Competition and Efficiency in the Banking Sector in South Africa

Abstract: We analyse the evolution of competition and efficiency of the banking sector in South Africa using firm‐level data for the period 1999–2008. We adopt a three‐step estimation approach. First, we measure efficiency using the data envelopment analysis (DEA) methodology. Second, we use the Panzar–Rosse approach to derive the H‐statistic for competitive conditions in banking. In the third stage, we take into account the role of managerial ability in competition by re‐estimating the Panzar–Rosse model, with the DEA efficiency scores as an explanatory variable. Overall, the results show that although average efficiency was trending upwards over the period, the number of efficient banks was falling. Also, it is found that for the period 1999–2008, the structure of the South African banking industry was characterized by monopolistic competition. This result may reflect domination by five large banks, which together account for over 85 per cent of total banking assets.     

欧盟成员国银行业政策主要特点分析

本文认为欧盟《第二银行指令》全面推动了欧盟各成员国银行业规制协调,可将成员国近20年以来的银行业政策主要特点归纳为四个方面,即全面放松管制、私有化、鼓励银行并购和对外扩张,金融监管体制一体化。这些政策促进了各成员国银行业竞争和快速发展,提高了欧盟银行业效率和盈利,有助于降低消费者和企业的融资成本,提高欧盟银行业整体抗风险能力。     

Labour use efficiency in the Indian and Pakistani commercial banks

The Indian and Pakistani banking industry is said to have an excessive use of labour due to the significant market share of government owned banks. Both countries have undertaken a process of regulatory reform to bring about market discipline in the usage of inputs and to increase the labour use efficiency and productivity. The focus of this paper is the estimation of productivity and efficiency of labour use in the banking sectors of the Indian sub-continent. The results show that the efficiency of labour use across the Indian sub-continent is improving over time and that foreign banks are more efficient compared to domestically owned banks in their usage of labour.     

What Drives Cost Efficiency of Banks in China?

This study uses stochastic frontier analysis to examine the factors that influenced cost efficiency of banks in China from 2005 to 2013. The results indicate that policy variables, such as the reserve requirement ratio, the interest rate spread and open market operations by the People's Bank of China, are effective in improving the cost efficiency of banks, but shadow banking variables may reduce cost efficiency. Among the various bank types, city commercial banks appear to be the most efficient and foreign banks are the least efficient. The present study suggests that policy‐makers can have a positive influence on bank cost efficiency by adjusting macro policy variables on different types of banks and by requiring more information on the shadow banking activities to improve monitoring.     

江苏省银行业发展与经济增长关系实证分析

依据金融发展与经济增长相关理论,以江苏省为研究对象,选取1995-2012年的年度数据,以实际人均GDP、银行业规模和银行业效率等变量来衡量经济增长与银行金融机构发展的关系。结果表明：江苏省银行业规模与经济增长之间呈正相关关系,而银行业效率与经济增长间呈负相关关系。基于实证分析结果,提出江苏银行业发展的相关建议。     

多维视角下的中国银行业结构改革设计

从金融系统、配置效率、生产效率、中小企业融资和金融稳定等多维角度考察银行结构,理论和实证层面都没有具有说服力的理由表明相对分散型的银行市场结构比集中性的结构更有优势:相反,从金融系统的配置规则、效率优势和金融稳定优势等因素判断,集中的银行市场结构可能更为可取,而且从长远来看有利于中小企业融资。因此,保持相对集中才是中国银行业市场结构的合理取向。     

Cost efficiency,economies of scale,technological progress and productivity in Indonesian banks

This study estimates cost efficiency, economies of scale, technological progress, and productivity growth among Indonesian banks from 1993 to 2000. Average cost efficiency for the banking sector over this period was 70%. However, there is a marked difference in cost efficiency before and after the Asian economic crisis. The banking sector cost efficiency was 80% prior to the crisis and 53% after the crisis. Moreover, results indicate that private-owned banks and joint venture/foreign banks were more efficient than public-owned banks. Furthermore, the relationship between cost efficiency and total assets suggests an optimum bank asset size. Cost reductions attributed to technological progress and economies of scale were greater prior to the Asian economic crisis. Larger decreases in total factor productivity are evident in the post-crisis period.     

