Index
2018; Emerald Publishing Limited; Linguagem: Inglês
10.1108/s1571-038620180000025013
ISSN1571-0386
ResumoCitation (2018), "Index", Banking and Finance Issues in Emerging Markets (International Symposia in Economic Theory and Econometrics, Vol. 25), Emerald Publishing Limited, Bingley, pp. 293-303. https://doi.org/10.1108/S1571-038620180000025013 Publisher: Emerald Publishing Limited Copyright © 2018 Emerald Publishing Limited INDEX Aadhaar card, 236, 237 Absolute purchasing power parity, 12, 13, 15 Affordable Care Act (ACA), 288 Aichi Bank, 212 Akaike Information Criterion (AIC), 68 Algorithm trading, 255–275 Alibaba, 227, 228, 282 AliPay, 228, 233, 236, 282 Ant Financial, 285 Yu’E Bao, 286 Application programming interfaces (APIs), 237 Argentina banking crisis, 129 Artificial intelligence (AI) in investment, 287–288 ASEAN, 10 in FinTech, trends and prospects for, 243–245 ASEAN-5 economic integration, 9–27 exchange rate integration, 9–27 Asia, FinTech in, 299 fundamental support to development, 222–229 Asian financial crisis (AFC), 52, 54, 63, 68, 74 Asset-backed securities (ABS), 156, 230, 235 Asset-management company (AMC), 128, 156, 157 Asset Quality Review (AQR), 134, 152 Asymmetric passthrough, 107–108 ATM machines, 216 Augmented Dickey–Fuller (ADF) test, 17, 18, 139, 140 rolling-window, 140 supremum, 140, 142 unit root test, 36 Autoregressive Integrated Moving Average (ARIMA) model, 15, 16 Bad loans, 139–145 Bangkok Bank, 196 Banking crisis, 124–130 international, 128–130 macroeconomic determinants of, 127 resolution of, 150–153, 155–157 structural impediments and, 130–136 theoretical foundations of, 125–128 Banking Regulation (Amendment) Bill, 152 Banking Regulation Act of 1949, 154 Bank investment company (BIC), 158 Bank lending channel, 164, 189 Bank of Japan, 285 negative interest rate policy, 210 quantitative easing policy, 194 regulatory changes to overseas business, 212 Bank overlending, 138–139 Basel Bank of International Settlements, 281 Basel Capital Accords, 210–211 Basel Committee on Banking Supervision, 146 Basel III norms, 146 BAT (Baidu, Alibaba, and Tencent), 235, 236 Bayes’ theorem, 104 Bayes Factor (BF), 94, 95, 97, 99 Bayesian information criteria (BIC), 205 Behavior intention, 261 Betterment, 286 Big Mac prices, 12–14 Bitcoin, 283 BITX, 244 Blockchain technology, 283 Block exogeneity, 175–177 Block exogeneity Wald test, 69 Bombay Stock Exchange (BSE), 139 Brexit vote (2016), 52–53, 67 BRICS bank loans, 124, 132 Bualuang Securities Company IProgram trade, 256–257 Bubble-loans, 137–145 and credit deployment, 141, 142, 144 run-up, 137–138 Bubble-period detection, date-stamping algorithm for, 142 Buffet, Warren Berkshire Hathaway Companies, 288 Business cooperation, 195 CAGR, 230, 234, 237 Canada loan puzzle in emerging markets, 165 Capital adequacy ratios (CARs), 145–150 CBRC, 232, 236 Central Bank of China, 45 Central Bank of India, 134 Banking Regulation (Amendment) Bill, 152 Strategic Debt Restructuring, 151–152 Chakravorty, Gaurav, 287–288 Cheques, 216 Chiba Bank, 197 Chicago Board Option Exchange (CBOE), 281 Volatility (VIX) index, 53, 68–69, 73 Chile domestic monetary policy shock, effects of, 182 loan puzzle in emerging markets, 165 rolling spillover index, 173 US monetary policy shock, effects of, 183 China, 1, 229–234 banking system, 2 Central Bank, 45 mobile banking, 243 online consumer lending in, 230–231 online insurance in, 234 online payments in, 233–234 peer-to-peer lending in, 231–233 RMB internationalization, overseas circulation of, 31–49 twenty-first century adaptation of