Non-performing loans and productivity in Chinese banks: 1997-2006

This study examines the productivity growth of the nationwide banks of China over the ten years to 2006. Using a bootstrap method for the Malmquist index estimates of productivity growth are constructed with appropriate confidence intervals. The paper adjusts for the quality of the output by accounting for the non-performing loans on the balance sheets and test for the robustness of the results by examining alternative sets of outputs. The productivity growth of the state-owned banks is compared with the Joint-stock banks and it determinants evaluated. The paper finds that average productivity of the Chinese banks improved modestly over this period. Adjusting for the quality of loans, by treating NPLs as an undesirable output, the average productivity growth of the state-owned banks was zero or negative while productivity of the Joint-Stock banks was markedly higher

Early and mid-holocene environmental conditions in the eastern Adriatic recorded in speleothems from Mala Špilja cave and Velika Špilja cave (Mljet island, Croatia)

This study presents high resolutionoxygen and carbon isotopicrecord of two U-Th dated stalagmites from the EasternAdriatic caves. The stalagmites were collected from Mala špiljaand Velika špilja caves situated on Mljet Island in the southernpart of the Croatian Adriatic. Dripwater samples werecollected from Medvjeđa špilja, Strašna peć, Špilja u Vrdolje,Kraljicina spilja, Velika špilja and Mala špilja caves. All cavesformed in well-stratified Cretaceous limestones. The averagevalue of deuterium excess of the dripwater is 9.3 ‰, indicatingthat the atmospheric conditions over the Atlantic Oceanhave greater influence on the isotopic composition precipitationin the Adriatic region than the Eastern MediterraneanSea. The longest isotopic record of the speleothems is of stalagmiteMSM-1 from Mala špilja Cave dated from 119.2±3.3 ka to 5.6±0.6 ka, although deposition was not continuous.During the Holocene the speleothem grew between 7 kaand 4 ka. That interval is characterized by several δ18Oc andδ13Cc fluctuations reflecting changes in the environment. Superimposedon these fluctuations, there is an increasing trendin the 7.0−6.5 ka interval, evident in elevated δ18O values,which primarily refers the trend to drier conditions in theeastern Adriatic, which were occasionally interrupted by wetintervals. Humid conditions are particularly pronounced bylow δ18Oc and δ13Cc values of speleothem MSM-1 between 7.3and 6 ka, as a reflection of increased precipitation and lower temperatures. The transition to today's Mediterranean climate(Cs) occurred between 6 ka and 5 ka, while the driest conditionsare recorded at ~4.7 − 4.2 ka. Comparisons betweenthe eastern Adriatic δ18Oc and δ13Cc records of the speleothemfrom Mala špilja Cave (MSM-1) and Velika špilja Cave (MljetIsland) with Soreq Cave (Israel) and Corchia Cave (Italy) togetherwith other proxies such as lake sediments demonstratethat the speleothems from the Eastern Adriatic caves recordthe local and the regional climatic changes.Key words: Holocene, speleothem; stable isotopes; EasternAdriatic, Croatia.Rekonstrukcija okoljskih razmer vzgodnjem in poznem Holocenu na podlagi zapisa v sigi jamMala Špilja in Velika Špilja (otok Mljet, Hrvaška)Raziskava temelji na visoko ločljivih zapisih kisikovih in ogljikovihizotopov, pridobljenih iz dveh stalagmitov, datiranih zuran-torijevo metodo. Kapnika sta bila vzorčena v jamah Malašpilja in Velika špilja na otoku Mljet, v južnem delu hrvaškegaJadrana. Vzorčena je bila tudi prenikla voda v jamah Medvjeđašpilja, Strašna peć, Špilja u Vrdolje, Kraljicina spilja, Velikašpilja in Mala špilja. Vse omenjene jame so v plastovitem krednemapnencu. Povprečna vrednost presežka devterija v preniklivodi je 9,3 ‰, kar kaže na prevladujoč podnebni vplivAtlantskega oceana v primerjavi z vplivom vzhodnega Sredozemlja.Najdaljši izotopski zapis smo pridobili iz kapnikaMSM-1 iz Male špilje, katerega starost je med 119,2 ±3,3 ka in5,6±0,6 ka. Za kapnik je značilnih več prekinitev izločanja. Vholocenu je kapnik rastel v obdobju med 7 ka in 4 ka. V temobdobju je več izrazitih nihanj δ18Oc in δ13Cc, kar kaže na spremembeokolja. Med 7,0 in 6,5 ka je v zapisu trend naraščanjaδ18O, kar kaže na relativno suhe razmere v vzhodnem Jadranu,ki so jih občasno prekinila vlažna obdobja. Med 7,3 in6 ka je več obdobij z nizkim vrednostmi δ18Oc in δ13Cc v vzorcuMSM-1, kar kaže na veliko padavin in nizke temperature.Prehod v današnjo sredozemsko klimo (Cs) se je zgodil med6 ka in 5 ka, najbolj suha obdobja smo zabeležili med 4,7 kain 4,2 ka. Primerjava izotopskih zapisov δ18Oc on δ13Cc iz Malešpilje (MSM-1) in Velike špilje (Mljet) z zapisi v jami Soreq (Izrael)in v sistemu Corchia (Italija) ter drugimi kazalci nekdanjihokolij, npr. jezerskimi sedimenti, kažejo, da sige vzhodnega Jadrana hranijo pomembne zapise o lokalnih in regionalnihpodnebnih spremembah.Ključne besede: Holocen, siga, stabilni izotopi, vzhodni Jadran,Hrvaška.