中国城市商业银行效率动态变化的Malmquist指数研究

关于银行业的效率研究,主要探讨如何通过较少的成本投入获得最大的收益,促进银行业的健康持续发展。本文基于DEA多种投入多种产出的角度,运用DEAP软件对2006～2010年我国13家城市商业银行的运营效率进行分析,通过Malmquist指数方法对银行效率进行分解研究。总体来说,我国城市商业银行运营效率呈现出下降的趋势。     

中国外资银行服务贸易自由化的经济影响研究——基于可计算一般均衡SIC-GE模型的定量分析

本文利用2005～2009年以来我国逐渐取消外资银行进入壁垒的实际数据,通过设立银行业收益和成本方程发现并估算出消除壁垒带来的两方面行业直接效应,即外资银行服务价格水平下降1.9%和国内银行业经济效率改进1.8%。在此基础上利用国家信息中心可计算一般均衡模型(SIC-GE)就壁垒消除对整个经济体的影响进行了系统评估。测算结果表明,两个直接效应中,改进国内银行业经济效率的经济影响是主要的;从宏观层面上看,短期内能够带来就业和GDP相对基准情景增长,同时居民消费、投资和出口有所增长。进口随着国内需求的扩张略有增长,净出口明显扩大。总体上,研究结果表明,2005年以来我国逐渐取消外资银行贸易壁垒是一项较为有效的政策举措,具有较好的示范作用。     

Efficiency of the Banking Industry Structure in Korea*

This paper analyzes whether the efficiency of the Korean banking industry has improved since the bank restructuring in 1997, and whether a bank with high efficiency has a larger market share. This paper uses an efficient structure hypothesis model to examine the relationship between the banks' efficiencies and their profitability. The data envelopment analysis method is applied to measure the efficiency and profitability of the banking industry in order to minimize possible bias due to the inflow of public funds for the bank consolidation. The two‐step Heckman selection method is used to correct for survivorship bias in the model. The derived result indicates that banks with higher efficiencies tend to record higher profit. Moreover, higher pure technological efficiency and scale efficiency have a positive effect on a bank's market share and concentration.     

后危机时代中国银行业的转型研究

巴塞尔协议Ⅲ的逐步实施对后危机时代的中国银行业提出转型要求。未来中国银行业的竞争不仅仅局限在传统的信贷领域。还要积极拓展中间业务。才能符合转型需要。在国内外对中国银行业竞争绩效研究的基础上。以银行中间业务进行全要素生产率,综合效率和技术效率的实证分析,结果显示,中国银行业在后危机时代正在发生着积极的转型。     

Bank consolidation and competitiveness: Empirical evidence from the Korean banking industry

The Korean government consolidated several banks following the Asian Financial Crisis of 1997–1998 to stabilize the financial market and to improve international competitiveness. This process has brought sound capital reserves, assets and profitability to the banking industry. However, due to the resulting increase in market concentration, this process has also produced concerns about the monopolistic and oligopolistic power of the banks. Recently, the growing concern within the government is the weakening of bank competition due to the sharp increase in market concentration. This study reviews and examines the status of bank consolidation and the competitive structure of the banking industry. The degree of competitiveness in the banking industry is analyzed using the Panzar and Rosse model with a non-structural approach and data from 1992 to 2007 (before the beginning of the 2008–2009 Global Financial Crisis). This time span is divided into a pre- and a post-bank consolidation period. The estimation results indicate that monopolistic competition in the market exists but that the competitiveness of the banks has improved with the increased market concentration. This finding contradicts previous beliefs regarding the increased risk and lower competition derived from a concentrated financial system.     

外资银行进入对东道国银行业效率的影响——东欧国家的经验与中国的实践

东欧国家银行改革的经验表明,外资银行进入能普遍提高东道国银行业的效率。但是,外资银行发挥积极作用亦取决于一定条件:东道国经济发展水平、银行业规模及发育程度、监管水平、银行业的改革路径和引资方式。本文在综述东欧国家银行业改革经验的基础上,提出中国银行业改革的7个命题,并用中国24家银行1999～2006年间的数据构建模型进行检验,最后得出结论:短期内外资银行进入会导致东道国银行业利润水平下降、风险管理水平上升,在中国的背景下可以认定这是外资银行积极作用的发挥;外资银行机构数量的增加和持股比重的上升都能刺激中国银行业效率的改进,但是外资银行持股比重的影响更具普遍性;不同类型银行对外资银行进入的反应存在差异,国有商业银行反应比较迟钝,而股份制和城市商业银行反应比较迅速。     

我国商业银行全要素生产率实证研究:1996-2012——基于无导向型DEA-Malmquist指数模型

文章通过构建无导向型DEA-Malmquist指数模型,对我国商业银行的全要素生产率进行了评估。结果显示:1996-2012年,我国银行业的全要素生产率有所提升,但提升速度较慢;已有的银行业改革虽有效果却不够深入;较高的进入壁垒、过严的业务监管以及单一的股权结构是我国银行业效率低下的主要根源。因此,应继续推进并深化银行业改革,降低银行业的进入门槛,放宽银行业的业务管制,丰富商业银行的股权结构,促进金融资源配置效率的不断提高。     