financial market, 236 Cholesky decomposition, 55 Cholesky factorization, 174 Codapay, 244 Cognitive bias, 127–128 Cognitive dissonance, 127–128, 131 CoinPip, 244 Cointegration tests, 15–16, 37, 53 Johansen, 36, 41 panel, 16, 17, 20–21, 24–27 Collateralized debt obligations, 88 Commercial and industrial loans (C&I), 164–166, 170, 171, 176–178, 180, 182, 186–189 CommonBond, 284–285 Companies Act of 2016, 158 Competition laws, 106 Consumer credit penetration, 224–227 Consumer loans (Cns), 164, 170, 171, 177, 178, 182, 186–188 Consumer price index (CPI), 23, 35, 36, 40, 41, 186 Contemporaneous causality analysis, 41–44 Corporate misconduct, 132 Corporate Restructuring Companies (CRCs), 156 Costs, 241 Credit, 283–285 Credit Cards, 216 Credit lending, 137 Credit-to-GDP ratio gap, 134 Cross-market correlation coefficients, 53 Cross-sectional Im-Pesaran-Shin (CIPS) test, 20, 23 Cross-section augmented Dickey-Fuller (CADF) test, 20 Crypto-currency, 283 Currency internationalization. See RMB internationalization, overseas circulation of CUSUM test, 37 Daishi Bank, 202 Debt-ceiling crisis (2011), 67, 68 Deposit Insurance and Credit Guarantee Corporation (DICGC), 127 Deposit penetration, 227–228 Deposit rate asymmetry, after Hong Kong’s interest rate deregulation, 107–111, 114–119 Deregulation, interest rate (Hong Kong), 105–119 deposit rate asymmetry after, 107–111, 114–119 Edgeworth cycles after, 111–119 Deviance information criterion (DIC), 94, 95, 99, 104 Digital banking, 242–243 Digital leap, 236–238 Directed acyclic graph (DAG) analysis of financial contagion, 87 RMB internationalization, overseas circulation of, 34, 40–44, 48 Directional spillovers, 56–57 Disaster myopia, 127 East Asian crisis of 1997, 125, 130, 132 Economic distance, 93 Economic integration, 9–27 and exchange rate integration, relationship between level of exchange rate integration, measurement of, 25–26 panel cointegration tests, 26 testing methods, 21–22 purchasing power parity and, 10–17, 20, 23, 24, 27 testing methods, development of, 14–16 Economic policy uncertainty (EPU), 53, 54, 69–71, 72 Economic Survey (2016–2017), 132 Edgeworth cycles, after Hong Kong’s interest rate deregulation, 111–119 Emerging Asian equity markets, dynamic connectedness in, 51–74 equity market returns and volatility spillovers and volatility data, 57–58 connectedness measurement, 55–57 full-sample analysis, 58–63 rolling-sample analysis, 63–66 uncertainty, role of, 67–73, 79–84 empirical findings, 69–73 empirical model and data, 67–69 EPU index, 68 Equity investment, 286–287 Equity market returns and volatility data, 57–58 and volatility spillovers, 55–57 Equity market spillovers, 53 European Central Bank, 285 Eurozone debt crisis (2009), 67 Exchange rate integration, 9–27 and economic integration, relationship between level of exchange rate integration, measurement of, 25–26 panel cointegration tests, 26 testing methods, 21–22 panel cointegration test for, 16, 17, 20–21, 24–27 panel unit root tests for, 12, 16–20, 23–24, 27 purchasing power parity and, 10–17, 20, 23, 24, 27 testing methods, development of, 14–16 Exchange Rate Mechanism (ERM) crisis of 1992, 86 Fastcash, 244 Federal Deposit Insurance Corporation (FDIC), 127 Federal Funds, 173 Federal Reserve, 166, 184 Federal Reserve Act Section 13(3), 184 Federal Reserve Bank Zero Interest Rate Policy, 285 Federal Reserve Report, 284 Federal Reserve System (US), 286 Fees, 241 FIDEA Holdings, 202–203 Financial contagion, 86 Financial crisis of 2008, 132 Financial distress, 126–127 Financial Institutions (FIs), 219, 220–221 