Bond market development and bank stability: Evidence from emerging markets

被引：4
|
作者：
Tian, Shu [1 ]
Park, Donghyun [1 ]
Cagas, Marie Anne [1 ]
机构：
[1] Asian Dev Bank, Manila, Philippines
来源：
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2021年 / 58卷
关键词：
Emerging market; Bond market; Bank; Liquidity risk; Bank stability; Risk taking; LIQUIDITY RISK; PERFORMANCE; COMPETITION; CREATION; IMPACT; SIZE;
D O I：
10.1016/j.ribaf.2021.101498
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate how bond market development shapes banks' risk taking in terms of portfolio structure, liquidity risk, and overall bank risk. Exploiting a bank-level database of 26 emerging markets, we find that larger bond markets are associated with stronger bank liquidity positions, lower portfolio risk of banks, and higher overall stability of banks. The effect of bond market development on bank risk taking remains robust across different levels of bank size and capital sufficiency. Overall, we find new evidence of a complementary relationship between bond market development and bank soundness.
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收藏
页数：22
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