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Finansal Serbestleşmenin Etkinlik Üzerindeki Etkisi: İki-Aşamalı Çift-Bootstrap Veri Zarflama Analizi Bulguları

Year 2021, , 319 - 336, 25.01.2021
https://doi.org/10.17233/sosyoekonomi.2021.01.16

Abstract

Bu çalışmanın amacı finansal serbestleşmenin bankaların etkinliği üzerindeki etkisini analiz etmektir. Çalışmada finansal serbestleşme dışında yer alan ekonomik özgürlük göstergeleri ve yönetimsel ve kurumsal düzenlemelerin bankaların etkinliği üzerindeki etkisi de ortaya konulmaktadır. Analiz kısmı iki aşamadan oluşmaktadır. Birinci aşamada 2005 -2017 yılları arasında Türk bankacılık sektöründe faaliyet gösteren 26 mevduat bankasının etkinlik skorları veri zarflama analizi ile hesaplanmaktadır. İkinci aşamada yönetimsel göstergeler ve bankaya özgü kontrol değişkenleri veri iken, finansal serbestleşme endeksinin bankanın etkinlik skorları üzerindeki etkisi Simar ve Wilson’un (2007) dirençli bootstrap yöntemi ile tahmin edilmektedir. Ayrıca tahmin edilen katsayılar parçalı logit tahmincisi ile duyarlılık analizi çerçevesinde dirençlilik analizine tabi tutulmaktadır. Elde edilen sonuçlar, ekonomik özgürlük göstergelerinden finansal serbestleşme endeksi ile bankanın etkinlik skorları arasında pozitif bir ilişkinin olduğunu göstermektedir. Bu sonuca göre, finansal serbestleşmeye yönelik politikalar, bir yandan bankaların gelirlerini maksimize etmelerine imkân verirken; diğer yandan etkinlik kanalıyla finansal kaynakların optimal dağılımının yapılmasına katkı sağlayabilir. Ayrıca Türk Bankacılık sektöründe kurumsal düzenlemeler yoluyla etkinliğin artırılabileceği ve bu yolla maliyetlerin azaltılabileceği yönünde bir genel bulguya ulaşılmıştır.