Financial Services Agency (FSA), 210–211 FinTech, 216, 219–222, 280–281, 284–289 ASEAN in, trends and prospects for, 243–245 in Asia, 299 fundamental support to development, 222–229 development in China, 229–234 FI revenues, 234–236 Fisher’s Z statistic analysis, 40, 42 Fisher-type test. See MW test 5/25 Infrastructure Refinancing Scheme, 151 Fixed income investment, 286–287 “Follow-the-customer” hypothesis, 195 Foreign direct investment (FDI), 93, 94, 97, 99 Freecharge, 239 Fukui Bank, 202–203, 204 Fukuoka Bank, 202, 203 Full information maximum likelihood estimation (FIMLE), 44 Fully Modified Ordinary Least Squares (FMOLS), 20–21 Gap Estimation approach, 34–35 GARCH stock market contagion, 87 GEICO, 288 Generalized linear regression model (GLM) using logit, 267–268, 272–273 Generalized VAR (GVAR) approach equity market returns, 55 loan puzzle in emerging markets, 169–170 Geographical distance, 93 Gibb’s estimator, 103, 104 Global Big Data Investment, 281 Global financial crisis (GFC), 52, 54, 63, 65, 66, 74 of 2008, 165 Global identification, 174–177 Goldman Sachs Group Inc., 285 Goods and services tax (GST), 236, 237 Grameen Bank, 284 Granger Causality, 69, 71 Great Financial Crisis (GFC) of 2008, 124 Great Recession of 2007–2009, 164, 284 Greenspan, Alan, 131 Gross domestic product (GDP), 93, 97–99, 130, 227 Gross nonperforming assets (GNPAs), 124, 130, 132–134, 136, 153 Hachijuni Bank, 198 Half logarithm model of money demand, 35–36 HDFC, 237 Herd behavior, 127, 137 HFCs, 240 Hierarchical clustering, 205 Hokuetsu Bank, 204 Hokuhoku Financial Group, 203 Hong Kong gross nonperforming assets, 132, 133 interest rate deregulation, 105–119 deposit rate asymmetry after, 107–111, 114–119 Edgeworth cycles after, 111–119 empirical evidence, 114–119 Hong Kong Association of Banks (HKAB), 107 interest rate rules, 106, 108 Hong Kong Consumer Council (HKCC), 106 Hong Kong inter-bank offered rates (Hibors), 109 Hong Kong Monetary Authority (HKMA), 106 Hyakugo Bank, 202, 203 Hyakujushi Bank, 202, 203 Income elasticity, 37 India, 1 bad loan conundrum, 123–158 banking crisis, 124–136 Bombay Stock Exchange, 139 bubble-loans, 137–145 Central Bank of India, 133, 151, 152, 241 digital leap, 236–238 digital payments, lagging of, 238–240 HFCs, 240 Ministry of Finance (MoF), 136 mobile banking, 242–243 National Stock Exchange, 139 NBFCs, 240, 242 regulatory landscape, 241 Reserve Bank of India. See Reserve Bank of India (RBI) return on total assets, 240–241 Indonesia, 1 banking crisis, 126 FinTech landscape in, 246 gross nonperforming assets, 132, 133 INDRADHANUSH, 151–152, 154, 158 Insolvency and Bankruptcy Code 2016 (IBC 2016), 152, 154 Institutional memory hypothesis, 128 Insurance, 288–289 Interest rate margin, 115, 118 Interest rate rules (IRRs), 106, 108 International banking crisis, 128–130 International Monetary Fund (IMF), 32, 34 International Symposia in Economic Theory and Econometrics (ISETE) Banking and Finance Issues in Emerging Markets, 2 Investment, 285 artificial intelligence in, 287–288 equity, 286–287 fixed income, 286–287 money markets, 286 IPS test, 19, 23 Irrational exuberance phenomenon, 131, 137, 153 Iwate Bank, 197 Jan Dhan Scheme, 236, 237 Japan banking crisis, 129 regional banks’ overseas business in emerging markets, 193–213 current situation, 202–203 data, 200 estimation result, 208–209 overall changes, 202–203 recent changes, characteristics of, 203–204 regulatory changes, 209–211 regulatory changes, effects of, 211–212 related literature, 198–200 X-means clustering, 204–208 Johansen cointegration test, 36, 41 