Bank productivity in China 1997–2007: an exercise in measurement

This study examines the productivity growth of the nationwide banks of China and a sample of city commercial, banks for the eleven years to 2007. Estimates of total factor productivity growth are constructed with appropriate confidence intervals, using a bootstrap method for the Malmquist index. The study adjusts for the quality of the output by accounting for the non-performing loans on the balance sheets of the banks and tests for the robustness of the results by examining alternative sets of outputs. The productivity growth of the state-owned commercial banks (SOCBs) is compared with the joint-stock banks (JSCBs) and city commercial banks (CCBs). The results show that average total factor productivity for the joint-stock banks was better than that of the state-owned banks for some models of measurement but not others. But the average city commercial banks improved its productivity growth both in terms of frontier shift and efficiency gain throughout the whole period. The study also shows that individual state-owned and joint-stock banks did improve their productivity growth and defined an improving production frontier. Most other banks lagged behind so that the gap between the inefficient banks and the most efficient banks widened. While individual banks improved their productivity growth there is no evidence that the average productivity growth of Chinese banks as a whole improved in the run-up to WTO

Rational inefficiency and non-performing loans in Chinese banking: a non-parametric bootstrapping approach

The existing Chinese banking system was born out of a state-planning framework focussed on the funding of state-owned enterprises. Despite the development of a modern banking system, numerous studies of Chinese banking point to its high level of average inefficiency. Much of this inefficiency relates to the high level of non-performing loans held on the banks books. This study argues that a significant component of inefficiency relates to a defunct bureaucratic incentive structure. Using bootstrap non-parametric techniques the paper decomposes cost-inefficiency into X-inefficiency and rational inefficiency caused by bureaucratic rent seeking. In contrast to other studies of the Chinese banking sector, the paper argues that a change in the incentive structure and the competitive threat of the opening up of the banking market in 2007 has produced reduced inefficiency and improved performance

