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Mreža financijskih institucija u Republici Hrvatskoj, 2021.

Izvor: priređeno prema službenim podacima pojedinačnih financijskih institucija i institucija za nadzor, 2022.

The Procyclicality of FDIC Deposit Insurance Premiums

Federal Deposit Insurance Corporation

A broad awareness exists about the potential procyclical effects of FDIC deposit insurance premiums. Despite the importance of the topic, however, empirical study on the link between procyclical insurance premiums and bank performance has been limited due to identification challenges. In this paper, we examine empirically the procyclical effect of FDIC insurance premiums by exploiting unique changes to premium rate schedules set by regulatory agencies during the financial crisis. Using confidential FDIC data on bank risk to remove the effect of premium changes driven by bank endogenous factors, we examine the effect of changes in deposit insurance premiums that are plausibly exogenous to the performance of an individual bank. Using credit unions as a control group, which are not subject to the same deposit insurance premium regulations as banks, we estimate the effect of deposit insurance premiums on bank lending. We document empirically a procyclical effect of deposit insurance premiums on bank lending during the crisis and show that community banks are disproportionately affected by this mechanism.... (više)

Ensuring adoption of central bank digital currencies – An easy task or a Gordian knot?

European Central Bank

Central banks have been discussing the introduction of a retail central bank digital currency (rCBDC) for some time. However, potential obstacles to its adoption by consumers and retailers remain largely unexplored in the academic and policy literature. This paper surveys the key elements involved in the adoption of any new means of payment and discusses failed and ongoing initiatives with public digital money. It concludes that ensuring the desired level of adoption of rCBDCs may impose significant constraints on central bank design choices and policy goals. In fact, in some settings, central banks may find themselves on the horns of a dilemma in seeking to balance the needs to (i) preserve the central bank’s hierarchy of policy goals, (ii) increase the chances of adoption and use of rCBDCs by consumers and retailers, and (iii) avoid any adverse economic effects.... (više)

A lost century in economics: Three theories of banking and the conclusive evidence

Richard A. Werner

How do banks operate and where does the money supply come from? The financial crisis has heightened awareness that these questions have been unduly neglected by many researchers. During the past century, three different theories of banking were dominant at different times: (1) The currently prevalent financial intermediation theory of banking says that banks collect deposits and then lend these out, just like other non-bank financial intermediaries. (2) The older fractional reserve theory of banking says that each individual bank is a financial intermediary without the power to create money, but the banking system collectively is able to create money through the process of ‘multiple deposit expansion’ (the ‘money multiplier’). (3) The credit creation theory of banking, predominant a century ago, does not consider banks as financial intermediaries that gather deposits to lend out, but instead argues that each individual bank creates credit and money newly when granting a bank loan... (više)

Financial Integration and Structure in the Euro Area

European Central Bank

This is the second edition of the European Central Bank’s biennial report on financial integration and structure in the euro area. As explained in greater detail in the preface to the first edition in March 2020,1 it is designed to focus on structural developments in the financial system of the euro area, and in some cases also of the European Union (EU), and related policy issues. In so doing, it covers developments in financial integration across member countries, changes in financial structure (the mixture of financial markets and intermediaries) and financial development or modernisation (for example through innovations in the financial system). Definitions of these three concepts and how they link to Eurosystem tasks and functions were provided in more detail in the 2020 preface.... (više)

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