References

  • Acemoglu, D. & S. Johnson & J. Robinson (2001), “The Colonial Origins of Comparative Development: An Empirical Investigation”, The American Economic Review, 91(5), 1369-1401.
  • Acemoglu, D. & S. Johnson & J. Robinson (2002), “Reversals of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution”, The Quarterly Journal of Economics, 117(4), 1231-1293.
  • Andrieş, A.M. & B. Căpraru (2011), “Bank Performance in Central and Eastern Europe: The Role of Financial Liberalization”, European Financial Management Association, 2011 Annual Meetings, June 22-25, Braga, Portugal.
  • Angkinand, A.P. & W. Sawangngoenyuang & C. Wihlborg (2010), “Financial Liberalization and Banking Crises: A Cross-Country Analysis”, International Review of Finance, 10, 263-292.
  • Asaftei, G. & S. Kumbhakar (2008), “Regulation and Ef¬ficiency in Transition: The case of Romanian Banks”, Journal of Regulatory Economics, 33(3), 253-282.
  • Barth, J.R. & D.R. Brunmgaugh & J.A. Wilcox (2000), “The Repeal of Glass-Steagall and the Advent of Broad Banking”, Journal of Economic Perspective, 14(2), 191-204.
  • Barth, J.R. & G. Caprio & R. Levine (2004), “Bank Regu¬lation and Supervision: What Works Best?”, Journal of Financial Intermediation, 13(2), 205-248.
  • Barth, J.R. & G. Caprio & R. Levine (2006), “Rethinking Bank Regulation: Till Angels Govern”, Cambridge University Press, Cambridge.
  • Barth, J.R. & L. Chen & M. Yue & J. Seade & F.M. Song (2013), “Do Bank Regulation, Supervision and Monitoring Enhance or Impede Bank Efficiency?”, Journal of Banking & Finance, 37(8), 2879-2892.
  • Beck, T. & A. Demirgüç-Kunt & R. Levine & V. Maksi¬movic (2001), “Financial Structure and Eco-nomic Development: Firm, Industry and Country Evidence”, içinde: A. Demirgüç-Kunt, & R. Levine (ed.), Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets and Development. Cambridge, MA: The MIT Press, 202-242.
  • Beltratti, A. & R.M. Stulz (2009), “Why did Some Banks Perform Better during the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation”, Working Paper, No. 15180, National Bureau of Economic Research.
  • Besley, T. & R. Burgess (2004), “Can Labor Regulation Hinder Economic Performance? Evidence from India”, Quarterly Journal of Economics, 119(1), 91-134.
  • Chan, S.G. & M.Z.A. Karim (2010), “Bank Efficiency and Macro Economic Factors: The Case of Developing Countries”, Global Economic Review, 39(3), 269-289.
  • Charnes, A. & W.W. Cooper & E. Rhodes (1978), “Measuring the Efficiency of Decision Making Units”, European Journal of Operational Research, 2, 429-444.
  • Chortareas, G. & C. Girardone & A. Ventouri (2011), “Financial Frictions, Bank Efficiency and Risk: Evidence from the Eurozone”, Journal of Business, Finance and Accounting, 38, 259-287.
  • Claessens, S. & D. Klingebiel (2001), “Competition and Scope of Activities in Financial Services”, World Bank Research Observer, 16(1), 19-40.
  • Claessens, S. & L. Laeven (2004), “What Drives Bank Competition? Some International Evidence”, Jour¬nal of Money, Credit, and Banking, 36(3), 563-583.
  • Delis, M.D. & P. Molyneux & F. Pasiouras (2009), “Regulations and Productivity Growth in Banking”, MPRA Working Paper, No. 13891, University Library of Munich, Germany.
  • Demirgüç-Kunt, A. & L. Laeven & R. Levine (2004), “Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation”, Journal of Money, Credit, and Banking, 36(3), 593-622.
  • Evanoff, D.D. (1998), “Assessing the Impact of Regula¬tion on Bank Cost Efficiency”, Economic Perspective, 22(2), 21-32.
  • Fries, S. & A. Taci (2005), “Cost Efficiency of Banks in Transition: Evidence from 289 Banks in 15 Post-Communist Countries”, Journal of Banking & Finance, 29, 55-81.
