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Rekabet ve Etkinlik: Avrupa Birliği Bankacılık Endüstrisi Üzerine Bir Uygulama

Year 2017, Volume: 7 Issue: 2, 171 - 200, 30.12.2017

Abstract

Bu çalışmanın temel amacı
“rekabet–etkinlik” hipotezini test etmektir. Avrupa Birliği (AB) bankacılık
sisteminde krizlere karşı direncin arttırılmasına yönelik kararların, rekabet
ve maliyet etkinliğini artırdığı bilinmektedir. Rekabet-Etkinlik hipotezine
göre finansal piyasalarda ortaya çıkan rekabet etkinlik artışına, dolayısıyla
maliyetlerin de düşmesine neden olmaktadır. Analize konu olan örneklem 26 AB
ülkesidir, 2006-2014 dönemini kapsamaktadır. Çalışmada Panel Stokastik Sınır
Analizinden yararlanılarak maliyet etkinlik skorları hesaplandığında; özellikle
2010 yılı sonrası borç krizinin ardından maliyet etkinliğinin düştüğü görülmektedir.
Ayrıca Lerner indeksi yöntemiyle rekabet gücü ölçüldüğünde; AB bankacılık
sisteminde rekabet gücünün arttığı anlaşılmaktadır. Çalışmanın amacı bağlamıyla
rekabet ve etkinlik arasındaki Granger nedensellik incelendiğinde; rekabetten
etkinliğe pozitif bir nedensellik mevcut iken; etkinlikten rekabete bir
nedensellik olmadığı görülmektedir. Bu sonuçlara göre Avrupa Birliği bankacılık
sistemi açısından ‘Quiet Life’ (rahat yaşam) hipotezi doğrulanmamaktadır.


