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缓冲假说与信用风险:从中东和北非地区的伊斯兰银行与传统银行角度分析

Cushion hypothesis and credit risk: Islamic versus conventional banks from the MENA region.

机构信息

Finance and Banking Department, An-Najah National University, Nablus, Palestine.

Christ Church Business School, Canterbury Christ Church University, Canterbury, United Kingdom.

出版信息

PLoS One. 2024 Jul 22;19(7):e0306901. doi: 10.1371/journal.pone.0306901. eCollection 2024.

Abstract

Conventional banks are 'indirectly' allowed to take more risk under the shadow of sovereign guarantees. Banks commit moral hazards as any major banking crisis will be 'cushioned' by deposit insurance and bailed out using the taxpayer's money. This study offers an alternative explanation for the determinants of banks' credit risk, particularly those from the Islamic regions. Although conventional banks and Islamic banks may share state and social cushioning systems, Islamic banks are strictly prohibited by moral and religious principles from gambling with depositors' funds, even if there is a cushion available to bail them out. However, banks belonging to collective societies, such as those in the MENA area, may be inclined to take more risks due to the perception of having a larger safety net to protect them in the event of failure. We analyse these theoretical intersections by utilising a dataset consisting of 320 banks from 20 countries, covering the time span from 2006 to 2021. Our analysis employs a combination of Ordinary Least Squares (OLS), Fixed Effects (FE), and 2-step System-GMM methodologies. Our analysis reveals that Islamic banks are less exposed to credit risk compared to conventional banks. We contend that the stricter ethical and moral ground and multi-layer monitoring system amid protracted geopolitical and post-pandemic crises impacting Islamic countries contribute to the lower credit risk. We examine the consequences for credit and liquidity management in Islamic banks and the risk management strategies employed by Islamic banks, which can serve as a valuable reference for other banks.

摘要

传统银行在主权担保的阴影下“间接”被允许承担更多风险。银行会产生道德风险,因为任何重大银行业危机都会受到存款保险的缓冲,并动用纳税人的钱进行救助。本研究为银行信贷风险的决定因素提供了另一种解释,特别是来自伊斯兰地区的银行。虽然传统银行和伊斯兰银行可能都有国家和社会缓冲系统,但伊斯兰银行严格禁止根据道德和宗教原则将存款人的资金用于赌博,即使有缓冲资金可供救助。然而,属于集体社会的银行,如中东和北非地区的银行,由于存在更大的安全网来保护它们在失败时,可能更倾向于承担更多风险。我们通过利用一个由来自 20 个国家的 320 家银行组成的数据集,分析了这些理论上的交叉点,该数据集涵盖了 2006 年至 2021 年的时间段。我们的分析采用了普通最小二乘法(OLS)、固定效应(FE)和 2 步系统-GMM 方法的组合。我们的分析表明,与传统银行相比,伊斯兰银行的信用风险较低。我们认为,更严格的道德和道德基础以及在长期地缘政治和后疫情时期影响伊斯兰国家的多层次监控系统有助于降低信用风险。我们研究了伊斯兰银行的信贷和流动性管理的后果,以及伊斯兰银行采用的风险管理策略,这可以为其他银行提供有价值的参考。

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本文引用的文献

1
Capital structure and public corruption among non-financial firms in the MENA region: The impact of the Arab spring.
Heliyon. 2024 Jun 6;10(11):e32527. doi: 10.1016/j.heliyon.2024.e32527. eCollection 2024 Jun 15.
2
The Car Cushion Hypothesis: Bigger Cars Lead to More Risk Taking-Evidence from Behavioural Data.
J Consum Policy (Dordr). 2022;45(2):331-342. doi: 10.1007/s10603-022-09511-w. Epub 2022 Feb 5.
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What Folklore Tells Us about Risk and Risk Taking: Cross-Cultural Comparisons of American, German, and Chinese Proverbs.
Organ Behav Hum Decis Process. 1998 Aug;75(2):170-86. doi: 10.1006/obhd.1998.2788.

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