  • Giannone, D. & M. Lenza & L. Reichlin (2011), “Market Freedom and the Global Recession”, International Monetary Fund Economic Review, 59(1), 111-135.
  • Goddard, J.A. & H. Liu & P. Molyneux & J.O.S. Wilson (2011), “The Persistence of Bank Profit”, Journal of Banking & Finance, 35, 2881-2890.
  • González, F. (2005), “Bank Regulation and Risk-Taking In¬centives: An International Comparison of Bank Risk”, Journal of Banking and Finance, 29(5), 1153-1184.
  • González, F. (2009), “Determinants of Bank-Market Structure: Efficiency and Political Economy Vari-ables”, Journal of Money, Credit, and Banking, 41(06), 735-754.
  • Heckelman, J. C. & M. D. Stroup (2000), “Which Economic Freedom Contributes to Growth?”, Kyklos, 53, 527-544. Heritage Foundation (2010), Index of Economic Freedom. The Heritage Foundation, <https://www.heritage.org/index>, 25.12.2019.
  • Houston, J.F. & C. Lin & P. Lin & Y. Ma (2010), “Creditor Rights, Information Sharing, and Bank Risk Taking”, Journal of Financial Economics, 96(3), 485-512.
  • Johnson, S. & D. Kaufmann & A. Shleifer (1997), “The Unofficial Economy in Transition”, Brookings Paper on Economic Activity, 2, 159-239.
  • Kalish, L. & R.A. Gilbert (1973), “An Analysis of Efficiency of Scale and Organisational Form in Commercial Banking”, Journal of Economics, 21, 293-307.
  • La Porta, R. & F.L. De Silanes & A. Shleifer & R. Vishny (1999), “The Quality of Government”, Journal of Law, Economics and Organization, 15(1), 222-279.
  • La Porta, R. & F.L. De Silanes & A. Shleifer & R.W. Vishny (1998), “Law and Finance”, Journal of Political Economy, 106(6), 1113-1155.
  • Lensink, R & A. Meesters & I. Naaborg (2008), “Bank Efficiency and Foreign Ownership: Do Good Institu¬tions Matter?” Journal of Banking and Finance, 32(5), 834-844.
  • Lin, C. & Y. Ma & F.M. Song (2010), “Bank Competition, Credit Information Sharing and Banking Efficiency”, Paper Presented at the Sixth Asia Pacific Economic Association Conference, Hong Kong.
  • Mayer, C. & O. Sussman (2001), “The Assessment: Finance, Law, and Growth”, Oxford Review of Economic Policy, 17(4), 457-466.
  • McDonald, J. (2009), “Using Least Squares and Tobit in Second Stage DEA Efficiency Analyses”, European Journal of Operational Research, 197, 792-798.
  • Mester, L.J. (1996), “A Study of Bank Efficiency Taking into Account Risk-Preferences”, Journal of Banking & Finance, 20, 1025-1045.
  • Miller, T. & K.R. Holmes & A.B. Kim & D. Markheim & J.M. Roberts & C. Walsh (2010), Index of Eco¬nomic Freedom, Washington, D.C.: The Heritage Foundation and Dow Jones & Company, Inc.
  • Mishkin, F.S. (2000), “Prudential Supervision: Why is it Important and What are the Issues”, Working Paper, National Bureau of Economic Research.
  • Nabi, M.S. & M.O. Suliman (2008), “The Institutional Environment and the Banking-Growth Nexus: Theo¬ry and Investigation for MENA”, MPRA Working Paper, University Library of Munich, Germany.
  • Papke, L.E. & J.M. Wooldridge (1996), “Econometric Methods for Fractional Response Variables with an Application to 401(k) Plan Participation Rates”, Journal of Applied Econometrics, 11(6), 619-632.
  • Pasiouras, F. (2008), “International Evidence on the Impact of Regulations and Supervision on Banks’ Technical Efficiency: An Application of Two-stage Data Envelopment Analysis”, Review of Quantitative Finance and Accounting, 30(2), 187-223.
  • Sealey, C. & J.T. Lindley (1977), “Inputs, Outputs and a Theory of Production and Cost at Depository Financial Institution”, Journal of Finance, 32, 1251-1266.
  • Simar, L. & P.W. Wilson (2007), “Estimation and Inference in Two Stage, Semi-Parametric Models of Productive Efficiency”, Journal of Econometrics, 136, 31-64.
  • Stigler, G.J. (1971), “The Theory of Economic Regulation”, Bell Journal of Economic Management Science, 2(1), 3-21.

