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The purpose of this paper is to employ the Meta-Frontier Cost Function to compare the efficiencies of banks in China and Taiwan over the period 2003–2009. Different from previous literature using loans and securities as the output variables in evaluating banking efficiency, we propose two new variables: interest income on loans and nonperforming loans, to identify whether the banks are both cost and profit efficient and to control the quality of loans. Evidence is found that the average cost efficiency of China's banks leads the Taiwanese banks with a significant gap. Some policy implications are provided accordingly.

AbstractPoor protection of private property has limited the access to bank loans by private enterprises in developing and transition economies. Under those circumstances, private entrepreneurs have resorted to various ways of enhancing the de facto protection of private property. Using a dataset of 3,073 private enterprises in China, this paper empirically investigates the impact of political participation and philanthropic activities – informal substitutes for the lack of formal protection of private property – on the access to bank loans.

Nach dem Ende der Wirtschaftskrise wurde der Ruf nach der Zerschlagung von marktmächtigen Unternehmen laut. Hierbei war die gesetzgeberische Tätigkeit in Deutschland am weitesten fortgeschritten und mündete in den Referentenentwurf zu einem "Gesetz über die Einführung einer Entflechtungsbefugnis und eines Stellungnahmerechts des Bundeskartellamts in Gesetzgebungsverfahren" vom 8.1.2010/5.5.2010.Die vorliegende Arbeit untersucht die Voraussetzungen unter denen eine kartellrechtliche Entflechtung erfolgen sollte und zeigt die Erfahrungen hinsichtlich Unternehmensentflechtungen im deutschen, europäischen und US-amerikanischen Recht auf. Dabei wird deutlich, dass die volkswirtschaftlichen Folgen einer Unternehmensentflechtung im beispielhaft untersuchten Banken- und Energiesektor nur schwer kalkulierbar sind. Zudem stehen europa- und verfassungsrechtliche Aspekte einer kartellrechtlichen Entflechtung entgegen. Alternativ sollten hier präzise Regulierungsinstrumente zur Anwendung gelangen

Nach dem Ende der Wirtschaftskrise wurde der Ruf nach der Zerschlagung von marktmächtigen Unternehmen laut. Hierbei war die gesetzgeberische Tätigkeit in Deutschland am weitesten fortgeschritten und mündete in den Referentenentwurf zu einem "Gesetz über die Einführung einer Entflechtungsbefugnis und eines Stellungnahmerechts des Bundeskartellamts in Gesetzgebungsverfahren" vom 8.1.2010/5.5.2010.Die vorliegende Arbeit untersucht die Voraussetzungen unter denen eine kartellrechtliche Entflechtung erfolgen sollte und zeigt die Erfahrungen hinsichtlich Unternehmensentflechtungen im deutschen, europäischen und US-amerikanischen Recht auf. Dabei wird deutlich, dass die volkswirtschaftlichen Folgen einer Unternehmensentflechtung im beispielhaft untersuchten Banken- und Energiesektor nur schwer kalkulierbar sind. Zudem stehen europa- und verfassungsrechtliche Aspekte einer kartellrechtlichen Entflechtung entgegen. Alternativ sollten hier präzise Regulierungsinstrumente zur Anwendung gelangen

Initiating its operations in 2016, the New Development Bank (NDB) disbursed close to US$ 14.6 billion by the conclusion of 2021. However, Brazil received only US$ 1.86 billion (12.8%) of this sum, marking it as the recipient of the least funding from the Bank thus far. As the NDB approaches its seventh year of operation, it becomes imperative to assess its lending trajectory to Brazil, scrutinizing both the disincentives and the potential for augmenting loans to the country. With this objective in mind, this article endeavors to delve into the obstacles and opportunities for enhancing the NDB's utilization in Brazil. Our hypothesis suggests that despite the recent surge in operations, there remains room for advancement, particularly in light of the political developments unfolding in Brazil in 2023.Methodologically, the study hinges on analyzing NDB financial data, conducting interviews with pertinent stakeholders in Brazil, and scrutinizing and contrasting the financing institutional frameworks of the NDB and the Brazilian Development Bank (BNDES). Our findings indicate that: i) access to the BNDES partially offsets the necessity for Brazilian firms to seek loans from the NDB; ii) a rigid institutional framework within the NDB and the Brazilian government impedes project approval and proposition; iii) all loans to Brazil thus far have been denominated in US dollars, diminishing their attractiveness; iv) there has been a lack of encouragement from the Brazilian national government, attributed to the reorientation of Brazilian foreign policy following the 2016 impeachment. Consequently, achieving a more prominent role and usage of the NDB necessitates not only an institutional reassessment of certain approval processes within the Brazilian government but also a more active, assertive, and collaborative stance from the Bank itself.