Non-performing loans and productivity in Chinese banks: 1997-2006

This study examines the productivity growth of the nationwide banks of China over the ten years to 2006. Using a bootstrap method for the Malmquist index estimates of productivity growth are constructed with appropriate confidence intervals. The paper adjusts for the quality of the output by accounting for the non-performing loans on the balance sheets and test for the robustness of the results by examining alternative sets of outputs. The productivity growth of the state-owned banks is compared with the Joint-stock banks and it determinants evaluated. The paper finds that average productivity of the Chinese banks improved modestly over this period. Adjusting for the quality of loans, by treating NPLs as an undesirable output, the average productivity growth of the state-owned banks was zero or negative while productivity of the Joint-Stock banks was markedly higher

Decolonising and diversifying the Library through student partnerships

This case study looks at the work to develop initiatives to diversify Warwick University Library’s collections, spaces and services, carried out in conjunction with our key student partners, Warwick’s Library Associates. It explores the origins of the voluntary Library Associates scheme, with an emphasis on working in true partnership with students, to deliver library improvements in line with their priorities and those of their peers. It examines the process of co-creating interventions to aid diversifying and demonstrates the role of the students as drivers for the initiatives. It discusses the ongoing work to be done to meaningfully diversify the Library and involves the student voice in the reporting of the project

Non-performing loans and productivity in Chinese banks: 1997–2006

This study examines the productivity growth of the nationwide banks of China over the ten years to 2006. Using a bootstrap method for the Malmquist index estimates of productivity growth are constructed with appropriate confidence intervals. The paper adjusts for the quality of the output by accounting for the non-performing loans on the balance sheets and test for the robustness of the results by examining alternative sets of outputs. The productivity growth of the state-owned banks is compared with the Joint-stock banks and it determinants evaluated. The paper finds that average productivity of the Chinese banks improved modestly over this period. Adjusting for the quality of loans, by treating NPLs as an undesirable output, the average productivity growth of the state-owned banks was zero or negative while productivity of the Joint-Stock banks was markedly higher

Bank efficiency in China, rent seeking versus X-inefficiency: a non-parametric bootstrapping approach

This study demarcates cost-inefficiency in Chinese banks into X-inefficiency and rent-seeking-inefficiency. A protected banking market not only encourages weak management and X-inefficiency but also public ownership and state directed lending encourages moral hazard and bureaucratic rent seeking. This paper uses bootstrap non-parametric techniques to estimate measures of X-inefficiency and rent-seeking inefficiency for the 4 state owned banks and 11 joint-stock banks over the period 1997-2004. In contrast to other studies of the Chinese banking sector, the paper argues that reduced inefficiency is an indicator that the competitive threat of the opening up of the banking market in 2007 has produced tangible benefits in improved performance. This paper finds evidence of declining trend in both types of inefficiency

Final report on project SP1210: Lowland peatland systems in England and Wales – evaluating greenhouse gas fluxes and carbon balances

Lowland peatlands represent one of the most carbon-rich ecosystems in the UK. As a result of widespread habitat modification and drainage to support agriculture and peat extraction, they have been converted from natural carbon sinks into major carbon sources, and are now amongst the largest sources of greenhouse gas (GHG) emissions from the UK land-use sector. Despite this, they have previously received relatively little policy attention, and measures to reduce GHG emissions either through re-wetting and restoration or improved management of agricultural land remain at a relatively early stage. In part, this has stemmed from a lack of reliable measurements on the carbon and GHG balance of UK lowland peatlands. This project aimed to address this evidence gap via an unprecedented programme of consistent, multi year field measurements at a total of 15 lowland peatland sites in England and Wales, ranging from conservation managed ‘near-natural’ ecosystems to intensively managed agricultural and extraction sites. The use of standardised measurement and data analysis protocols allowed the magnitude of GHG emissions and removals by peatlands to be quantified across this heterogeneous data set, and for controlling factors to be identified. The network of seven flux towers established during the project is believed to be unique on peatlands globally, and has provided new insights into the processes the control GHG fluxes in lowland peatlands. The work undertaken is intended to support the future development and implementation of agricultural management and restoration measures aimed at reducing the contribution of these important ecosystems to UK GHG emissions