The Impact of Financial Freedom on Bank Efficiency: Evidence from A TwoStage Double-Bootstrap Data Envelopment Analysis

Year 2021, , 319 - 336, 25.01.2021
https://doi.org/10.17233/sosyoekonomi.2021.01.16

Abstract

The objective of this study is to investigate the impact of financial liberalization on the efficiency of banks. In the study, the effects of administrative and institutional regulations on efficiency are also presented. The analysis consists of two stages. In the first stage, the efficiency scores of 26 deposit banks operating in the Turkish banking industry between 2005 and 2017 are estimated by Data Envelopment Analysis. In the second stage, the impact of the financial liberalization on a bank’s efficiency is estimated by the bootstrap method of Simar and Wilson (2007). In addition, the estimated coefficients are subjected to robustness analysis within the framework of the fractional logit estimator. The results confirm that there is a positive correlation between the financial liberalization index, which is one of the indicators of economic freedom, and the efficiency of the banks. Accordingly, financial liberalization policies can contribute to the optimal allocation of financial resources through efficiency channel, while making it possible for banks to maximize their profit. In addition, a general finding has been obtained that the efficiency in the Turkish Banking sector can be increased through institutional regulations and the associated costs could be reduced.

References

  • Acemoglu, D. & S. Johnson & J. Robinson (2001), “The Colonial Origins of Comparative Development: An Empirical Investigation”, The American Economic Review, 91(5), 1369-1401.
  • Acemoglu, D. & S. Johnson & J. Robinson (2002), “Reversals of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution”, The Quarterly Journal of Economics, 117(4), 1231-1293.
  • Andrieş, A.M. & B. Căpraru (2011), “Bank Performance in Central and Eastern Europe: The Role of Financial Liberalization”, European Financial Management Association, 2011 Annual Meetings, June 22-25, Braga, Portugal.
  • Angkinand, A.P. & W. Sawangngoenyuang & C. Wihlborg (2010), “Financial Liberalization and Banking Crises: A Cross-Country Analysis”, International Review of Finance, 10, 263-292.
  • Asaftei, G. & S. Kumbhakar (2008), “Regulation and Ef¬ficiency in Transition: The case of Romanian Banks”, Journal of Regulatory Economics, 33(3), 253-282.
  • Barth, J.R. & D.R. Brunmgaugh & J.A. Wilcox (2000), “The Repeal of Glass-Steagall and the Advent of Broad Banking”, Journal of Economic Perspective, 14(2), 191-204.
  • Barth, J.R. & G. Caprio & R. Levine (2004), “Bank Regu¬lation and Supervision: What Works Best?”, Journal of Financial Intermediation, 13(2), 205-248.
  • Barth, J.R. & G. Caprio & R. Levine (2006), “Rethinking Bank Regulation: Till Angels Govern”, Cambridge University Press, Cambridge.
  • Barth, J.R. & L. Chen & M. Yue & J. Seade & F.M. Song (2013), “Do Bank Regulation, Supervision and Monitoring Enhance or Impede Bank Efficiency?”, Journal of Banking & Finance, 37(8), 2879-2892.
  • Beck, T. & A. Demirgüç-Kunt & R. Levine & V. Maksi¬movic (2001), “Financial Structure and Eco-nomic Development: Firm, Industry and Country Evidence”, içinde: A. Demirgüç-Kunt, & R. Levine (ed.), Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets and Development. Cambridge, MA: The MIT Press, 202-242.
  • Beltratti, A. & R.M. Stulz (2009), “Why did Some Banks Perform Better during the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation”, Working Paper, No. 15180, National Bureau of Economic Research.
  • Besley, T. & R. Burgess (2004), “Can Labor Regulation Hinder Economic Performance? Evidence from India”, Quarterly Journal of Economics, 119(1), 91-134.
  • Chan, S.G. & M.Z.A. Karim (2010), “Bank Efficiency and Macro Economic Factors: The Case of Developing Countries”, Global Economic Review, 39(3), 269-289.
  • Charnes, A. & W.W. Cooper & E. Rhodes (1978), “Measuring the Efficiency of Decision Making Units”, European Journal of Operational Research, 2, 429-444.
  • Chortareas, G. & C. Girardone & A. Ventouri (2011), “Financial Frictions, Bank Efficiency and Risk: Evidence from the Eurozone”, Journal of Business, Finance and Accounting, 38, 259-287.
  • Claessens, S. & D. Klingebiel (2001), “Competition and Scope of Activities in Financial Services”, World Bank Research Observer, 16(1), 19-40.
  • Claessens, S. & L. Laeven (2004), “What Drives Bank Competition? Some International Evidence”, Jour¬nal of Money, Credit, and Banking, 36(3), 563-583.