References

  • Allen, L. ve Rai, A. (1996). Operational Efficiency in Banking: An International Comparison. Journal of Banking and Finance, 20, 655-672. Andries, A. M. ve Căpraru, B. (2012a). Competition and efficiency in EU27 banking systems. Baltic Journal of Economics, 12(1), 41–60.
  • Andries, A. M. ve Căpraru, B. (2014). The nexus between competition and efficiency: The European banking industries experience. International Business Review, 23, 566–579.
  • Altunbas, Y., Carbo, S., Gardener, E.P.M. ve Molyneux, P. (2007). Examining the Relationships between Capital, Risk, and Efficiency in European Banking. European Financial Management, 13(1), 49-70.
  • Amel D., Barnes, C., Panetta, F. ve Salleo, C. (2004). Consolidation and Efficiency in the Financial Sector: a Review of the International Evidence. Journal of Banking and Finance, 28, 2493-2519.
  • Bain, J. S. (1956). Barriers to new competition. Cambridge: Harvard University Press.
  • Battese, G. E. ve Coelli, T. J. (1992), Frontier Production Function, Technical Efficiency and Panel Data: With Application to Paddy Farmers in India. Journal of Productivity Analysis, 3, 153-169.
  • Battese, G. E. ve Coelli, T. J. (1995). A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data. Empirical Economics, 20, 325–332.
  • Beck, T., De Jonghe, O. ve Schepens, G. (2013). Bank competition and stability: cross-country heterogeneity. J. Financ. Intermediat, 22 (2), 218–244.
  • Berger, A.N. ve Humphrey, D.B. (1997). Efficiency of Financial Institutions: International Survey and Directions for Future Research. European Journal of Operational Research, 98, 175-212.
  • Berger, A. ve Mester, L. J. (1997). Inside the black box: What explains differences in the efficiencies of financial institutions? Journal of Banking and Finance, 21, 895–947.
  • Berger, A.N., Klapper, L.F. ve Turk Ariss, R. (2009). Bank competition and financial stability. J. Financ. Serv. Res, 35 (2), 99–118.
  • Boot, A.W. ve Schmeijts, A. (2006). The competitive challenge in banking. In L. Renneboog (Ed.), Advances in corporate finance and asset pricing (pp. 133–160). Amsterdam: Elsevier.
  • Carbo, S., Humphrey, D., Maudos, J. Ve Molyneux, P. (2009). Cross-country comparisons of competition and pricing power in European banking. Journal of International Money and Finance, 28, 115–134.
  • Casu, B., Girardone, C. ve Molyneux, P. (2004). Productivity change in European banking: A comparison ofparametric and non-parametric approaches. Journal of Banking and Finance, 28, 2521–2540.
  • Casu, B. ve Girardone, C. (2006). Bank Competition, Concentration and Efficiency in the Single European Market. The Manchester School, 74 (4), 441- 468.
  • Chen, X. (2007). Banking deregulation and credit risk: Evidence from the EU. Journal of Financial Stability, 2, 356–390.
  • Claessens, S. ve Laeven, L. (2004). What drives bank competition? Some international evidence? Journal of Money, Credit, and Banking, 36, 562–583.
  • Claessens, S. ve Van Horen, N. (2012). Foreign banks: Trends, impact and financial stability. IMF working paper WP/12/10.
  • Claessens, S. (2009). Competition in the financial sector: Overview of competition policies. World Bank Research Observer, 24(1), 83–118.
  • Clerides, S., Delis, M. ve Kokas, S. (2013). A new data set on bank competition in national banking markets. Cyprus: University of Cyprus, Working Papers in Economics
  • Demsetz, H. (1973). Industry structure, market rivalry and public policy. Journal of Law and Economics, 16, 1–9.
  • Dietsch, M. ve Lozano-Vivas, A. (2000). How the environment determines banking efficiency: A comparison between French and Spanish industries. Journal of Banking and Finance, 24, 985–1004.
  • Evanoff, D. ve Ors, E. (2002). Local market consolidation and bank productive efficiency. Federal Reserve Bank of Chicago Working Paper, 02-25.
  • Fernandez de Guevara, J., Maudos, J. ve Perez, F. (2005). Market power in European banking sectors. Journal of Financial Services Research, 27 (2), 109–137.
  • Hasan, I. ve Morton, K. (2003), Development and efficiency of the banking sector in a transitional economy: Hungarian experience. Journal of Banking and Finance, 27, 2249-2271.
  • Kasman, A. ve Yildirim, C. (2006). Cost and profit efficiencies in transition banking: The case of new EU members. Applied Economics, 38, 1079–1090.
  • Koetter, M., Kolari, J. W. ve Spierdijk, L. (2008). Efficient Competition? Testing the 'Quiet Life' of U.S. Banks with Adjusted Lerner Indices. Paper presented at the 44th Bank market structure conference, Federal Reserve Bank of Chicago.
  • Lensink, R., Meesters, A. ve Naaborg, I. (2008). Bank efficiency and foreign ownership: Do good institutions matter? Journal of Banking and Finance, 32, 834–844. Lerner, A. P. (1934). The concept of monopoly and the measurement of monopoly power. The Review of Economic Studies, 1(3), 157–175.
  • Lozano-Vivas, A. ve Pasiouras, F. (2010). The impact of non-traditional activities on the estimation of bank efficiency: International evidence. Journal of Banking and Finance, 34, 1436–1449.
  • Mamatzakis, E., Staikouras, C. ve Koutsomanoli-Filippaki. A. (2008). Bank efficiency in the new European Union member states: Is There Convergence? International Review of Financial Analysis, 17, 1156-1172.
  • Maudos, J., Pastor, J. M., Perez, F. ve Quesada, J. (2002). Cost and profit efficiency in European banks. Journal of International Financial Markets, Institutions and Money, 12, 33–58.
  • Maudos, J., Fernandez de Guevara, J. (2007). The Cost of Market Power in Banking: Social Welfare Loss vs. Cost Inefficiency. Journal of Banking and Finance, 31, 2103 -2125.
  • Matousek, R. and Taci, A. (2004). Efficiency in Banking: Empirical Evidence from the Czech Republic, Economics of Planning, 37, 225-244. Panzar, J. C. ve Rosse, J.N. (1987). Testing for monopoly equilibrium. Journal of Industrial Economics, 35, 443–456.
  • Pasiouras, F., Tanna, S. ve Zopounidis, C. (2009). The impact of banking regulations, on banks’ cost and profit efficiency: Cross-country evidence. International Review of Financial Analysis, 18, 294–302.
  • Pruteanu-Podpiera, A., Weill, L. ve Schobert, F. (2008). Banking Competition and Efficiency: a Micro-Data Analysis on the Czech Banking Industry. Comparative Economic Studies, 50, 253-273.
  • Schaeck, K. ve Čihák, M. (2008). How Does Competition Affect Efficiency and Soundness in Banking? New Empirical Evidence. ECB Working Papers Series, No. 932, September.
  • Sun, L. ve Change, T.P. (2011). A Comprehensive Analysis of the Effects of Risk Measures on Bank Efficiency, Journal of Banking and Finance, 35, 1727-1735.
  • Weill, L. (2004). On the Relationship between Competition and Efficiency in the EU Banking Sector. Credit and Capital, 37, 3, 329-352.
  • Weill, L. (2009). Convergence in Banking Efficiency across European Countries, Working paper, LARGE, Universite Robert Schuman, Institut d’Etudes Politiques.
  • Weill, L. (2013). Bank competition in the eu: How has it evolved? Journal of International Financial Markets, Institutions and Money, 26:100–112.
  • Yildirim, H. ve Philippatos, G.C. (2007). Efficiency of Banks: Recent Evidence from the Transition Economies of Europe, 1993-2000, The European Journal of Finance, 13 (2), 123-143.
  • Zarutskie, R. (2013). Competition, financial innovation and commercial bank loan portfolios. Journal of Financial Intermediation http://dx.doi.org/10.1016/ j.jfi.2013.02.001