AbstractThis study analyses the impact of women leaders on environmental performance in a sample of 96 listed banks in the EMEA (Europe, Middle East and Africa) region from 2011 to 2016. Gender diversity in leadership positions is explored through women in the board of directors, chief executive officer gender, and the interaction between these two aspects. This study sheds light on inconsistent results in prior literature by testing three theoretical perspectives: gender difference, critical mass, and homophily. The main results suggest that there is nonlinear relationship between women directors and the environmental performance of banks and that female chief executive officers play a strategic role in shaping this relationship, by confirming the homophily perspective for the banking sector. Therefore, leader gender diversity is an important driver of environmental sustainability in banks, which are increasingly involved in environmental issues either directly, as companies, or indirectly, through their lending activity.

This paper considers the policy options of the West Bank and Gaza (WBG) with respect to trade and the exports of labor services. It concludes that i) a non-discriminatory trade policy (NDTP) is unambiguously superior to an FTA with Israel; ii) the WBG should pursue a NDTP with all its neighbors, but only under the condition that the trade policy be open, transparent, and enforced by a credible lock-in mechanism; otherwise, a CU with Israel may be preferable; iii) the PA should establish a system of fee-based permits for Palestinian labor working in Israel, and iv) the PA should consider allowing access by Jordanian workers to the WBG labor market.

This paper argues that an EU-focused viewpoint is not sufficient to adequately characterize developments in European private law. It proposes to take a critical look at the core activity of national courts. The paper begins with a comparison between two consumer law cases decided by the European Court of Justice (ECJ): Aziz and Addiko Bank, showing that the same problem already solved in Aziz still existed at the national level years later (Addiko Bank). By presenting two reasonings, one of the second referring court and one of the ECJ, it is shown how consumer law is nationally entangled. In the second part, the paper proposes a solution, namely that the disentanglement can be achieved by conducting a comparative study of national case law through four lenses: spotlighting, comparing, functionalizing and Europeanizing. It is argued that such a comparative approach in European private law could facilitate moving beyond entanglements not perceivable solely from an EU-focused viewpoint. It would allow for a broader view of the efficacity of European private law from a bottomup perspective. And this perspective, in turn, would help in tackling some of the systemic shortcomings of European private law (including consumer law) developed on the basis of the ECJ case law.

AbstractThis article centres around one singular yet substantively important empirical puzzle: why did the United States fail to delegitimate the Asian Infrastructure Investment Bank? I argue that a crucial factor missing from existing analyses is China's rhetorical coercion. To substantiate this argument, I first reconstruct from the perspective of framing the US‐China rhetorical contestation over the AIIB at the early stage. This results in the identification of seven competing frames pertaining to the purpose and procedural legitimacy of the bank: Sub‐standard, Tool and Rival promoted by the United States; High‐quality, Equality, Complement and Welcome Change by China. To flesh out China's rhetorical coercion, I gauge the coercive power of the frames identified before zooming in on Complement and Welcome Change and uncovering therein three coercive claims: shortfalls in Asia's infrastructure finance, weaknesses in the existing system of international financial institutions and inconsistency in the US approach to the AIIB and China's rise. These claims considerably restricted the room for the United States to engage in principled opposition, and in tandem with developments favourable to the AIIB (not least the participation of Western countries), enabled China to rhetorically coerce the United States.