Kasikorn Bank, 196 Keynes’s theory of money demand, 35, 37 KGI Securities Company Bridge service, 257 K-means clustering, 205 Korea Asset Management Corporation (KAMCO), 155–157 Kotak, 237 Kyusyu Financial Group, 202, 203 Law of one price. See Absolute purchasing power parity Lehman Brothers Collapse (2007), 67, 68, 89, 201 Lending overlending, 138–139 procyclical, 127, 128, 132 Lending Club, 228, 284 Liberalization, Privatization, or Globalization (LPG), 130, 138 Linear regression model monetary approach, 14–15 stock market contagion, 92 Liquidity, open-ended, 128 LLC test, 17–19, 23 Loan(s), 283–285 bad, 139–145 bubble, 137–145 commercial and industrial, 164–166, 170, 171, 176–178, 180, 182, 186–189 consumer, 164, 170, 171, 177, 178, 182, 186–188 puzzle in emerging markets, international perspective on, 163–189 domestic monetary policy, 180–188 structural investigation of, 173–180 US monetary spillovers to emerging markets, 167–173 sharks, 284 Malaysia banking crisis, 126 FinTech industry, 244–245 FinTech landscape in, 247 gross nonperforming assets, 132, 133 Marcus (Mosaic), 285 Market optimism, 137 Markov chain Monte Carlo (MCMC) iterations, 94–95, 96 Markov switching model, 89 high volatility regime, probabilities of, 90 stock market contagion, 87 Mastercard, 236 Maximum likelihood estimation (MLE), 34 Merchant discount rate (MDR), 238–239 Mexico domestic monetary policy shock, effects of, 180 loan puzzle in emerging markets, 165 peso crisis of 1994, 86 rolling spillover index, 172 short-term bonds, 167 US monetary policy shock, effects of, 181 Michinoku Bank, 204 Microcredit model, 284 Ministry of Finance of Germany, 283 Minsky moment, 139 Miyazaki Bank, 204 MobiKwik, 239 Mobile Internet, 216, 218 Mobile wallets (m-wallets), 239, 242 Modern Portfolio Theory, 286 Modigliani–Miller (M&M) theorem, 145 Monetary internationalization. See RMB internationalization, overseas circulation of Monetary policy, 164–167, 170, 173–178, 180, 182, 184, 185, 187–189 MoneyGram, 220 Money markets, 286 Money remittances inflow, 219–220 Moral hazard, 145–150 Mortgage-backed securities, 88 Mortgage penetration, 223 Moven, 228 MSMEs, 237, 240 Multivariate ARCH, 53 Multivariate GARCH (M-GARCH), 21, 25, 26, 53 Mutual fund industry, 228 MW test, 19, 23 Nagoya Bank, 211–212 Nanto Bank, 202 National Bureau of Statistics of China, 36 National Stock Exchange (NSE), 139 Nayak Committee, 158 NBFCs, 240, 242 Net interest income (NII), 240–241 Net spillovers, 57 NIKKEI, 211 Nonhierarchical clustering, 205 Nonlinear single equations analysis, using GLM with logit, 267–268, 272–273 Nonparametric density estimation method, 94 Nonperforming assets (NPAs), 127, 130–132, 137–139, 145–150 gross, 124, 130, 132–134, 136, 153 Norming, 146 Online consumer lending, in China, 230–231 Online insurance, in China, 234 Online payments, in China, 233–234 Ordinary least square (OLS) method, 37, 93, 103 Oscar Health, 288 OTT providers, 244 Overcutting cycle of deposit rate, 113, 117 Overseas investments, 197–198 Pairwise correlation approach, 53 Panel cointegration test for economic and exchange rate integration relationship, 26 for exchange rate integration, 16, 17, 20–21, 24–27 empirical results, 24–25 Panel unit root test, for exchange rate integration, 12, 16–20, 23–24, 27 cross-sectional dependence, 20 cross-sectional independence, 17–19 empirical results, 23–24 Payment, 281–283 Paypal, 228, 282, 283 Money Market Fund, 286 Paytm, 228, 239, 282 PBOC, 234 PC algorithm, 40, 41 Peer-to-peer (P2P) lending, 220, 285 in China, 231–233 Perceived behavior control (PBC), 260 