Competitive Conditions in the Tanzanian Commercial Banking Industry

Abstract: Since 1991, Tanzania has made important improvements in reforming its financial sector, dismantling the state‐dominated banking sector and allowing foreign bank entry. Despite this, the banking industry is still concentrated with low accessibility to financial services. Large foreign banks dominate the financial landscape, preventing competitive dynamism to permeate the sector. This paper analyses the competitive nature of the Tanzanian banking industry from 2004 to 2008. Utilizing a rich bank level data set, we employ the Panzar–Rosse methodology to compute the competitive index, taking into account risk, efficiency, regulatory and macroeconomic factors. The results show that banks in Tanzania earned their income under conditions of oligopolistic conduct. Moreover, the competitive index derived from an interest revenue equation was not significantly different from that obtained using an aggregate revenue measure. This suggests that the degree of contestability from traditional intermediation activities approximates overall bank behaviour. The overall message is that greater market contestability can be achieved by adopting measures aimed at stimulating competitiveness in the banking sector, including consolidating gains on the macroeconomic front and allowing more foreign bank entry so as to increase the spread of banking services.     

EXPLAINING THE MARKET POWER OF GHANAIAN BANKS1

A competitive banking system helps lower transaction costs and risks. It also helps make financial markets more efficient. In Ghana however, observers believe that the banking industry is not competitive and point to the huge spread between bank lending and borrowing rates as evidence. The Ghanaian banking industry is analysed for evidence of market power by computing the Lerner Index of banks using quarterly data from 2001 to 2006. The evidence is that Ghanaian banks possess market power. Factors that significantly explain the market power of Ghanaian banks are: bank size, efficiency of banks with respect to staff costs, the macroeconomic environment and time.     

Branch expansion and banking efficiency in Sri Lanka’s post‐conflict era

This study assesses changes in the technical efficiency of commercial banks in Sri Lanka following the end of armed conflict in 2009. The weighted aggregate-efficiency technique, based on a group-wise heterogeneous subsampling bootstrap approach, is employed to compare efficiency levels during the periods 2007–2009 and 2010–2013. This technique allows for heterogeneity in environmental and regulatory conditions between the two periods while assuming homogeneity within each period. Our results reveal that the banking sector experienced a significant efficiency improvement post-conflict even with unprecedented branch expansion. The findings, therefore, controvert the mainstream view that bank efficiency declined with rapid industry expansion. Further, we conclude that geographical expansion of the banking sector is a viable and effective policy tool to achieve broad-based and inclusive growth for emerging economies like Sri Lanka, particularly in a period of post-conflict recovery.     

中国银行业结构性变迁(1897-1927年)

自清朝末年到南京国民政府成立之前,中国银行业在相对宽松的条件下成长起来。以政府控制下"官护"性质银行的兴办为起点,中国银行业在30年间相继出现官办银行、官商合办、商办官护、私人民营、民营股份制等组织形式,在南京国民政府垄断银行业之前,较为丰富的现代银行体系雏形初步建立。在这一进程中,中国银行业呈现出"单一——分散——集中"的结构性变迁特征,由最初单一化的"官护"银行为主发展为数量庞大、较为分散的行业结构,最终在银行间联合发展作用下实现中国银行部门的集中。同时,中国银行业在资本实力和业务经营等方面实现突破性发展。尽管这一时期仍处于发展的幼稚阶段,但这一关键的起步对之后中国银行业的发展具有积极的推动作用。另外,这一时期中国银行业通过集中、联合发展实现与外国在华银行和旧式钱庄的抗衡,以史为鉴,这对当下中国银行业的发展而言,具有一定的历史借鉴意义。     

高技术服务业FDI对东道国制造业效率影响的研究——基于中介效应分析

在全球化背景下,随着世界各国产业结构的调整和产业转移的加快,服务业日益成为国际投资的主流,研究高技术服务业FDI对制造业效率的影响显得非常必要。本文运用中国制造业28个细分行业2003～2010年的面板数据,引入交易成本、生产制造成本和创新能力作为中介变量,研究高技术服务业FDI对制造业效率提升的机理。研究结果表明,高技术服务业FDI对中国制造业效率均有正的直接效应,但中介效应不同:信息传输、计算机服务和软件业通过降低交易成本提高制造业效率;科学研究、技术服务和地质勘查业FDI通过提高创新能力提高制造业效率,然而生产制造成本并没有通过中介效应的检验。最后,本文提出了扩大服务市场开放,提高人力资本等建议。     

外资银行进入对我国银行业竞争格局的影响

本文以波特的"五力"模型为分析工具,力图分析外资银行进入对我国银行业竞争格局的影响,认为国内银行业在中国加入WTO之后面临着外资银行进入的竞争挑战。因此,国内银行业要实施创新,提高创新能力,从而提高竞争力。