  • Delis, M.D. & P. Molyneux & F. Pasiouras (2009), “Regulations and Productivity Growth in Banking”, MPRA Working Paper, No. 13891, University Library of Munich, Germany.
  • Demirgüç-Kunt, A. & L. Laeven & R. Levine (2004), “Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation”, Journal of Money, Credit, and Banking, 36(3), 593-622.
  • Evanoff, D.D. (1998), “Assessing the Impact of Regula¬tion on Bank Cost Efficiency”, Economic Perspective, 22(2), 21-32.
  • Fries, S. & A. Taci (2005), “Cost Efficiency of Banks in Transition: Evidence from 289 Banks in 15 Post-Communist Countries”, Journal of Banking & Finance, 29, 55-81.
  • Giannone, D. & M. Lenza & L. Reichlin (2011), “Market Freedom and the Global Recession”, International Monetary Fund Economic Review, 59(1), 111-135.
  • Goddard, J.A. & H. Liu & P. Molyneux & J.O.S. Wilson (2011), “The Persistence of Bank Profit”, Journal of Banking & Finance, 35, 2881-2890.
  • González, F. (2005), “Bank Regulation and Risk-Taking In¬centives: An International Comparison of Bank Risk”, Journal of Banking and Finance, 29(5), 1153-1184.
  • González, F. (2009), “Determinants of Bank-Market Structure: Efficiency and Political Economy Vari-ables”, Journal of Money, Credit, and Banking, 41(06), 735-754.
  • Heckelman, J. C. & M. D. Stroup (2000), “Which Economic Freedom Contributes to Growth?”, Kyklos, 53, 527-544. Heritage Foundation (2010), Index of Economic Freedom. The Heritage Foundation, <https://www.heritage.org/index>, 25.12.2019.
  • Houston, J.F. & C. Lin & P. Lin & Y. Ma (2010), “Creditor Rights, Information Sharing, and Bank Risk Taking”, Journal of Financial Economics, 96(3), 485-512.
  • Johnson, S. & D. Kaufmann & A. Shleifer (1997), “The Unofficial Economy in Transition”, Brookings Paper on Economic Activity, 2, 159-239.
  • Kalish, L. & R.A. Gilbert (1973), “An Analysis of Efficiency of Scale and Organisational Form in Commercial Banking”, Journal of Economics, 21, 293-307.
  • La Porta, R. & F.L. De Silanes & A. Shleifer & R. Vishny (1999), “The Quality of Government”, Journal of Law, Economics and Organization, 15(1), 222-279.
  • La Porta, R. & F.L. De Silanes & A. Shleifer & R.W. Vishny (1998), “Law and Finance”, Journal of Political Economy, 106(6), 1113-1155.
  • Lensink, R & A. Meesters & I. Naaborg (2008), “Bank Efficiency and Foreign Ownership: Do Good Institu¬tions Matter?” Journal of Banking and Finance, 32(5), 834-844.
  • Lin, C. & Y. Ma & F.M. Song (2010), “Bank Competition, Credit Information Sharing and Banking Efficiency”, Paper Presented at the Sixth Asia Pacific Economic Association Conference, Hong Kong.
  • Mayer, C. & O. Sussman (2001), “The Assessment: Finance, Law, and Growth”, Oxford Review of Economic Policy, 17(4), 457-466.
  • McDonald, J. (2009), “Using Least Squares and Tobit in Second Stage DEA Efficiency Analyses”, European Journal of Operational Research, 197, 792-798.
  • Mester, L.J. (1996), “A Study of Bank Efficiency Taking into Account Risk-Preferences”, Journal of Banking & Finance, 20, 1025-1045.
  • Miller, T. & K.R. Holmes & A.B. Kim & D. Markheim & J.M. Roberts & C. Walsh (2010), Index of Eco¬nomic Freedom, Washington, D.C.: The Heritage Foundation and Dow Jones & Company, Inc.
  • Mishkin, F.S. (2000), “Prudential Supervision: Why is it Important and What are the Issues”, Working Paper, National Bureau of Economic Research.
  • Nabi, M.S. & M.O. Suliman (2008), “The Institutional Environment and the Banking-Growth Nexus: Theo¬ry and Investigation for MENA”, MPRA Working Paper, University Library of Munich, Germany.
  • Papke, L.E. & J.M. Wooldridge (1996), “Econometric Methods for Fractional Response Variables with an Application to 401(k) Plan Participation Rates”, Journal of Applied Econometrics, 11(6), 619-632.
  • Pasiouras, F. (2008), “International Evidence on the Impact of Regulations and Supervision on Banks’ Technical Efficiency: An Application of Two-stage Data Envelopment Analysis”, Review of Quantitative Finance and Accounting, 30(2), 187-223.
  • Sealey, C. & J.T. Lindley (1977), “Inputs, Outputs and a Theory of Production and Cost at Depository Financial Institution”, Journal of Finance, 32, 1251-1266.
  • Simar, L. & P.W. Wilson (2007), “Estimation and Inference in Two Stage, Semi-Parametric Models of Productive Efficiency”, Journal of Econometrics, 136, 31-64.
  • Stigler, G.J. (1971), “The Theory of Economic Regulation”, Bell Journal of Economic Management Science, 2(1), 3-21.
There are 44 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Ramazan Ekinci 0000-0001-7420-9841

