外文翻译--是什么推动中小银行的持久性竞争力？.docVIP

毕业论文外文翻译 外文题目： What Drives the Persistent Competitiveness of Small Bank? 出 处： Finance anf Economics Discussion Series 2002(5) 作 者： Bill Bassett and Tom Brady What drives the persistent competitiveness of small banks? Bill Bassett and Tom Brady ABSTRACT Several trends in the financial industry could have weakened the competitiveness of small banks in recent years including consolidation and improved financial strength of large banks, competition from nonbank financial firms, and a decline in the real value of deposit insurance. Despite those challenges, small banks have grown more rapidly than larger banks over the period from 1985 to 2001, and their profitability has been sustained at high levels. However, small banks have needed to increase the interest rates offered on deposit accounts in order to attract progressively more deposit funding. In this paper, we provide empirical evidence that this increased interest cost primarily reflects the higher rate of return that small banks were able to earn on their assets. Moreover, we show with an arbitrage model that the decline in the real value of deposit insurance has only a small effect on deposit rates as long as bank failure rates are in the low range of recent years. The Federal Deposit Insurance Corporation’s (FDIC) proposal for the modernization of deposit insurance has recently been the focus of considerable attention (FDIC 2000). As part of its proposal, the FDIC would raise the current $100,000 ceiling on coverage in order to account for the erosion of its real value by inflation since it was set in 1980 (Chart 1). The decline in the real value of deposit insurance would tend to raise the cost of funding assets with deposits, and thus could adversely affect banks that tend to rely heavily on deposits. Large banks, which fund themselves relatively more in the uninsured whole