Search Results
Journal Article
Banking system developments in the four Asian tigers
Speech
Financial crises, and the future of global and Asian banking
Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at The Sasin Bangkok Forum on "Asia in Transformation", Bangkok, Thailand, July 9, 2012.
Working Paper
Asian finance and the role of bankruptcy
The degree to which bankruptcy is permitted to play a role in the allocation of capital is a key distinction between the Asian state-directed financial regime and the Western market-directed version. The paper discusses the two approaches to finance and argues that a major problem with the bank finance model used in many Asian countries is its minimization of bankruptcy risks. A three-sector development model (agriculture, manufacturing, and financial sector) is developed and simulated to compare the outcomes of the two approaches separately and then to evaluate the transition costs of ...
Working Paper
Operating performance of banks among Asian economies: an international and time series comparison
After controlling for loan quality, liquidity, capitalization, and output mix, per unit bank operating costs are found to vary significantly across Asian countries and over time. Further analysis reveals that the country rankings of per unit labor and physical capital costs are highly correlated, suggesting that there exist systematic differences in bank operating efficiency across Asian countries. However, this measure of operating efficiency is found to be unrelated to the degree of openness of the banking sector. Asian bank operating costs were found to decline from 1992 to 1997, ...
Journal Article
Reserve accumulation: implications for global capital flows and financial markets
Many central banks-particularly those in Japan and the emerging Asian nations-have been building up their holdings of foreign currency assets. These holdings, known as foreign exchange reserves, may help countries stabilize their currencies, but they can also lead to investment losses for the central banks. The large share of dollar assets among reserve holdings has made foreign central banks important players in U.S. financial markets.
Speech
Welcoming remarks
Presentation to the Conference on Asian Banking and Finance at the Federal Reserve Bank of San Francisco, San Francisco, CA, June 11, 2012
Periodic Essay
Challenges in global finance: the role of Asia
On June 11-12, 2012, the Federal Reserve Bank of San Francisco (FRBSF) held its fifth Conference on Asian Banking and Finance in San Francisco, entitled "Challenges in Global Finance: The Role of Asia." Conference participants discussed how the ongoing economic and financial uncertainties in Europe will impact the Asian economies, banking sectors and trade flows; and how Asian banks and financial institutions themselves are addressing these issues. While the conference covered a wide range of topics, this Asia Focus summarizes underlying themes discussed over the two days.
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
Analyzing and assessing banking crises