Competition and Efficiency: An Empirical Analysis on the Banking Industry of the European Union

Year 2017, Volume: 7 Issue: 2, 171 - 200, 30.12.2017

Abstract



The principal aim of this
study is to test the hypothesis of “competition-efficiency”. It is known that
the decisions on increasing strength against the crises in the banking system
of the European Union (EU) increase competition and cost efficiency. According
to the hypothesis of “competition-efficiency”, competition in financial markets
causes increasing of efficiency and decreasing of costs. The sample in this
study is 26 countries of the EU and in the period of 2006-2014. Cost efficiency
scores are measured by using the Panel Stochastic Frontier Analysis, and it is
seen that cost efficiency decreases within the debt crisis after 2010. Besides
competitive advantage is measured with the method of Lerner index, and it is
witnessed that the competitive advantage increases in the banking system of the
EU. With regard to the aim of the study, Granger causality between competition
and efficiency is examined, and there is a positive causality from competition
to efficiency, but also there is not causality from efficiency to competition.
According to these findings, the hypothesis of Quiet Life is not accepted for
the banking system of the EU.                      




References

  • Allen, L. ve Rai, A. (1996). Operational Efficiency in Banking: An International Comparison. Journal of Banking and Finance, 20, 655-672. Andries, A. M. ve Căpraru, B. (2012a). Competition and efficiency in EU27 banking systems. Baltic Journal of Economics, 12(1), 41–60.
  • Andries, A. M. ve Căpraru, B. (2014). The nexus between competition and efficiency: The European banking industries experience. International Business Review, 23, 566–579.
  • Altunbas, Y., Carbo, S., Gardener, E.P.M. ve Molyneux, P. (2007). Examining the Relationships between Capital, Risk, and Efficiency in European Banking. European Financial Management, 13(1), 49-70.
  • Amel D., Barnes, C., Panetta, F. ve Salleo, C. (2004). Consolidation and Efficiency in the Financial Sector: a Review of the International Evidence. Journal of Banking and Finance, 28, 2493-2519.
  • Bain, J. S. (1956). Barriers to new competition. Cambridge: Harvard University Press.
  • Battese, G. E. ve Coelli, T. J. (1992), Frontier Production Function, Technical Efficiency and Panel Data: With Application to Paddy Farmers in India. Journal of Productivity Analysis, 3, 153-169.
  • Battese, G. E. ve Coelli, T. J. (1995). A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data. Empirical Economics, 20, 325–332.
  • Beck, T., De Jonghe, O. ve Schepens, G. (2013). Bank competition and stability: cross-country heterogeneity. J. Financ. Intermediat, 22 (2), 218–244.
  • Berger, A.N. ve Humphrey, D.B. (1997). Efficiency of Financial Institutions: International Survey and Directions for Future Research. European Journal of Operational Research, 98, 175-212.
  • Berger, A. ve Mester, L. J. (1997). Inside the black box: What explains differences in the efficiencies of financial institutions? Journal of Banking and Finance, 21, 895–947.
  • Berger, A.N., Klapper, L.F. ve Turk Ariss, R. (2009). Bank competition and financial stability. J. Financ. Serv. Res, 35 (2), 99–118.
  • Boot, A.W. ve Schmeijts, A. (2006). The competitive challenge in banking. In L. Renneboog (Ed.), Advances in corporate finance and asset pricing (pp. 133–160). Amsterdam: Elsevier.
  • Carbo, S., Humphrey, D., Maudos, J. Ve Molyneux, P. (2009). Cross-country comparisons of competition and pricing power in European banking. Journal of International Money and Finance, 28, 115–134.
  • Casu, B., Girardone, C. ve Molyneux, P. (2004). Productivity change in European banking: A comparison ofparametric and non-parametric approaches. Journal of Banking and Finance, 28, 2521–2540.
  • Casu, B. ve Girardone, C. (2006). Bank Competition, Concentration and Efficiency in the Single European Market. The Manchester School, 74 (4), 441- 468.
  • Chen, X. (2007). Banking deregulation and credit risk: Evidence from the EU. Journal of Financial Stability, 2, 356–390.
  • Claessens, S. ve Laeven, L. (2004). What drives bank competition? Some international evidence? Journal of Money, Credit, and Banking, 36, 562–583.
  • Claessens, S. ve Van Horen, N. (2012). Foreign banks: Trends, impact and financial stability. IMF working paper WP/12/10.
