The relationship between banking market competition and risk-taking: Do size and capitalization matter?
The relationship between banking market competition and risk-taking: Do size and capitalization matter?
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DOI：
10.1016/j.jbankfin.2012.07.022
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发表时间：
2012-12-01
影响因子：
3.7
通讯作者：
Cajueiro, Daniel O.
中科院分区：
文献类型：
--
作者：
Tabak, Benjamin M.;Fazio, Dimas M.;Cajueiro, Daniel O.
本文探讨了 2003 年至 2008 年间银行竞争对 10 个拉丁美洲国家银行风险承担行为的影响。我们分两步进行实证研究。首先，我们估计布恩指标，这是衡量竞争的指标。然后，我们对这一指标和其他解释变量进行回归，这些变量是从稳定性随机前沿的估计中同时得出的银行业“稳定性低效率”。与之前的研究结果不同，本文得出的结论是，竞争以非线性方式影响冒险行为，因为高竞争水平和低竞争水平都会增强金融稳定性，而我们发现平均竞争水平相反。此外，银行规模和资本规模是解释这种关系的重要因素。一方面，银行规模越大，从竞争中获益越多。另一方面，较高的资本比率对于在合谋市场中经营的银行有利，而资本化只会增强较大银行在高水平竞争下的稳定性。在考虑银行监管时，这些结果极其重要，特别是考虑到最近全球金融市场的动荡。 (C) 2012 Elsevier B.V. 保留所有权利。
This paper addresses the effects of bank competition on the risk-taking behaviors of banks in 10 Latin American countries between 2003 and 2008. We conduct our empirical approach in two steps. First, we estimate the Boone indicator, which is a measure of competition. We then regress this measure and other explanatory variables on the banking "stability inefficiency" derived simultaneously from the estimation of a stability stochastic frontier. Unlike previous findings, this paper concludes that competition affects risk-taking behavior in a non-linear way as both high and low competition levels enhance financial stability, while we find the opposite effect for average competition. In addition, bank size and capitalization are essential factors in explaining this relationship. On the one hand, the larger a bank is, the more it benefits from competition. On the other hand, a greater capital ratio is advantageous for banks that operate in collusive markets, while capitalization only enhances the stability of larger banks under high and average competition. These results are of extreme importance when considering bank regulations, especially in light of the recent turmoil in the global financial markets. (C) 2012 Elsevier B.V. All rights reserved.