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Journal Article
Safe and sound banking twenty years later: what was proposed and what has been adopted
This article assesses the extent to which changes in public policy regarding depository institutions have aligned with the recommendations made twenty years ago in Perspectives on Safe and Sound Banking (Benston et al. 1986). Several legislative initiatives and bank regulatory and supervisory changes during the past two decades have been in keeping with Benston and his coauthors' recommendations and analyses. But other recommendations in the book have not been followed, and some proposals the book rejected have been enacted through legislation or regulation. ; The article focuses in turn on ...
Working Paper
The X-efficiency of commercial banks in Hong Kong
This paper uses the stochastic econometric cost frontier approach to investigate the cost efficiency of commercial banks in Hong Kong. On average, the X-efficiency of Hong Kong banks is found to be about 16 to 30 percent of observed total costs, which is comparable to the findings in the U.S. banking industry. X-efficiency is found to decline over time, indicating that banks in Hong Kong are now operating closer to the cost frontier than before. This is consistent with technological innovation that might have occurred in the Hong Kong banking industry. Furthermore, the average large bank in ...
Conference Paper
Risk taking behavior of banking firms
Journal Article
Has bank performance peaked?
Journal Article
Risk and return of banks' Section 20 securities affiliates
Journal Article
Gauging the market's expectations about monetary policy
This Economic Letter describes an array of financial instruments that are suitable for extracting expectations about monetary policy, compares their forecasting power, and discusses some technical considerations in using them to forecast monetary policy.
Journal Article
Inflation expectations: how the market speaks
This Economic Letter discusses the structure of Treasury Inflation-Protected Security (TIPS) contracts, the development of the market in recent years, and the measure of inflation compensation derived from comparing TIPS yields to nominal yields.
Journal Article
On the relationship between stocks and bonds, part II