  • Claessens, S. (2009). Competition in the financial sector: Overview of competition policies. World Bank Research Observer, 24(1), 83–118.
  • Clerides, S., Delis, M. ve Kokas, S. (2013). A new data set on bank competition in national banking markets. Cyprus: University of Cyprus, Working Papers in Economics
  • Demsetz, H. (1973). Industry structure, market rivalry and public policy. Journal of Law and Economics, 16, 1–9.
  • Dietsch, M. ve Lozano-Vivas, A. (2000). How the environment determines banking efficiency: A comparison between French and Spanish industries. Journal of Banking and Finance, 24, 985–1004.
  • Evanoff, D. ve Ors, E. (2002). Local market consolidation and bank productive efficiency. Federal Reserve Bank of Chicago Working Paper, 02-25.
  • Fernandez de Guevara, J., Maudos, J. ve Perez, F. (2005). Market power in European banking sectors. Journal of Financial Services Research, 27 (2), 109–137.
  • Hasan, I. ve Morton, K. (2003), Development and efficiency of the banking sector in a transitional economy: Hungarian experience. Journal of Banking and Finance, 27, 2249-2271.
  • Kasman, A. ve Yildirim, C. (2006). Cost and profit efficiencies in transition banking: The case of new EU members. Applied Economics, 38, 1079–1090.
  • Koetter, M., Kolari, J. W. ve Spierdijk, L. (2008). Efficient Competition? Testing the 'Quiet Life' of U.S. Banks with Adjusted Lerner Indices. Paper presented at the 44th Bank market structure conference, Federal Reserve Bank of Chicago.
  • Lensink, R., Meesters, A. ve Naaborg, I. (2008). Bank efficiency and foreign ownership: Do good institutions matter? Journal of Banking and Finance, 32, 834–844. Lerner, A. P. (1934). The concept of monopoly and the measurement of monopoly power. The Review of Economic Studies, 1(3), 157–175.
  • Lozano-Vivas, A. ve Pasiouras, F. (2010). The impact of non-traditional activities on the estimation of bank efficiency: International evidence. Journal of Banking and Finance, 34, 1436–1449.
  • Mamatzakis, E., Staikouras, C. ve Koutsomanoli-Filippaki. A. (2008). Bank efficiency in the new European Union member states: Is There Convergence? International Review of Financial Analysis, 17, 1156-1172.
  • Maudos, J., Pastor, J. M., Perez, F. ve Quesada, J. (2002). Cost and profit efficiency in European banks. Journal of International Financial Markets, Institutions and Money, 12, 33–58.
  • Maudos, J., Fernandez de Guevara, J. (2007). The Cost of Market Power in Banking: Social Welfare Loss vs. Cost Inefficiency. Journal of Banking and Finance, 31, 2103 -2125.
  • Matousek, R. and Taci, A. (2004). Efficiency in Banking: Empirical Evidence from the Czech Republic, Economics of Planning, 37, 225-244. Panzar, J. C. ve Rosse, J.N. (1987). Testing for monopoly equilibrium. Journal of Industrial Economics, 35, 443–456.
  • Pasiouras, F., Tanna, S. ve Zopounidis, C. (2009). The impact of banking regulations, on banks’ cost and profit efficiency: Cross-country evidence. International Review of Financial Analysis, 18, 294–302.
  • Pruteanu-Podpiera, A., Weill, L. ve Schobert, F. (2008). Banking Competition and Efficiency: a Micro-Data Analysis on the Czech Banking Industry. Comparative Economic Studies, 50, 253-273.
  • Schaeck, K. ve Čihák, M. (2008). How Does Competition Affect Efficiency and Soundness in Banking? New Empirical Evidence. ECB Working Papers Series, No. 932, September.
  • Sun, L. ve Change, T.P. (2011). A Comprehensive Analysis of the Effects of Risk Measures on Bank Efficiency, Journal of Banking and Finance, 35, 1727-1735.
  • Weill, L. (2004). On the Relationship between Competition and Efficiency in the EU Banking Sector. Credit and Capital, 37, 3, 329-352.
  • Weill, L. (2009). Convergence in Banking Efficiency across European Countries, Working paper, LARGE, Universite Robert Schuman, Institut d’Etudes Politiques.
  • Weill, L. (2013). Bank competition in the eu: How has it evolved? Journal of International Financial Markets, Institutions and Money, 26:100–112.
  • Yildirim, H. ve Philippatos, G.C. (2007). Efficiency of Banks: Recent Evidence from the Transition Economies of Europe, 1993-2000, The European Journal of Finance, 13 (2), 123-143.
  • Zarutskie, R. (2013). Competition, financial innovation and commercial bank loan portfolios. Journal of Financial Intermediation http://dx.doi.org/10.1016/ j.jfi.2013.02.001
There are 42 citations in total.