AbstractThe point of departure of this short paper is that, in order to preserve the effectiveness of monetary policy in a world increasingly flooded by private digital currencies, central banks (CBs) will eventually have to issue their own digital currencies. The paper presents two proposals for the implementation of such a currency: A moderate proposal in which only the banking sector continues to have access to deposits at the CB and a radical one in which the entire private sector is allowed to hold digital currency deposits at the CB. The paper contrasts the implications of those two polar paths to a CBDC for the funding of banks, the allocation of credit to the economy, for welfare and for political feasibility. One section of the paper shows that the radical implementation may pave the way toward a narrow banking system and dramatically reduce the need for deposit insurance in the long run. The paper evaluates the relative merits of issuing a currency on a blockchain using a permissionless distributed ledger technology in comparison to a centralized (permissioned) blockchain ledger operated by the CB and concludes that the latter dominates the former in more than one dimension.

There is considerable evidence from around the world to support the idea that access to formal financial services is a key factor towards achieving poverty alleviation. The government of Indonesia has placed high importance on the issue of improved access to financial services and one feels that it would be appropriate to begin the process of analyzing effective financial inclusion initiatives with the existing Bank Perkreditan Rakyat (BPR) system. BPRs have long been an integral part of Indonesia's financial, economic, and social development. This research is focused on BPRs in West Java. In this research, the writer evaluates BPR performance within twenty-five districts in West Java, by measuring the technical efficiency levels of the BPRs through employing the Stochastic Frontier Approach (SFA). The district that has the highest BPR average inefficiency score is Bandung city and the district with the lowest average BPR inefficiency score is the district of Ciamis. Increases in bank concentration (indicated by the Hirschman-Herfindahl Index) and income per capita are shown to decrease BPR inefficiency levels. Increases in the percentage of the population under the poverty line, the percentage of the labor force with a high school education, the percentage of road length per area, and the amount of bank offices per district, increase the inefficiency levels of BPRs. Overall, it is found that BPRs cannot operate efficiently in areas which are too underdeveloped; neither can they operate efficiently in areas which are too well developed.AbstrakTerdapat bukti substantif pengalaman berbagai negara di dunia bahwa akses pada jasa finansial formal adalah faktor kunci dalam upaya pengentasan kemiskinan. Pemerintah Republik Indonesia telah menempatkan upaya peningkatan mutu dan akses jasa finansial bagi masyarakat Indonesia, sebagai salah satu kebijakan utama dalam pengentasan kemiskinan. Tulisan ini bertujuan untuk membahas dan menganalisa efektivitas badan-badan penyedia jasa finansial di Indonesia, sebagai starting-point dengan memulai analisa efektivitas jasa finansial yang diberikan oleh Bank Perkreditan Rakyat (BPR). Penelitian ini difokuskan kepada BPR di Jawa Barat. Penulis mengevaluasi performa BPR pada 25 kabupaten/kota di Jawa Barat, dengan mengukur tingkat efisiensi teknis melalui metode Stochastic Frontier Approach (SFA). Kota tempat BPR yang memiliki rata-rata in-efisiensi tertinggi adalah Kota Bandung dan Kabupaten dengan in-efisiensi rata-rata BPR-nya yang terendah adalah Kabupaten Ciamis. Peningkatan dalam konsentrasi perbankan di sebuah kabupaten/kota (terindikasi Hirschman-Herfindahl Index) dan peningkatan pendapatan per kapita pada kabupaten/kota tersebut terbukti menurunkan tingkat inefisiensi BPR. Sebagai kesimpulan utama, ditemukan bahwa BPR tidak dapat beroperasi secara efektif pada area yang sangat underdeveloped dan juga tidak dapat beroperasi efektif pada area yang sangat developed. Kata kunci: Bank Perkreditan Rakyat (BPR); Jawa Barat; Efisiensi Teknis; Stochastic Frontier Approach (SFA)JEL classifications: D; L1; L2; G; G2