Publication Date January 25, 2021
Submission Date January 27, 2020
Published in Issue Year 2021

Cite

APA Ekinci, R. (2021). Finansal Serbestleşmenin Etkinlik Üzerindeki Etkisi: İki-Aşamalı Çift-Bootstrap Veri Zarflama Analizi Bulguları. Sosyoekonomi, 29(47), 319-336. https://doi.org/10.17233/sosyoekonomi.2021.01.16
AMA Ekinci R. Finansal Serbestleşmenin Etkinlik Üzerindeki Etkisi: İki-Aşamalı Çift-Bootstrap Veri Zarflama Analizi Bulguları. Sosyoekonomi. January 2021;29(47):319-336. doi:10.17233/sosyoekonomi.2021.01.16
Chicago Ekinci, Ramazan. “Finansal Serbestleşmenin Etkinlik Üzerindeki Etkisi: İki-Aşamalı Çift-Bootstrap Veri Zarflama Analizi Bulguları”. Sosyoekonomi 29, no. 47 (January 2021): 319-36. https://doi.org/10.17233/sosyoekonomi.2021.01.16.
EndNote Ekinci R (January 1, 2021) Finansal Serbestleşmenin Etkinlik Üzerindeki Etkisi: İki-Aşamalı Çift-Bootstrap Veri Zarflama Analizi Bulguları. Sosyoekonomi 29 47 319–336.
IEEE R. Ekinci, “Finansal Serbestleşmenin Etkinlik Üzerindeki Etkisi: İki-Aşamalı Çift-Bootstrap Veri Zarflama Analizi Bulguları”, Sosyoekonomi, vol. 29, no. 47, pp. 319–336, 2021, doi: 10.17233/sosyoekonomi.2021.01.16.
ISNAD Ekinci, Ramazan. “Finansal Serbestleşmenin Etkinlik Üzerindeki Etkisi: İki-Aşamalı Çift-Bootstrap Veri Zarflama Analizi Bulguları”. Sosyoekonomi 29/47 (January 2021), 319-336. https://doi.org/10.17233/sosyoekonomi.2021.01.16.
JAMA Ekinci R. Finansal Serbestleşmenin Etkinlik Üzerindeki Etkisi: İki-Aşamalı Çift-Bootstrap Veri Zarflama Analizi Bulguları. Sosyoekonomi. 2021;29:319–336.
MLA Ekinci, Ramazan. “Finansal Serbestleşmenin Etkinlik Üzerindeki Etkisi: İki-Aşamalı Çift-Bootstrap Veri Zarflama Analizi Bulguları”. Sosyoekonomi, vol. 29, no. 47, 2021, pp. 319-36, doi:10.17233/sosyoekonomi.2021.01.16.
Vancouver Ekinci R. Finansal Serbestleşmenin Etkinlik Üzerindeki Etkisi: İki-Aşamalı Çift-Bootstrap Veri Zarflama Analizi Bulguları. Sosyoekonomi. 2021;29(47):319-36.