Details

Subjects Economics
Journal Section Karatekin İİBF
Authors

Ramazan Ekinci

Recep Kök

Publication Date December 30, 2017
Published in Issue Year 2017 Volume: 7 Issue: 2

Cite

APA Ekinci, R., & Kök, R. (2017). Rekabet ve Etkinlik: Avrupa Birliği Bankacılık Endüstrisi Üzerine Bir Uygulama. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 7(2), 171-200. https://doi.org/10.18074/ckuiibfd.338148
AMA Ekinci R, Kök R. Rekabet ve Etkinlik: Avrupa Birliği Bankacılık Endüstrisi Üzerine Bir Uygulama. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. December 2017;7(2):171-200. doi:10.18074/ckuiibfd.338148
Chicago Ekinci, Ramazan, and Recep Kök. “Rekabet Ve Etkinlik: Avrupa Birliği Bankacılık Endüstrisi Üzerine Bir Uygulama”. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 7, no. 2 (December 2017): 171-200. https://doi.org/10.18074/ckuiibfd.338148.
EndNote Ekinci R, Kök R (December 1, 2017) Rekabet ve Etkinlik: Avrupa Birliği Bankacılık Endüstrisi Üzerine Bir Uygulama. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 7 2 171–200.
IEEE R. Ekinci and R. Kök, “Rekabet ve Etkinlik: Avrupa Birliği Bankacılık Endüstrisi Üzerine Bir Uygulama”, Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 7, no. 2, pp. 171–200, 2017, doi: 10.18074/ckuiibfd.338148.
ISNAD Ekinci, Ramazan - Kök, Recep. “Rekabet Ve Etkinlik: Avrupa Birliği Bankacılık Endüstrisi Üzerine Bir Uygulama”. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 7/2 (December 2017), 171-200. https://doi.org/10.18074/ckuiibfd.338148.
JAMA Ekinci R, Kök R. Rekabet ve Etkinlik: Avrupa Birliği Bankacılık Endüstrisi Üzerine Bir Uygulama. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2017;7:171–200.
MLA Ekinci, Ramazan and Recep Kök. “Rekabet Ve Etkinlik: Avrupa Birliği Bankacılık Endüstrisi Üzerine Bir Uygulama”. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 7, no. 2, 2017, pp. 171-00, doi:10.18074/ckuiibfd.338148.
Vancouver Ekinci R, Kök R. Rekabet ve Etkinlik: Avrupa Birliği Bankacılık Endüstrisi Üzerine Bir Uygulama. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2017;7(2):171-200.