銀行流動性創造－基於文化視角

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洪霈芩(Pei-Chin Hong) 查詢紙本館藏

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財務金融學系

論文名稱

銀行流動性創造－基於文化視角
(The Dimension of Bank Liquidity Creation: Culture Viewpoint)

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摘要(中)

本篇論文以來自58個國家的26,539間的銀行資料探討Hofstede的四個文化維度（權力距離、個人主義、不確定規避以及男性氣質）對於銀行流動性創造的影響。根據實證結果，我們發現權力差距、不確定規避及男性氣質減少資產面及表外流動性創造，然而增加負債面流動性創造。相反地，個人主義增加資產面及表外流動性創造，而減少負債面流動性創造。將樣本排除美國銀行後，仍呈現一致的結果。本研究發現國家文化為影響銀行流動性創造的重要因素，除此之外，銀行風險承受能力為影響國家文化與銀行流動性創造關係的關鍵。在政策方面，本研究結果亦建議政策制定者應限制表外流動性創造。

摘要(英)

This study investigates the effects of Hofstede’s four cultural indices (power distance, individualism, uncertainty avoidance, and masculinity) on bank liquidity creation using an international sample of 26,539 banks across 58 countries. We find that power distance, uncertainty avoidance, and masculinity decrease asset-side and off-balance sheet liquidity, but increase liability-side liquidity. By contrast, individualism increases asset-side and off-balance sheet liquidity but decreases liability-side liquidity. After excluding U.S. banks, our findings remain robust, suggesting that national culture is an important determinant of bank liquidity creation and that bank risk-taking has important implications that link national culture and bank liquidity creation. Regarding policymaking, our results indicate that the government should introduce regulations that restrict off-balance liquidity.

關鍵字(中)

★ 銀行流動性創造
★ 國家文化
★ 權力差距
★ 個人主義
★ 不確定規避
★ 男性氣質

關鍵字(英)

★ Liquidity creation
★ National culture
★ Power distance
★ Individualism
★ Uncertainty avoidance
★ Masculinity

論文目次

摘要 II
ABSTRACT III
TABLE OF CONTENTS IV
LIST OF TABLES V
1. INTRODUCTION 1
2. LITERATURE REVIEW AND HYPOTHESES 4
2.1. POWER DISTANCE AND LIQUIDITY CREATION 5
2.2. INDIVIDUALISM AND LIQUIDITY CREATION 5
2.3. UNCERTAINTY AVOIDANCE AND LIQUIDITY CREATION 5
2.4. MASCULINITY AND LIQUIDITY CREATION 6
3. DATA 6
3.1. MEASUREMENT OF BANK LIQUIDITY CREATION 8
3.2. CULTURAL DIMENSIONS 9
3.3. CONTROL VARIABLES 10
3.4. INSTRUMENTAL VARIABLE 11
4. METHODOLOGY 12
5.1. SUMMARY STATISTICS 13
5.2. THE EFFECT OF NATIONAL CULTURE ON LIQUIDITY CREATION 13
5.3. REGRESSION RESULTS DURING THE CRISES 14
5.4. REGRESSION RESULTS WITH DIFFERENT CONTINENTS 15
5.5. ADDITIONAL ANALYSES 16
6. ROBUSTNESS ANALYSIS 17
7. CONCLUSIONS 18
REFERENCE 19
APPENDIX 22
ONLINE APPENDIX 49

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指導教授

王志瑋(Chih-Wei Wang)

審核日期

2023-2-4

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