了金钱需求功能的稳定性。这意味着基于非线性聚集器功能的货币供应措施可能是更好地衡量货币政策的立场，而不是利率。

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《The North American journal of economics and finance》 |2019年第1期|132-146|共15页
作者
Serletis Apostolos; Xu Libo;
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作者单位

Univ Calgary Dept Econ Calgary AB T2N 1N4 Canada;

Univ San Francisco Dept Econ San Francisco CA 94117 USA;

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原文格式 PDF
正文语种 eng
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关键词
Minflex Laurent functional form; Markov regime switching; GARCH; BEKK; Volatility impulse response functions;

机译：MINFLEX LAURENT功能形式;马尔可夫政权切换;GARCH;BEKK;挥发性脉冲响应函数;

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专利

1. The demand for banking and shadow banking services [J] . Serletis Apostolos, Xu Libo The North American journal of economics and finance . 2019,第JANa期

机译：对银行和影子银行服务的需求
2. Globalisation and the Nigerian banking industry: efficiency and legitimacy considerations in the adoption of electronic banking (e-banking) services [J] . Abiodun O. Bada, Adekunle Okunoye, Ephrem Eyob, International journal of management and decision making . 2006,第5期

机译：全球化与尼日利亚银行业：采用电子银行（电子银行）服务时的效率和合法性考虑
3. The Stability of Banking System with Shadow Banking on Different Interbank Network Structures [J] . Hongjie Pan, Hong Fan Discrete dynamics in nature and society . 2021,第a期

机译：不同银行网络结构与阴影银行系统的银行系统稳定性
4. Innovation Green Banking in Banking Service (Electronic Banking) [C] . Resi Juariah Susanto International Conference on Economics, Social Science, Arts, Education and Management Engineering . 2015

机译：银行服务创新绿色银行（电子银行）
5. Demand estimation for banking services in China. [D] . Ho, Chun Yu. 2009

机译：中国银行服务需求估计。
6. The Interrupted Power Law and the Size of Shadow Banking [O] . Davide Fiaschi, Imre Kondor, Matteo Marsili, -1

机译：中断电源定律与影子银行规模
7. This study aims at examining the effects of electronic banking on banks profitability in Jordan. How banking sector finds itself before a new fact imposed by technology revolution and digits to change their work mechanisms from traditional means to electronic means and the challenges banks face as a result. Furthermore, this study investigates the reasons behinds providing electronic banking services through internet, their impact on banking services in general and banks profitability in particular. Risks and challenges involved are discussed Results and recommendations are included. Results revealed that electronic banking service has a negative effect on banks profitability on the short term. The importance of this study and the factors that make it unique is that, it discusses solely the topic of the effects of electronic banking on banks profitability, while most of other studies discuss the topic in general term. The findings of the study are the impact of electronic banking on banks profitability will be feature of the short run due to the capital investment by the banks on infrastructure and training but will be positive on the long run. [O] . Ahmad Z. Siam 2006

机译：这项研究旨在研究电子银行业务对约旦银行盈利能力的影响。在技术革命和数字技术将新的工作机制从传统手段转变为电子手段以及银行面临的挑战之前，银行业如何发现自己。此外，本研究调查了通过互联网提供电子银行服务背后的原因，它们对总体银行服务的影响，尤其是对银行盈利能力的影响。讨论了涉及的风险和挑战包括结果和建议。结果显示，电子银行服务在短期内对银行的盈利能力有负面影响。这项研究及其独特性的重要性在于，它仅讨论电子银行业务对银行盈利能力的影响这一主题，而其他大多数研究则从总体上讨论该主题。该研究的结果是，由于银行对基础设施和培训的资本投资，电子银行对银行盈利能力的影响将是短期的特征，但从长远来看将是积极的。

The demand for banking and shadow banking services

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