Abstract

This paper joins a rapidly growing body of literature that aims to uncover the link between monetary policy and bank risk taking. We investigate the hypothesis that the ownership composition of the banking system moderates monetary policy transmission via the risk-taking channel. Borrowing measures used in ecology to quantify diversity of species within an ecosystem and first applied to the field of finance by Michie, J. and Oughton, C. 2013. ‘Measuring Diversity in Financial Services Markets: A Diversity Index’, Centre for Financial and Management Studies Discussion Papers no. 113, this paper shows that the impact of exogenous monetary policy shocks on banks’ probability of default is reduced in countries with greater ownership diversity. We also find that—ceteris paribus—shareholder- and stakeholder-oriented banks located in more ownership-diverse systems tend to have a lower appetite for risk than their counterparts operating in less diverse markets. These results are robust across several econometric specifications and emphasise the stabilising role played by ownership diversity in modern financial systems. At the same time, our evidence suggests that a more interdisciplinary approach, firmly grounded in the applied, empirical research methodology, can provide novel and useful insights into the implications of monetary policy for financial and economic outcomes.

中文翻译：

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所有权多元化与货币政策传导的风险承担渠道

摘要

本文加入了一个迅速增长的文献体系，旨在揭示货币政策与银行风险承担之间的联系。我们研究了以下假设：银行系统的所有权构成通过冒险渠道缓和了货币政策的传递。生态学中用于量化生态系统中物种多样性的借贷措施由Michie，J.和Oughton，C. 2013首次应用于金融领域。“金融服务市场中的多样性衡量：多样性指数”，金融与金融中心管理研究讨论文件编号。113，本文表明，在所有权多元化程度更高的国家中，外源性货币政策冲击对银行违约概率的影响减小了。我们还发现，在所有者多元化的系统中，面向股东和利益相关者的银行比那些在多元化市场中运作的同行的风险偏好更低。这些结果在几个计量经济学指标上都是可靠的，并强调了所有权多样性在现代金融系统中所发挥的稳定作用。同时，我们的证据表明，一种更跨学科的方法，牢固地扎根于应用的实证研究方法，可以为货币政策对金融和经济成果的影响提供新颖而有用的见解。这些结果在几个计量经济学指标上都是可靠的，并强调了所有权多样性在现代金融系统中所发挥的稳定作用。同时，我们的证据表明，一种更跨学科的方法，牢固地扎根于应用的实证研究方法，可以为货币政策对金融和经济成果的影响提供新颖而有用的见解。这些结果在几个计量经济学指标上都是可靠的，并强调了所有权多样性在现代金融系统中所发挥的稳定作用。同时，我们的证据表明，一种更跨学科的方法，牢固地扎根于应用的实证研究方法，可以为货币政策对金融和经济成果的影响提供新颖而有用的见解。