Perceived usefulness of online/algorithm trading, 259 Philippines banking crisis, 126 FinTech industry, 245 FinTech landscape in, 248 Ping An, 228, 288 Point of Sale (POS), 238, 239 Policy-logjam, 131 Post-Bretton Woods era, banking crisis in, 128 Prepaid payment Instruments (PPI), 241 Price stability, 48 Principal-agent problem, 128, 131 Private Asset Reconstruction Companies, 151 Procyclical lending, 127, 128, 132 Proof-of-work (PoW), 283 Public-sector banks (PSBs), 125, 131, 134, 147, 152 recapitalization, 152, 154 Purchasing power parity (PPP), 10–17, 20, 23, 24, 27 absolute, 12, 13, 15 relative, 13 theory of, 43 Qplum, 287–288 Ratio of nominal interest rate, 15 Ratio of nominal money, 15 Ratio of real income, 15 Real interest rate, 35 Recap bonds, 154 Regional banks’ overseas business, 194–198 business cooperation, 195 Japanese, 193–213 overseas investments, 197–198 representative office, 195–197 Regulatory changes to regional banks’ overseas business, 209–211 effects of, 211–212 Regulatory landscape, 241–242 Relative purchasing power parity, 13 Relenting cycle of deposit rate, 113, 116, 117 Representative office, 195–197 Reserve Bank of India (RBI), 139, 149, 154 Financial Stability Report (FSR), 134, 136, 153 m-wallets, 242 regulatory landscape, 241–242 savings account rates, deregulation of, 241 Retail distribution digitalization, 217 Return of stock markets, annualized rates of, 90–91 Return on total assets (ROA), 136, 240–241 Ria, 220 Risk-taking behavior, 132 RMB internationalization, overseas circulation of, 31–49 circulation scale from 1997 to 2015, estimation of, 34–39 impact on China’s macroeconomy contemporaneous causality analysis, 41–44 dynamic relationship, 44–47 empirical approach and data, 39–41 literature review, 32–34 Robo-Advisors, 286, 287 Rolling-window ADF (RADF) test, 140 Rothenberg’s criterion, 175 Run-up bubble-loans, 137–138 S&P 500 index, 68, 287 San-in Godo Bank, 203, 204 SARFAESI Act of 2002, 151 SEBI, 154 Senshu Ikeda Bank, 197 Sesame Credit, 285 SFFR, 173 Shift contagion, 86 Shikoku Bank, 202, 203 Shizuoka Bank, 197, 198, 210 Short-sightedness, 127 Short-term bonds, 167 Singapore banking crisis, 126 FinTech industry, 244, 245 FinTech landscape in, 249–250 gross nonperforming assets, 132, 133 Small and medium enterprises (SMEs), 195, 196, 227 South East Asian financial crisis of 1997, 86 South Korea, banking crisis, 126 Sovereign debt crisis, 86 interest rates of, 166 Spatial Autoregressive Model (SAR), 91, 92, 94–96, 98, 99, 103 Spatial Durbin Model, 91n4 Spatial econometrics, of stock market contagion, 85–100, 103–104 background of, 88–91 empirical findings, 95–99 spatial framework, 91–95 Spatial Error Model (SEM), 91, 92, 94–96, 98, 99, 103–104 Special Drawing Rights (SDR), 32 Spillovers directional, 56–57 to emerging markets, 164–174, 176, 188 equity market, 53 net, 57 total, 56 volatility, equity market returns and and volatility data, 57–58 connectedness measurement, 55–57 full-sample analysis, 58–63 rolling-sample analysis, 63–66 Stock Exchange of Thailand (SET), 256–257 Stock market contagion, spatial econometrics of, 85–100, 103–104 background of, 88–91 empirical findings, 95–99 spatial framework, 91–95 Strategic Debt Restructuring (SDR), 151–152 Structural equations model (SEM) system linear equations analysis using, 263–267, 268–272 Structural impediments, and banking crisis, 130–136 resolution, 134–136 Structural investigation, of loan puzzle in emerging markets, 173–180 empirical framework, 174–177 results, 177–180 Structural vector auto regression (SVAR) model, 33, 34, 