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Chapter10BankingIndustry:StructureandCompetition10-210.1HistoricalDevelopmentoftheBankingIndustryOutcome:MultipleRegulatoryAgencies1.FederalReserve2.FDIC3.OfficeoftheComptrolleroftheCurrency4.StateBankingAuthorities10-3PrimarySupervisoryResponsibilityofBankRegulatoryAgencies•OfficeoftheComptrolleroftheCurrency:nationalbanks•FederalReserveandstatebankingauthorities:statebanksthataremembersoftheFederalReserveSystem.•Fedalsoregulatesbankholdingcompanies.•FDIC:insuredstatebanksthatarenotFedmembers.•Statebankingauthorities:statebankswithoutFDICinsurance.10-4旧中国商业银行的出现与发展•1845年——丽如银行，中国第一家新式银行，英国人开办•1897年——通商银行，中国第一家自办银行。•1904年——户部银行，官商合办（1908年改为大清银行，1912年改为中国银行）10-510.2FinancialInnovationAchangeinthefinancialenvironmentwillstimulateasearchforinnovationsthatarelikelytobeprofitable.10.2.1ResponsetoChangesinDemandMajorchangeishugeincreaseininterest-rateriskstartingin1960s1.Adjustable-ratemortgage–Flexibleinterestrateskeepprofitshighwhenratesrise–LowerinitialinterestratesmakethemattractivetohomebuyersSince1975.2.FinancialDerivativesSince1975.10-610.2.2ResponsetoChangeinSupplyMajorchangeisimprovementincomputertechnology1.Increasesabilitytocollectinformation2.LowerstransactioncostsExamples:1.Bankcreditanddebitcards2.Electronicbankingfacilities--ATM,homebanking,virtualbank10-73.Junkbonds4.Commercialpapermarket5.SecuritizationTheprocessoftransformingotherwiseilliquidfinancialassetsintomarketablecapitalmarketsecurities.10-810.2.3AvoidanceofExistingRegulationsRegulationsBehindFinancialInnovation1.ReserverequirementsTaxondeposits=ir2.Deposit-rateceilings(RegQ)Asi,loopholeminetoescapereserverequirementtaxanddeposit-rateceilings10-9Examples1.Moneymarketmutualfunds2.SweepaccountsAnybalancesaboveacertainamountinacorporation’scheckingaccountattheendofabusinessdayare“sweptout”oftheaccountandinvestedinovernightsecurities.10-10TheDeclineinBanksasaSourceofFinance10-1110.2.4DeclineinTraditionalBanking•Asasourceoffundsforborrowers,marketsharehasfallen•Commercialbanks’shareoftotalfinancialintermediaryassetshasfallen•Nodeclineinoverallprofitability•Increaseinincomefromoff-balance-sheetactivities10-12DeclineinTraditionalBanking•1.Declineincostadvantagesinacquiringfunds(liabilities)–Risinginflationledtoriseininterestratesanddisintermediation–Low-costsourceoffunds,checkabledeposits,declinedinimportance•2.Declineinincomeadvantagesonusesoffunds(assets)–Informationtechnologyhasdecreasedneedforbankstofinanceshort-termcreditneedsortoissueloans–Informationtechnologyhasloweredtransactioncostsforotherfinancialinstitutions,increasingcompetition10-133.Banks’Response•1)Expandintonewandriskierareasoflending–e.g.Commercialrealestateloans2)Pursueoff-balance-sheetactivities10-1410.3StructureoftheCommercialBankingIndustry10-15TenLargestU.S.Banks10-16中国的银行业体系•1.政策性银行•在从事业务活动中，均贯彻不与商业性金融机构竞争、自主经营与保本微利的基本原则。•共有三家：国家开发银行、中国进出口银行、中国农业发展银行•2大型商业银行：是从计划体制下的统一的只有一家国有银行的体系演化而来的。共有五家，均已上市。--中国工商银行、中国农业银行、中国银行、中国建设银行、交通银行•3.股份制商业银行•1986年开始，陆续建立，包括光大、招商、平安（原）深发展）、广发、浦发、兴业、中信、民生、华夏、恒丰、浙商、渤海。其中有的已经上市。10-17•4.城市商业银行：•被称为中国银行业的“第三梯队”。截止2012年我国共有144家城市商业银行。•我国的城市商业银行来源于原城市信用社的股份制改造，是在原城市信用合作社的基础上，由地方政府、城市企业和居民投资入股组建的地方性股份制商业银行。•5.农村商业银行：•起源于农村信用合作社，普遍建立于50年代，是农村集体金融组织，但后来丧失了原有的合作性质。•04－06年的改革后，共有19348家，总资产占比7.9％。•2012年，经过改组，农村商业银行337家，农村合作银行147家，农村信用社1927家。•6.外资银行•截至2012年底，49个国家和地区的银行在华设立42家外资法人机构，96家外国银行分行和197家代表处10-182011年商业银行新增资产的机构分布图•国有商业银行,47.31%•城市商业银行,14.97%•农村商业银行,10.43%•外资银行,2.89%•股份制商业银行,24.40%10-1910.4SeparationofBankingandOtherFinancialServiceIndustries•Galss-Steagallprohibitedcommercialbanksfromunderwritingcorporatesecuritiesorfromengaginginbrokerageactivities.Italsopreventedbanksfromengagingininsuranceandrealestateactivities•ErosionofGlass-Steagall--Fed,OCC,FDIC,allowbankstoengageinunderwritingactivities10-20•Gramm-Leach-BlileyFinancialModernizationServicesActof1999:RepealofGlass-Steagall1.Allowssecuritiesfirmsandinsurancecompaniestopurchasebanks2.Banksallowedtounderwriteinsuranceandengageinrealestateactivities3.OCCregulatesbanksubsidiariesengagedinsecuritiesunderwriting4.Fedoverseebankholdingcompaniesunderwhichallrealestate,insuranceandlargesecuritiesoperationsarehousedImplications:Bankinginstitutionsbecomelargerandmorecomplex10-21SeparationinOtherCountries1.Universalbanking:Germany,NetherlandandSwitzerland.Banksprovideafullrangeofbanking,securities,realestateandinsuranceservicesandareallowedtoownsizableequitysharesincommercialfirms.2.British-styleuniversalbankingUK,Canada,AustraliaandnowtheUS.DiffersfromtheGerman-styleintheeways:1)Separatelegalsubsidiariesaremorecommon.2)Bankequityholdingsofcommercialfirmsarelesscommon3)Combinationsofbankingandinsurancefirmsarelesscommon.3.U.S./JapanseparationLegalseparationofthebankingandotherfinancialservicesindustries.10-22HowaboutChina?改革开放初期，我国银行业务极为单纯，不存在分业、混业问题。改革开放后，银行业务增多，但经营混乱。为了避免危害而于1995年颁布的《商业银行法》，确立了中国现阶段严格的分业经营的金融体制。分业经营对银行业发展所与生俱来的桎梏以及加入WTO后面对的新挑战，均显而易见。突破分业经营界限的趋向已日益明显。