39–41, 43, 44 Subjective norm, 260–261 Subprime financial crisis of 2007, 86, 90 Sumitomo Mitsui Banking Corporation (SMBC), 198 Supremum-ADF (SADF) test, 140, 142 Sustainable Structuring of Stressed Assets (S4A), 152 Sweden, banking crisis, 129 Swiss National Bank, 285 Systemic banking crisis, 126, 128, 130 System linear equations analysis, using structural equations model, 263–267, 268–272 Technology, impact in banking industry, 216–229 Technology acceptance model (TAM), 258–259 Tenpay, 233 Thailand, 1 banking crisis, 130 financial technology, acceptance of, 255–275 attitude toward online/algorithm trading, 259–260 behavior intention, 261 data analysis, 263–268 empirical results, 268–273 perceived behavior control, 260 perceived usefulness of online/algorithm trading, 259 sample and data analysis methods, 262 subjective norm, 260–261 technology acceptance model, 258–259 theory of planned behavior, 258 theory of reasoned action, 257–258 usage behavior, 261 FinTech industry, 244, 245 FinTech landscape in, 248–249 gross nonperforming assets, 132, 133 Stock Exchange of Thailand, 256–257 Theory of planned behavior (TPB), 258 Theory of reasoned action (TRA), 257–258 “This Time is Different”, 153 3G Mobile Broadband Global Coverage, 216, 218 Time series analysis, 10 Tohoku Bank, 204 Total spillovers, 56 Trading strategy, 257, 271, 274, 275 “Triffin dilemma” problem, 33 Trump, Donald, 197 Turkey domestic monetary policy shock, effects of, 178 loan puzzle in emerging markets, 165 rolling spillover index, 171 US monetary policy shock, effects of, 179 “Twin-balance-sheet” problem, 144 2C2P, 244 Uncertainty on dynamic connectedness, role of, 67–73 Undirected complete graph, 44 United States of America (USA), 1 banking crisis, 129 debt-ceiling crisis (2011), 67, 68 exchange rate and relative price of, 13, 14 Federal Reserve System, 286 monetary spillovers to emerging markets, 165, 167–184 Treasury, 197 Unit root tests, 15, 16 panel, 17–20 Usage behavior, 261 Vector Autoregressive (VAR) model emerging Asian equity markets, dynamic connectedness in, 53–58, 68 financial contagion, 87 generalized, 55, 169–170 loan puzzle in emerging markets, 165, 167–171, 174–188 Vietnam FinTech industry, 245 Wealthfront, 286–287 Western Union, 219 Wilcoxon test, 204 Wire Transfers, 216 Worldcom Fraud, 68 World Federation of Exchanges (WFE) database Stock Market Indices, 89 X-means clustering, 204–208, 213 Yamanashi Chuo Bank, 204 Yu’E Bao, 286 Yunus, Muhammad, 284 Zero Interest Rate Policy (ZIRP), 285 Zhong An Insurance, 288–289 Book Chapters Prelims Introduction Chapter 1 ASEAN-5 Economic and Exchange Rate Integration Chapter 2 The Macroeconomic Effects of RMB Internationalization: The Perspective of Overseas Circulation Chapter 3 Dynamic Connectedness in Emerging Asian Equity Markets Chapter 4 Stock Market Contagion from a Spatial Perspective Chapter 5 Deposit Rate Asymmetry and Edgeworth Cycles after Hong Kong’s Interest Rate Deregulation Chapter 6 India’s Bad Loan Conundrum: Recurrent Concern for Banking System Stability and the Way Forward Chapter 7 An International Perspective on the Loan Puzzle in Emerging Markets Chapter 8 Is Japanese Regional Banks’ Overseas Business in Emerging Markets Hopeful?: An Observation through X-means Clustering Chapter 9 A Paradigm Shift in Banking: Unfolding Asia’s FinTech Adventures Chapter 10 Acceptance of Financial Technology in Thailand: Case Study of Algorithm Trading Chapter 11 Financial Innovation and Technology Firms: A Smart New World with Machines Index
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